CHESAPEAKE, Va. — Consumers worried over the economy have flocked to Dollar Tree stores, helping the discounter post sales increases exceeding company and analyst expectations during its fiscal first quarter. Overall sales of $1.05 billion for the quarter ended May 3 increased by 7.8% compared with the same period last year, and comparable-store sales improved by 2.1% as basket size and store traffic increased, the discounter said yesterday. Sales were driven by food, health and beauty, and party supply categories, and came from shoppers “pressured by rising prices,” Dollar Tree said in a statement. Dollar Tree stock was up by nearly 10% Thursday. The company said it will provide earnings figures later this month.
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