Dollar Tree profit soars 59%, raises forecast
Chesapeake, Va. — Dollar Tree reported Thursday that net income for the quarter ended April 30 rose 59% to $101 million, compared with $63.6 million in the year-ago period. The 2010 figure included a charge of $26.3 million for a retail inventory accounting change.
The retailer raised its sales and profit forecast for the rest of the year.
Revenue increased more than 14% to $1.55 billion, beating Wall Street expectations. Same-store sales rose 7.1%.
The retailer said it opened 83 stores, closed seven and expanded or moved 41 in the quarter.
For the full year, the company expects revenue between $6.5 billion and $6.63 billion, up from a previous forecast of between $6.43 billion and $6.6 billion.
On a conference call with analysts, CEO Bob Sasser said Dollar Tree the chain plans to add coolers for fresh food to 325 stores this year, up from earlier projection of 225. The move would allow perishable food in roughly half of Dollar Tree’s stores by fiscal year-end.
GameStop profit rises 6.9% in Q1
Grapevine, Texas — GameStop Corp. reported Thursday that fiscal first-quarter profit rose 6.9% to $80.4 million, compared with $75.2 million a year earlier.
Overall sales rose 9.5% to $2.28 billion, while same-store sales increased 5.3%.
Casual Male Q1 profit rises slightly, misses expectations
Canton, Mass. — Casual Male Retail Group reported Thursday that net income for the quarter ended April 30 edged up 1% to $4.2 million.
Revenue increased 1% to $95.8 million from $95 million, missing Wall Street’s estimate of $97.4 million. Same-store sales rose 2.2%.