Aug. 26--Dollar Tree Inc. announced Wednesday that its earnings jumped 51 percent in the second quarter from the same time a year ago, aided by a recession that has put a damper on fuel prices and encouraged shoppers to buy more groceries for $1.

Net income for the retailer, based in Chesapeake, rose to $56.9 million from $37.6 million for the 2008 second quarter. At that time, diesel fuel prices had topped $4 a gallon and related shipping costs were much higher than they are now, explained Kevin Wampler, the company's chief financial officer.

Earnings per share for the quarter, which ended Aug. 1, were 63 cents, up from 42 cents.

Dollar Tree reported earlier this month that sales jumped nearly 12 percent to $1.22 billion from $1.09 billion the prior year. Sales in comparable stores -- those open at least 12 months -- rose 6.8 percent in the quarter.

For the first half of the year, earnings grew 44 percent to $117.3 million, or $1.30 per share, from $81.2 million a year ago.

"It's certainly been a great first half at Dollar Tree," said Bob Sasser, the retailer's president and chief executive, during a discussion of the results Wednesday morning with analysts. "While many other retailers have pulled back, we're growing and opening new stores."

-----

To see more of the The Virginian-Pilot, or to subscribe to the newspaper, go to http://www.pilotonline.com.

Copyright (c) 2009, The Virginian-Pilot, Norfolk, Va.

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NASDAQ-NMS:DLTR,

A service of YellowBrix, Inc.