Market Updates
Dollar Tree Offers Cautious Outlook After Reporting Strong Quarter
Scott Peters
25 Aug, 2022
New York City
Dollar Tree, Inc plunged 10.9% to $148.02 after the deep discount retailer posted second quarter total sales increased 6.7% to $6.77 billion.
Same store sales increased 4.9% driven by 7.5% increase at Dollar Tree banner stores and 2.0% rise at Family Dollar stores.
Net income increased 27.4% to $359.9 million from $282.4 million a year ago and diluted earnings per share for the quarter rose 30.1% to a second quarter company record $1.60, compared to $1.23 a year ago.
The company tightened its full-year sales outlook between $27.85 billion and $28.10 billion from the previous range between $27.76 and $28.14 billion.
Full-year diluted earnings per share are also revised lower to fall between $7.10 and $7.40 from the earlier guidance between $7.80 and $8.20.
The company estimates consolidated net sales for the third quarter of 2022 between $6.75 billion and $6.87 billion, based on a mid-single-digit increase in overall same store sales.
Diluted earnings per share for the third quarter are estimated to be in the range of $1.05 to $1.20.
The company repurchased 1,754,496 shares in the first six months of fiscal 2022 for $250 million and $2.25 billion are still remaining under its share repurchase authorization at the end of the second quarter.
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