March 6, 2019 / 12:42 PM / a year ago

Dollar Tree's holiday quarter same-store sales beat estimates

March 6 (Reuters) - Dollar Tree Inc reported better-than-expected quarterly same-store sales on Wednesday, as the discount store operator drew more customers to its namesake stores during the holiday season, sending its shares up about 4 percent.

The Chesapeake, Virginia-based company, which is under pressure from activist investor Starboard Value LP to sell its underperforming Family Dollar business, reported a 2.4 percent rise in same-store sales during the fourth quarter ended Feb. 2.

Analysts on average expected rise in same-store sales of 1.49 percent, according to IBES data from Refinitiv.

Net sales fell to $6.21 billion from $6.36 billion.

The company also announced it would close about 390 Family Dollar stores, in addition to a planned renovation of 1,000 store. (Reporting by Soundarya J in Bengaluru; Editing by James Emmanuel)

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