Dollar Tree 2nd-quarter profit rises 15 percent

The company earned $37.6 million, or 42 cents per share, compared with a profit of $32.6 million, or 33 cents per share, in the same quarter last year.

Sales rose 12.5 percent to $1.1 billion from $971.2 million.

On average, analysts polled by Thomsom Reuters expected a profit of 41 cents per share on sales of $1.08 billion.

Dollar Tree said same-store sales increased 6.5 percent in the quarter. Same-store sales, or sales at stores open at least a year, is an important retail performance indicator because it measures sales at existing stores rather than newly opened ones.

"Our performance in the second quarter demonstrates the growing relevance of Dollar Tree to the consumer during tough economic times," Chief Executive Bob Sasser said in a statement. "Increased demand for basic, consumable product is driving more customers into our stores, resulting in higher operating margin and earnings in the second quarter."

Shares of Dollar Tree fell $2.35, or 6 percent, to $36.83 in morning trading. the stock has ranged from $20.72 to $44.13 over the past year.