Source: shutterstock.com/Jonathan Weiss
Dollar Tree (NASDAQ:DLTR) stock isn’t doing so hot on Tuesday after the company lowered its outlook in its latest earnings report.
The big news here is Dollar Tree expecting its diluted earnings per share for 2022 to be in the lower half of its prior range of $7.10 to $7.40. To put that in perspective, Wall Street is expecting the company to report diluted EPS of $7.33 for the year.
However, it is worth noting that Dollar Tree increased its revenue guidance for 2022. It now expects that to range from $28.14 billion to $28.28 billion. The previous range was $27.85 billion to $28.10 billion. It’s worth noting this should see the company beat out analysts’ estimate of $28.08 billion.
Q3 Results Beat Estimates
Investors will note that Dollar Tree brought in diluted EPS of $1.20 alongside revenue of $6.94 billion. Both of these came in above Wall Street’s estimate of $1.18 per share and revenue of $6.84 billion.
Mike Witynski, president and CEO of Dollar Tree, said the following in the earnings report.
“Our third quarter sales performance reflects the timely execution of merchandising initiatives to drive our consumables business in this uncertain and inflationary environment. Same-store sales for both segments improved from the prior quarter and delivered a sequential monthly improvement throughout the quarter.”
DLTR stock is seeing heavy trading today with the release of its latest earnings report. This has some 2.6 million shares of the stock changing hands. That already matches the company’s daily average trading volume.
DLTR stock is down 10.6% as of Tuesday morning.
There’s more stock market news traders can read about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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