Dollar Tree, Inc. (NASDAQ: DLTR), North America's leading operator of discount variety stores selling everything for $1 or less, reported its results for the quarter ended October 29, 2011 (“third quarter”) .
Consolidated net sales for the third quarter were $1.60 billion, an 11.9% increase compared to $1.43 billion reported for the quarter ended October 30, 2010 (“third quarter 2010”). Comparable store sales increased 4.8%, on top of an 8.7% increase for the third quarter 2010.
Earnings per diluted share for the third quarter were $0.87, an increase of 19.2% compared to the $0.73 earnings per diluted share reported for the quarter ended October 30, 2010."I am very pleased with the Company’s performance in the third quarter," said President and CEO Bob Sasser. “Dollar Tree achieved double-digit growth in sales, operating margin and earnings per share against a very strong performance last year. Our merchandising and store teams continue to deliver exciting products at great values and a fun, friendly, convenient shopping experience for our customers.” Operating margin increased 40 basis points for the quarter to 10.3%. Cash and investments at quarter-end totaled $280.2 million, compared with $392.0 million at the end of the third quarter 2010. During the third quarter, the Company repurchased 3.3 million shares for $249.1 million. Year-to-date, the Company repurchased 5.2 million shares for $345.9 million. The Company has $1.5 billion remaining on its share repurchase authorization. During the third quarter, Dollar Tree opened 98 stores, expanded or relocated 24 stores, and closed 5 stores. Retail selling square footage increased 8.7% compared to a year ago, to 37.4 million square feet. 39-Week Period Results Year-to-date through the three quarters ended October 29, 2011, the Company's consolidated net sales were $4.68 billion, a 12.7% increase compared with the same period in 2010. Comparable store sales increased 5.5%, on top of a 7.3% increase through three quarters last year.
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