UPDATE: Dollar Tree Reports Upbeat Q1 Earnings, Lifts Forecast

Dollar Tree Inc DLTR reported upbeat results for the first quarter. Dollar Tree reported its quarterly profit at $101 million, or $0.82 per share, versus $63.6 million, or $0.49 per share, in the year-earlier period. The company's sales surged to $1.55 billion from $1.35 billion. Its comparable store sales jumped 7.1%. However, analysts were expecting a profit of $0.75 per share. Dollar Tree projects its Q2 profit of $0.68 to $0.75 per share. For the year, the company lifted its earnings guidance to $3.69 to $3.85 per share, from its earlier guidance of $3.55 to $3.76 per share. However, analysts expected earnings of $0.73 per share for the second quarter and $3.74 per share for the year. Dollar Tree shares gained 0.77% to $61.80 in pre-market trading. Read more from Benzinga's Company news.