Dollar Tree, Inc. (NASDAQ: DLTR) announced its financial results for the fourth quarter of 2017. With both earnings and revenue missing estimates, shares of the company dropped 13.4% in pre-market trading on Wednesday.
For the fourth quarter of fiscal 2017, consolidated net sales increased 12.9% to $6,360.6 million, but missed analysts’ estimates of $6,401 million. Earnings per share rose from $1.36 per share for the same period last year to $4.37 per share. Adjusted earnings per share increased by $1.39 per share to $1.89 per share for the quarter, but also missed estimates of $1.90 per share.
“I am proud of our team's performance in the fourth quarter and our results for 2017,” Gary Philbin, the President and Chief Executive Officer of Dollar Tree, said in the statement on Wednesday.
“For the quarter, we posted positive same-store sales in our Dollar Tree and Family Dollar banners, while improving gross margin and leveraging costs. For the year, we opened 603 new stores, exceeded $22 billion in sales and improved our operating margin by 80 basis points,” he continued. “I would like to thank each of our associates for their dedicated work and continued efforts throughout the year to deliver value, convenience and our brand standards to our customers every day.”
For the first quarter of fiscal 2018, the company expected consolidated net sales to be in the range of $5.53 to $5.63 billion, and earnings per share was expected to be in the range of $1.18 to $1.25 per share, according to the company.