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Nov. 24, 2020, 7:43 a.m. EST

Dollar Tree shares jump 3.5% premarket after earnings beat estimates

Dollar Tree Inc. shares (NAS:DLTR) rose 3.5% in premarket trade Tuesday, after the company beat estimates for the third quarter. The company posted net income of $330 million, or $1.39 a share, in the quarter, up from $255.8 million, or $1.08 a share, in the year-earlier period. Sales rose to $6.177 billion from $5.746 billion. The FactSet consensus was for EPS of $1.15 and sales of $6.129 billion. Same-store sales rose 5.1%, ahead of the FactSet consensus for growth of 4.7%. Chief Executive Mike Witnyski said the company managed to drive improvements in performance "through this dynamic retail environment," during the pandemic. The company opened 143 new stores during the quarter, expanded or relocated 34 stores and closed 16. Because of the uncertainty created by the pandemic, it is not offering guidance. Shares have gained 3.8% in the year through Monday's close, while the S&P 500 (S&P:SPX) has gained 11%.

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