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By Carolyn Shapiro The Virginian-Pilot May 18, 2012 CHESAPEAKE Dollar Tree Inc. announced Thursday that profit grew 15 percent inthe first quarter from the same time in 2011, boosted by newcustomers who came to its stores to buy food, cleaning supplies anditems for Valentine's Day and Easter. Earnings for the Chesapeake-based retailer reached $116.1 million,or $1 per share, for the quarter that ended April 28, up from $101million, or 82 cents per share, in the same quarter last year. Dollar Tree's stock closed Thursday at $95.13, down $6.17, or 6.1percent. Wall Street responded to the company's second-quarteroutlook, which included per-share earnings below analysts'expectations. Sales for the first quarter climbed 11.5 percent to $1.72 billion.In comparable stores, sales grew 5.6 percent. Comparable stores arethose open at least a year, providing the best measure ofyear-over-year performance. Increased shopping traffic drove the comparable store improvement,said Bob Sasser, Dollar Tree's CEO, during a Thursday morningdiscussion of quarterly results with analysts. The retailer also operates the Deals chain, which sells items formore than a dollar. "New customers are finding Dollar Tree and Deals to be ashopping destination," Sasser said. Dollar Tree continues to benefit from the installation of freezersand coolers, now in more than half of its 4,451 stores, that allowit to sell perishables along with other groceries. Tough economictimes have sent customers to the nation's largest all-for-$1 chainto buy more of their household basics, or "consumables,"a category that's growing faster than others at Dollar Tree, Sassersaid. "This important category is extremely productive," hesaid. The cold cases draw customers into stores to shop forgroceries. "We plan to give them every reason" to buy other goodswhile they're in the store, Sasser said. "Even in a difficulteconomy, at Dollar Tree you can still splurge." For the second quarter, the company forecast earnings within therange of 87 cents to 93 cents. Analysts' estimates averaged 95cents. Dollar Tree also estimated sales for the current quarterwould range from $1.66 billion to $1.7 billion. Carolyn Shapiro, 757-446-2270, carolyn.shapiro@pilotonline.com. The e-commerce company in China offers quality products such as Solar Lighting Kits Manufacturer , China Solar System Inverter, and more. For more , please visit Mono Solar Panels today!
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