RTTNews | Nov 24, 2020 07:52AM EST

07:52 Tuesday, November 24, 2020 (RTTNews.com) - Dollar Tree Inc. (DLTR) reported that its net income for its third quarter ended October 31, 2020 rose to $330.0 million or $1.39 per share, from $255.8 million or $1.08 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the third-quarter increased 7.5% to $6.18 billion from $5.75 billion last year. Analysts expected revenues of $6.12 billion for the quarter.

Enterprise same-store sales increased 5.1%. Same-store sales for Family Dollar increased 6.4%. Dollar Tree same-store sales increased 4.0%.

The company said it did not provide updated guidance, due to continued volatility and uncertainty related to the COVID-19 pandemic, as well as a lack of visibility into government stimulus initiatives.

The company now expects the completion of approximately 480 new store openings and 750 Family Dollar H2 store renovations in fiscal 2020.

The company said it ended the quarter with $1.12 billion in cash on its balance sheet. It paid down the remaining $500 million on its revolving line of credit during the third quarter. Additionally, the company plans to pay off a $300 million legacy Family Dollar note due in February 2021.

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