THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, April 29, 1995 TAG: 9504290332
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Short : 35 lines
In its first report of quarterly results as a public company, Dollar Tree Stores Inc. said it earned $249,000, or one cent a share, for the three months through March.
In the comparable quarter of last year, the Norfolk-based chain of discount variety stories lost $908,000, or 5 cents a share.
Dollar Tree, whose shares began trading in early March after an initial public offering, attributed the improvement to a 7 percent increase in sales for stores open at least a year, higher sales of its more profitable imported merchandise and a reduction in interest expenses.
The company's year-earlier results had been depressed by $1 million of compensation expense from the grant of certain stock options.
Dollar Tree also reported a 35 percent jump in net sales, which it attributed to sales from the 85 stores opened during 1994 and 15 stores opened during the first quarter. Its net sales for the recent quarter totaled $48.73 million, up from $36.17 million in the comparable three months last year.
Dollar Tree, which concentrates on sales of merchandise for $1, owns and operates 424 stores in 21 states.
The company had an average of 18.2 million shares outstanding during the first quarter. Its shares, which are traded over the counter, closed Friday at 22 1/2, up 1 1/4 for the day.
Dollar Tree also said Alan L. Wurtzel, the vice chairman of electronics retailer Circuit City Stores Inc., had joined its board of directors. by CNB