Dollar Tree, Inc. (DLTR) reported that its first-quarter net income rose to $133.5 million from $116.1 million in the same quarter last year. Earnings per share for the first quarter were $0.59, an 18.0% increase compared to earnings per share of $0.50 reported for the first quarter 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.
Consolidated net sales for the first quarter were $1.87 billion, an 8.3% increase compared to $1.72 billion reported in first quarter 2012. Comparable store sales increased 2.1%, on top of a 5.6% increase for the first quarter 2012. Twenty two analysts had consensus revenue estimate of $1.87 billion for the quarter.
The company estimates sales for the second quarter of 2013 to be in the range of $1.81 billion to $1.86 billion, based on low-single digit positive comparable store sales. Earnings per share are estimated to be in the range of $0.52 to $0.57. Analysts expect the company to report earnings of $0.57 per share on revenues of $1.86 billion for the second-quarter.
For fiscal 2013, sales are now estimated to be in the range of $7.81 billion to $7.97 billion. This estimate is based on a range of low-single digit positive comparable store sales. Fiscal year 2013 earnings per share are expected to be $2.61 to $2.77. Analysts expect the company to report earnings of $2.79 per share on revenues of $7.94 billion for fiscal 2013.
Earlier, the company had expected earnings per share for fiscal 2013 in a range of $2.54 to $2.74 and sales between $7.79 billion and $7.97 billion. The estimate was based on low single-digit positive comparable-store sales, and square footage growth of about 7.3 percent for the year.
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