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Company News

Dollar Tree quarterly same-store sales rise 7%

FILE PHOTO: A customer walks out of a Dollar Tree discount store in Austin, Texas, U.S., February 27, 2017. REUTERS/Mohammad Khursheed

(Reuters) - Dollar Tree Inc DLTR.O reported a surge in quarterly same-store sales on Thursday, joining rival Dollar General DG.N, as the discount retailer benefited from consumers stockpiling on groceries and other essentials due to the coronavirus crisis.

Same-store sales rose 7% in the first quarter ended May 2.

The company withdrew its full-year forecast due to the uncertainty caused by the coronavirus pandemic.

Net income fell to $247.6 million, or $1.04 per share, from $267.9 million, or $1.12 per share, a year earlier.

Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber

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