Dollar Tree shares rose Wednesday morning after the discount retailer reported better-than-expected third-quarter results.

Dollar Tree's third-quarter profit and sales beat market expectations on Wednesday, as more customers shopped at its discount stores for non-expensive essentials including groceries, sending its shares up about 10% in premarket trading.

Retailer opens 249 new stores, books a 1.5% increase in traffic and says its Family Dollar review is on track.

Dollar Tree Inc. shares soared after sales improved in the third quarter, a sign the discounter is making headway in fending off competition and drawing in more shoppers.