Discount store chain Dollar Tree Inc. (DLTR) reported consolidated net sales of $5.55 billion for the first quarter of 2018, an increase of 5% compared to the prior-year period. Enterprise same-store sales increased 1.4%. Same-store sales for the Dollar Tree banner rose 4% on a constant currency basis while it fell 1.1% for the Family Dollar banner.
Net income was $160.5 million or $0.67 per share for the quarter, compared to $200.5 million or $0.85 per share for the prior-year period. Adjusted EPS grew 21.4% to $1.19, but missed analyst expectations.
Net sales in the Dollar Tree banner grew to $2.7 billion during the quarter from $2.5 billion last year. In the Family Dollar banner, net sales remained flat from the prior-year period at $2.7 billion. During the quarter, the company opened 130 stores, expanded or relocated 26 stores and closed five.
For the second quarter of 2018, Dollar Tree expects consolidated net sales to be $5.47 billion to $5.57 billion, based on a low single-digit increase in same-store sales for the combined enterprise. Diluted EPS is expected to be $1.07 to $1.16.
For the full fiscal year of 2018, the company expects consolidated net sales to be $22.73 billion to $23.05 billion, based on a low single-digit increase in same-store sales. Diluted EPS is expected to be $4.80 to $5.10.
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