Dollar Tree Stock Hits All-Time High
NEW YORK (
) -- Discounter
Dollar Tree
(DLTR) - Get Report
is one of the big winners on Tuesday, reaching an all-time high stock price after handily topping Wall Street's fourth-quarter outlook and providing a strong 2010 outlook of its own.
Shares in Dollar Tree are spiking 10.8% to $55.04 in afternoon trading.
During the quarter, Dollar Tree earned $135 million, or $1.52 a share, from $105.2 million, or $1.15 a share, for the discounter a year earlier. Analysts were calling for earnings of $1.44 a share.
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Sales rose 12.4% to $1.56 billion, while same-store sales grew 6.6%.
Looking ahead, Dollar Tree expects 2010 earnings in the range of $3.96 to $4.23 a share, with sales of $5.59 billion to $5.76 billion based on same-store sales growth in the low-to-mid-single-digit range.
In the first quarter, Dollar Tree foresees earnings between 77 cents and 85 cents a share, significantly higher than analysts' outlook of 74 cents.
The company plans on opening 220 Dollar Tree stores and 25 Deal$ stores during the year, with plans to operate up to 7,000 Dollar Tree stores in the U.S.; the company currently operates 3,806 stores.
-- Reported by Jeanine Poggi in New York.
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