CHESAPEAKE, Va. — Dollar Tree Inc. reported an 11.5% increase in consolidated net sales and an 8.4% increase in net income for its fiscal year ended January 28, supporting president and chief executive officer Bob Sasser’s view that the company is well positioned for today’s economy.

Dollar Tree Inc. reported an 11.5% increase in consolidated net sales and an 8.4% increase in net income for its fiscal year ended January 28, supporting president and chief executive officer Bob Sasser’s view that the company is well positioned for today’s economy.

Sasser described consumers today as "burdened and concerned" by the weak economy and such issues as rising gas prices and higher payroll taxes.

"We’re seeing the effect on the consumer," he said during the company’s fourth quarter conference call. "But we think we’re part of the solution and a destination for cash-strapped customers trying to balance their budget."

Sasser said that more than half of what Dollar Tree stocks now is consumables aimed at everyday needs, and added that the chain’s customers can still afford to splurge, because discretionary products, too, are only $1 each.

"We believe we’re more relevant today with the consumer under pressure than we’ve ever been," Sasser said. "And we think that’s going to continue for a few years, several years."

Dollar Tree opened 345 new stores and relocated or expanded 87 stores for a total of 432 projects in fiscal 2012, finishing the year with 4,671 stores in the United States and Canada. This year the company’s plans call for 415 projects, including about 340 new stores and 75 relocations.

For 2013 Dollar Tree expects its sales to range from $7.79 billion to $7.97 billion, up from $7.39 billion (unaudited) in fiscal 2012.