(Reuters) -Dollar Tree’s third-quarter profit and sales beat market expectations on Wednesday, as more customers shopped at its discount stores for non-expensive essentials including groceries, sending its shares up about 10% in premarket trading.
Dollar Tree (NASDAQ:DLTR) said CFO Jeff Davis will step down from his role, but will remain with the company until the end of fiscal 2024.
Consumers shopping for lower-priced products like groceries and personal care have been boosting sales at dollar stores, even as they remain reluctant in making non-essentials purchases.
The company posted net sales of $7.56 billion, compared with analysts’ average estimate of $7.44 billion. It posted adjusted earnings per share of $1.12, compared with expectations of $1.07, as per data compiled by LSEG.