Dollar Tree, Inc. (NASDAQ: DLTR) announced third-quarter 2021 financial results before the regular market hours on Tuesday, reporting a decline in net profit despite a 4% sales growth. The numbers were in line with analysts’ estimates.
The discount store chain reported third-quarter revenue of $6.42 billion, up 4% year-over-year and in line with Wall Street’s projection. Total same-store sales rose 1.6%, with the Family Dollar and Dollar Tree segments growing 2.7% and 0.6% respectively. Net income was $216.8 million or $0.96 per share, lower than $330.0 million or $1.39 per share reported in the prior-year period.
“We experienced a strong finish to the quarter, as shoppers are increasingly focused on value in this inflationary environment. Our Dollar Tree pricing tests have demonstrated broad consumer acceptance of the new price point and excitement about the additional offerings and extreme value we will be able to provide,” said Michael Witynski, chief executive officer of Dollar Tree.
DLTR shares dropped immediately after the earnings announcement in Tuesday’s pre-market session. The stock has traded mostly sidewise since the beginning of this year.
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