Both Dollar Tree and Dollar General posted earnings on Thursday.
Dollar Tree reported fiscal-second-quarter earnings that beat Wall Street estimates, and the chief executive said the discount retailer is seeing fewer average customer visits at higher average sales.
For the quarter ended Aug. 1 Dollar Tree reported net income of $261.5 million, or $1.10 a share, compared with $180.3 million, or 76 cents, in the year-earlier quarter.
Revenue rose to $6.28 billion from $5.74 billion.
Analysts surveyed by FactSet were expecting earnings of 92 cents a share on revenue of $6.22 billion.
"Consumer shopping patterns are evolving," the company's chief executive, Mike Witynski, said in a statement. "Customers are shopping with a purpose while looking to minimize risk and exposure. As a result, we are seeing material increases in average ticket, while seeing a decline in average visits."
And Dollar General posted stronger-than-expected second-quarter earnings Thursday, and boosted its share buyback plans, and consumers shifted to discount retailers in the wake of the coronavirus pandemic.
Dollar General said adjusted earnings for the three months ending in July were pegged at $3.12 per share, up 70% from the same period last year and firmly ahead of the Street consensus forecast of $2.44 per share. Group revenues, Dollar General said, rose 24.6% to $8.7 billion, again topping analysts' forecast of an $8.35 billion tally.
Pandemic-related spending, which has shifted consumer treads to lower-priced, lower-margin items, helped boost same-store sales to 18.8% more than last year's levels, Dollar General said.
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