Dollar Tree beats quarterly sales estimates

Stock Market
© Reuters. FILE PHOTO: A customer walks out of a Dollar Tree discount store in Austin, Texas © Reuters. FILE PHOTO: A customer walks out of a Dollar Tree discount store in Austin, Texas

(Reuters) – Dollar Tree Inc (O:) beat quarterly sales expectations on Thursday, as the discount retailer benefited from higher demand for affordable groceries and other essentials due to the COVID-19 pandemic.

Net sales rose 9.4% to $ 6.28 billion in the second quarter ended Aug. 1, beating analysts’ average estimate of $ 6.22 billion, according to IBES data from Refinitiv.

Overall same-store sales rose 7.2% in the quarter. Larger Rival Dollar General Corp (N:) reported an 18.8% rise earlier on Thursday.

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