RICHMOND (AP) -- Chesapeake-based Dollar Tree Inc. says its net income increased nearly 49 percent in the third quarter as consumers spent more at the discount retailer.

The chain said Thursday that it earned $155.4 million, or 68 cents per share, for the period ended Oct. 27, up from $104.5 million, or 43 cents per share, a year ago.

Excluding a gain from selling its stake in the Ollie's chain, it earned 51 cents per share.

The company says revenue increased 8 percent to $1.72 billion, while revenue in established stores rose 1.6 percent.

Analysts expected profit of 49 cents per share on revenue of $1.72 billion, according to FactSet.

Dollar Tree says it expects profit of 97 cents to $1.02 per share in the key holiday quarter, mostly above analysts' estimate.

AP-WF-11-15-12 1358GMT

Read or Share this story: