Single-price point stores operator
Dollar Tree Stores
, said first-quarterearnings rose 13.5% from the year-ago period.
The Chesapeake, Va.-based retailer earned $32.9 million, or 31 cents a share, in the quarter, compared with $29 million, or 26 cents a share, a year ago. Analysts surveyed by Thomson First call were expecting earnings of $32.1 million, or 30 cents a share in the most recent quarter.
First-quarter revenue rose 14.3% from a year-ago period to $856.5 million as against analysts' expectation of $854.9 million.
The company expects to earn 24 cents a share to 27 cents a share in the second quarter on revenue of $855 million to $875 million. Full year earnings are expected to be $1.70 a share to $1.82 a share, on revenue of $3.86 billion to $3.94 billion.
"Increased traffic and continued growth of our average ticket produced comparable store sales and earnings at the high end of our guidance," the company said. "Our Easter seasonal sell-through improved and our inventory is well balanced as we enter the summer season."
First-quarter gross profit rose 12.5% from a year-ago period to $286.1 million while gross margin declined 54 basis points to 33.4%. Operating income for the quarter rose 11% to $53.4 million while operating margin dipped 19 basis points to 6.2%.
The company's comparable store sales or stores open at least a year rose 4% for the quarter.
During the quarter, the company opened 74 stores, closed seven stores and expanded or relocated 30 stores.
The company also completed the acquisition of 138 Deal$ stores during the quarter and its integration plan for the business is on track.
Shares fell 78 cents to $25.61.
This story was created through a joint venture between TheStreet.com and IRIS.