Salem Radio Network News Friday, December 3, 2021

Business

Demand for discretionary items powers Dollar Tree sales beat

(Reuters) -Dollar Tree Inc beat quarterly sales estimates on Tuesday, as returning consumer appetite for discretionary items helped counter a tapering in pandemic-driven surge in grocery shopping.

Discount stores have benefited as people turned conservative about their spending during the pandemic and looked for bargain deals, but the retailers might now be forced to raise prices under pressure from supply-chain disruptions and rising costs.

The discount retailer, known for selling wares at the $1 price-point, said it has begun rolling out items at $1.25 at all Dollar Tree stores in the United States.

Net income for the company fell to $216.8 million, or 96 cents per share, in the third quarter ended October 30 from $330.0 million, or $1.39 per share, a year earlier.

Net sales rose 3.9% to $6.42 billion, beating the average analyst estimate of $6.41 billion, according to Refinitiv IBES data.

(Reporting by Mehr Bedi in Bengaluru; Editing by Shinjini Ganguli)

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