Supermarket chain Dollar Tree (NASDAQ: DLTR) reported second quarter 2019 results and sales surpassed the market’s views. The company reported GAAP earnings of $0.76 per share on revenue of $5.74 billion. Analysts had projected Dollar Tree to earn $0.81 per share on revenue of $5.72 billion. Dollar Tree stock jumped about 6% in the pre-market trading session.
Consolidated sales increased 4% as same-store sales grew 2.4% in the quarter. Same-store sales for the both the Dollar Tree segment and Family Dollar segment increased 2.4%. GAAP earnings per share for the quarter were $0.76 compared to $1.15 in the prior year’s quarter.
Dollar Tree estimates sales for the third quarter of 2019 to range from $5.66 billion to $5.77 billion, based on a low single-digit increase in same-store sales for the enterprise. Earnings per share are estimated to be in the range of $1.07 to $1.16. This estimate includes approximately $9 million, or $0.03 per diluted share, of discrete costs.
Read earnings preview: Dell stock loses momentum ahead of its Q2 2020 earnings hurt by VMWare’s recent acquisitions
The Chesapeake, Virginia-based discount retailer lifted its full-year fiscal 2019 sales and earnings outlook. Sales are now expected to range from $23.57 billion to $23.79 billion compared to the previously expected range of $23.51 billion to $23.83 billion. This estimate is based on a low single-digit increase in same-store sales and 1.3% selling square footage growth.
The company upped its fiscal 2019 earnings outlook to a range of $4.90 and $5.11 per share from the prior estimate of $4.77 to $5.07.
“Dollar Tree has now delivered 46 consecutive quarters of positive same-store sales, and eight consecutive quarters with two-year stacked comps exceeding 6%,” said CEO Gary Philbin. “We are increasing our planned Family Dollar H2 renovations for fiscal 2019 by 150 stores, most of which will occur in the third quarter,” Philbin added.
Today, Dollar Tree’s peer Dollar General (NYSE: DG) also reported strong second quarter results aided by its cost optimization efforts. Dollar General stock was trading up about 8% in the pre-market trading hours.
Off-price department store retailer Burlington Stores (NYSE: BURL) and lifestyle retailer Abercrombie & Fitch (NYSE: ANF) also reported their second quarter results today. While BURL stock jumped about 10% on strong Q2 results and above consensus Q3 estimates, ANF shares dropped 10% on Q2 sales miss.
During the second quarter ended August 3, 2019, Dollar Tree opened 150 new stores, expanded or relocated 19 stores, and closed nine Dollar Tree stores. As part of the previously announced store optimization efforts, the company closed 296 Family Dollar stores. Additionally, the company opened 106 Dollar Tree stores that were re-bannered from Family Dollar.
Dollar Tree stock had gained 10% so far this year and 7% in the last 52 weeks.
Biogen (NASDAQ: BIIB) reported third-quarter 2021 financial results before the regular market hours on Wednesday. The company reported Q3 revenue of $2.78 billion, down 18% year-over-year and higher than the
Verizon (NYSE: VZ) reported Third-quarter 2021 financial results before the regular trading hours on Wednesday. The telecommunications giant reported Q3 revenue of $32.9 billion, up 4.3% year-over-year and above the
Philip Morris International Inc. (NYSE: PM) reported Third-quarter 2021 earnings results today. Net revenues increased 9% year-over-year to $8.1 billion. The reported net income amounted to $2.42 billion compared to