Is Dollar Tree's stock as cheap as its prices?

It's no secret that cash-strapped consumers have been flocking to discounters and dollar stores for more than a year. A bit more surprising is that even after a 50% rally off their 52-week low, shares in Dollar Tree Stores (DLTR) still look as cheap as the retailer's wares.

The company posted yet another impressive quarter of profit, sales and operating margin growth Tuesday. Dollar Tree's third-quarter earnings rose 58%, beating Street estimates by an almost embarrassing (for the analysts) 10 cents a share. Sales rose 12%, exceeding expectations by more than $4 million and same-store sales -- a key retailer metric -- grew 6.5%. The company has a nice habit of exceeding analysts' average expectations, by the way, having done so for more than eight consecutive quarters, according to Thomson Reuters.