'Without a doubt we see it. The further we get away from that, it will be interesting to see how customers respond,' Dollar Tree CEO Gary Philbin told CNBC.
"Without a doubt we see it. The further we get away from that, it will be interesting to see how customers respond," Philbin said onThe discount retailer usually observes a sales spike related to tax refunds, Philbin said. But the increase following the disbursement of stimulus checks — part of the government's $2 trillion coronavirus relief package in March — has been tax refunds "on steroids," he said.
"And it's gone a long way to help our customer have money in their pockets during this critical time," Philbin said.before the market opened, earnings and revenue in the first quarter that beat expectations., benefited in Q1 from a surge in consumer demand for stay-at-home essentials as state lockdowns to mitigate the spread of the coronavirus took effect.
However, Dollar Tree said it withdrew full-year guidance due to pandemic uncertainty over rising unemployment, the impact of states starting to reopen their economies and the scope of any further government stimulus. Dollar Tree said it earned $1.04 per share on $6.29 billion in sales in the first quarter ending May 2.
An increase of 7% in overall same-store sales in the first quarter was also better than expected. While Dollar Tree stores saw a 0.9% decline in sales, Family Dollar-branded stores surged 15.5%.
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