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Aug. 27, 2020, 7:54 a.m. EDT

Dollar Tree posts better-than-expected Q2 earnings

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By Ciara Linnane

Dollar Tree Inc. shares /zigman2/quotes/203712248/composite DLTR +0.29% slid 6% in premarket trades Thursday, after the operator of Family Dollar and Dollar Tree stores posted better-than-expected second-quarter earnings but said customer visits are declining during the pandemic. The company said it had net income of $261.5 million, or $1.10 a share, in the quarter, up from $180.3 million, or 76 cents a share, in the year-earlier period. Sales rose to $6.28 billion from $5.74 billion. The FactSet consensus was for EPS of 92 cents and sales of $6.22 billion. Total same-store sales rose 7.2%, above the FactSet consensus of up 6.2%. Family Dollar same-store sales rose 11.6%, while Dollar Tree same-store sales were up 3.1%. The company is not providing guidance, given the uncertainty created by the pandemic, but it noted some changes. "Consumer shopping patterns are evolving," Chief Executive Mike Witynski said in a statement. "Customers are shopping with a purpose, while looking to minimize risk and exposure. As a result, we are seeing material increases in average ticket, while seeing a decline in average visits." The company is still expecting to open 500 new stores by year-end. It ended the quarter with $1.75 billion in cash. Shares have gained 11% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% has gained 7.7%.

/zigman2/quotes/203712248/composite
US : U.S.: Nasdaq
$ 117.36
+0.34 +0.29%
Volume: 1.35M
April 16, 2021 4:00p
P/E Ratio
20.74
Dividend Yield
N/A
Market Cap
$27.31 billion
Rev. per Employee
$127,977
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/zigman2/quotes/210599714/realtime
US : S&P US
4,185.47
+15.05 +0.36%
Volume: 2.21B
April 16, 2021 5:15p
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