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Dollar Tree beats quarterly sales estimates

Dollar Tree beats quarterly sales estimates

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

REUTERS: Dollar Tree Inc 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 9.4per cent to US$6.28 billion in the second quarter ended Aug. 1, beating analysts' average estimate of US$6.22 billion, according to IBES data from Refinitiv.

Overall same-store sales rose 7.2per cent in the quarter. Larger Rival Dollar General Corp reported an 18.8per cent rise earlier on Thursday.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

Source: Reuters

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