Dollar Tree profit soars 59%, raises forecast

Chesapeake, Va. -- Dollar Tree reported Thursday that net income for the quarter ended April 30 rose 59% to $101 million, compared with $63.6 million in the year-ago period. The 2010 figure included a charge of $26.3 million for a retail inventory accounting change. The retailer raised its sales and profit forecast for the rest of the year. Revenue increased more than 14% to $1.55 billion, beating Wall Street expectations. Same-store sales rose 7.1%. The retailer said it opened 83 stores, closed seven and expanded or moved 41 in the quarter. For the full year, the company expects revenue