Dollar Tree Inc.’s stock fell 8.6% in premarket trade Thursday, after second-quarter earnings fell sharply from a year ago, but beat consensus. Chesapeake,...
Dollar Tree Inc.’s stock DLTR, +1.07% fell 8.6% in premarket trade Thursday, after second-quarter earnings fell sharply from a year ago, but beat consensus. Chesapeake, Va.-based Dollar Tree had net income of $200.4 million, or 91 cents a share, for the quarter, down from $359.9 million, or $1.61 a share, in the year-earlier period. Adjusted per-share earnings also came to 91 cents, ahead of the 87 cent FactSet consensus. Revenue rose to $7.325 billion from $6.769 billion, also ahead of the $7.
“While factors like sales mix and elevated shrink continue to pressure margins, we generated a year-over-year increase in gross profit dollars,” CEO Rick Dreiling said in a statement. Many retailers have complained this earnings season about shrink, which can mean damaged items but more often means shoplifting, which companies claim is being conducted by organized gangs. Dollar Tree said it is tightening its guidance ranges for 2023 and now expects sales to range from $30.6 billion to $30.
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