Dollar Tree raises annual sales outlook

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FILE PHOTO: Signs for food and cleaning supplies are seen in a Dollar Tree store in Mount Rainier, Maryland

(Reuters) – Dollar Tree Inc increased its sales forecast for the year on Thursday benefiting from more Americans turning to discount stores as record high inflation depletes their spending power.

The discount store chain forecast fiscal 2022 net sales to be in the range of $27.76 billion to $28.14 billion, compared with its prior forecast of $27.22 billion to $27.85 billion. Analysts on average expect $27.95 billion, according to IBES data from Refinitiv.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Shinjini Ganguli)