Dollar Tree announced on Tuesday that quarterly sales have increased by more than 48 percent from a year ago, largely due to its acquisition of Family Dollar.
Although the discount variety store chain's sales figures failed to meet analyst expectations, the company reported sales of $3.01 billion during the last financial quarter, boosted by $811.6 million in sales from Family Dollar, the Charlotte Observer reports.
Sales at stores which have been open for a least a year increased by 2.7 percent over the year.
Dollar Tree officials announced earlier this year that they finalized their purchase of Family Dollar, which was a variety store based in North Carolina.
Although Dollar Tree representatives were in talks with their Family Dollar counterparts about acquisition plans for almost a year, the deal experienced bumps in the road. These include offers from competitor Dollar General and lawsuits from several state authorities intended to oppose the merger.
Dollar Tree officials were required by federal law to sell 330 Family Dollar locations in order to comply with antitrust laws.
"These stores are located across Pennsylvania in both small towns and in our larger cities and suburbs," Pennsylvania Attorney General Kathleen G. Kane told Fox 43, who believes the sale of the 330 locations will help maintain a competitive market in her home state.
"We wanted to ensure there would be competition in these areas and that consumers were being offered the best prices and merchandise."
Dollar Tree was founded in 1986 in Norfolk, Virginia.
