Dollar Tree, Inc. Reports Results for the First Quarter Fiscal 2024
Dollar Tree (NASDAQ: DLTR) reported its Q1 fiscal 2024 results, with consolidated net sales rising 4.2% to $7.63 billion. Same-store sales increased 1.7% for Dollar Tree and 0.1% for Family Dollar. EPS was $1.38, and adjusted EPS was $1.43. The company opened 116 new Dollar Tree and 41 new Family Dollar stores and converted 926 Dollar Tree stores to multi-price formats. Net cash from operations was $696 million, and free cash flow was $224 million. The company repurchased 2.5 million shares for $313 million.
For fiscal 2024, Dollar Tree projects net sales between $31.0 billion and $32.0 billion and adjusted diluted EPS between $6.50 and $7.00. The outlook includes increased operating expenses due to the loss of the Marietta distribution center. The company is also reviewing strategic alternatives for the Family Dollar segment, including potential sale or spin-off. Additionally, the tornado in Marietta caused $117 million in losses, expected to be covered by insurance.
- Q1 fiscal 2024 consolidated net sales increased by 4.2% to $7.63 billion.
- Same-store sales for Dollar Tree rose by 1.7%.
- Opened 116 new Dollar Tree and 41 new Family Dollar stores.
- Converted 926 Dollar Tree stores to multi-price formats.
- Generated $696 million in net cash from operating activities.
- Free cash flow of $224 million.
- Repurchased 2.5 million shares costing $313 million.
- Gross profit increased 5.3% to $2.35 billion.
- Gross margin expanded by 30 basis points to 30.8%.
- Updated fiscal 2024 guidance reiterates net sales between $31.0 billion and $32.0 billion.
- Adjusted diluted EPS guidance for fiscal 2024 set between $6.50 and $7.00.
- Family Dollar's same-store sales rose by only 0.1%.
- Adjusted operating income decreased by 3.1% to $435.6 million.
- Operating margin declined by 20 basis points to 5.5%.
- Adjusted operating margin declined by 40 basis points to 5.7%.
- Same-store sales increase was offset by a 1.1% decrease in average ticket sales.
- Losses of $117 million due to tornado damage at the Marietta distribution center.
- Incremental operating expenses due to loss of Marietta distribution center.
- Increased selling, general and administrative expenses to 25.3% of total revenue.
- Expected insurance recoveries for business interruption and redevelopment costs are uncertain.
Insights
The data reveals several key points about Dollar Tree's financial health. Firstly, the 4.2% increase in consolidated net sales reflects strong overall performance in a challenging retail environment. However, the modest same-store net sales growth of 1.0% for the enterprise, 1.7% for Dollar Tree and just 0.1% for Family Dollar, indicates mixed results across segments. Family Dollar's flat growth suggests that it is not performing as well as the Dollar Tree segment, raising concerns about its viability and future profitability.
The strategic shift to multi-price formats in Dollar Tree stores is a important move in the current retail landscape. This model allows Dollar Tree to offer a wider range of products and cater to different customer needs, potentially increasing customer loyalty and basket sizes. The conversion of 926 stores to this format is a significant step forward.
The store portfolio optimization efforts, involving the closure of underperforming stores, demonstrate proactive management. Closing 550 stores is a drastic but necessary measure to streamline operations and focus on profitable locations. This move should ultimately enhance overall profitability and operational efficiency but may also involve short-term costs and disruptions.
-
Same-Store Net Sales: Dollar Tree +
1.7% ; FamilyDollar +0 .1% ; Enterprise +1.0% -
Diluted Earnings per Share (EPS) of
$1.38 -
Adjusted Diluted EPS of
$1.43 -
Fiscal 2024 Net Sales Outlook Range of
$31.0 Billion $32.0 Billion -
Fiscal 2024 Adjusted Diluted EPS Outlook Range of
$6.50 $7.00 - Outlook Includes Incremental Operating Expenses Related to Loss of Marietta DC
- Announced Review of Strategic Alternatives for Family Dollar Business Segment
“We are pleased to deliver first quarter adjusted EPS results that are towards the high end of our outlook range,” said Rick Dreiling, Chairman and Chief Executive Officer. “At Dollar Tree we remain focused on rapidly rolling out our next generation of multi-price stores and at Family Dollar we are taking the steps necessary to position the business for long-term success.”
Chief Financial Officer Jeff Davis added, “Our operating performance was solid despite a soft Easter season for Dollar Tree. The results reflect our operating discipline and careful expense management throughout the quarter.”
Additional Business Highlights
- Opened 116 new Dollar Tree and 41 new Family Dollar stores
- Converted 926 Dollar Tree stores to in-line multi-price format
-
Generated
$696 million -
Generated
$224 million -
Repurchased 2.5 million shares for
$313 million
First Quarter 2024 Key Operating Results (unaudited) |
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Q1 Fiscal 2024 |
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Consolidated Net Sales |
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Same-Store Net Sales Growth: |
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Dollar Tree Segment |
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Family Dollar Segment |
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Enterprise |
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Operating Income |
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Diluted EPS |
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Adjusted Operating Income1 |
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Adjusted Diluted EPS1 |
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1Adjustments are related to store closure costs and legal reserves. See “Reconciliation of Non-GAAP Financial Measures” below for detailed schedules of these charges. |
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First Quarter Results
Unless otherwise noted, all comparisons are to the prior year’s first quarter, ended April 29, 2023.
Consolidated net sales increased
Gross profit increased
Selling, general and administrative expenses were
On a non-GAAP basis, which excludes store closing costs and the litigation accruals, adjusted selling, general and administrative costs were
Operating income increased
The Company’s effective tax rate was
Net income was
The company repurchased 2.5 million shares for
Review of Strategic Alternatives for Family Dollar
In a separate press release today, the Company announced that it has initiated a formal review of strategic alternatives for the Company’s Family Dollar business segment, which could include among others, a potential sale, spin-off or other disposition of the business.
The Company has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome. The Company does not intend to comment further unless and until the Board has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or necessary.
Tornado Damage to Distribution Center Located in
On April 28, 2024, a tornado destroyed the Company’s distribution center in
Expected insurance recoveries for business interruption and redevelopment costs greater than the losses recognized cannot be estimated at this time.
The foregoing losses and expected insurance recoveries are based on information currently available to us. We continue to assess these estimates and will recognize any changes to these estimates in the period(s) in which they are determined. The final losses, insurance recoveries, and net charges could vary from these estimates.
Portfolio Optimization Review
During the fourth quarter of fiscal 2023, the Company announced that it had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation, or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors. As a result of this review, the Company announced that it planned to close approximately 600 Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores would be closed over the next several years at the end of each store’s current lease term.
By the end of the first quarter of fiscal 2024, the Company had closed approximately 550 stores as part of the portfolio optimization and expects to close an additional 150 stores by the end of fiscal 2024.
Second Quarter and Fiscal 2024 Outlook
“Our updated guidance reflects incremental transportation and other expenses related to the loss of our
The Company is reiterating its full-year fiscal 2024 consolidated net sales outlook range of
Adjusted diluted EPS is expected to range from
Our fiscal 2024 outlook reflects approximately
The Company expects consolidated net sales for the second quarter will range from
Adjusted diluted EPS for the quarter is estimated to be in the range of
Our second quarter outlook reflects approximately
While share repurchases are not included in the outlook, the Company has
Conference Call Information
On Wednesday, June 5, 2024, the Company will host a conference call to discuss its earnings results at 8:00 a.m. Eastern Time. The telephone number for the call is 877-407-3943. A recorded version of the call will be available for seven days after the call and may be accessed by dialing 877-660-6853. The access code is 13746375. A webcast of the call is also accessible through the Investor Relations portion of the Company’s website.
Supplemental financial information for the First Quarter is available on the Investor Relations portion of the Company’s website, at https://corporate.dollartree.com/investors.
Dollar Tree, a Fortune 200 Company, operated 16,397 stores across 48 states and five Canadian provinces as of May 4, 2024. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. To learn more about the Company, visit www.DollarTree.com.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in
Reconciliations of the non-GAAP financial measures to the corresponding amounts prepared in accordance with GAAP appears in the tables under the heading “Reconciliation of Non-GAAP Financial Measures” below. These tables provide additional information regarding the adjusted measures.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release contains "forward-looking statements" as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments or results and do not relate strictly to historical facts. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, statements preceded by, followed by or including words such as: “believe”, “anticipate”, “expect”, “intend”, “plan”, “view”, “target” or “estimate”, “may”, “will”, “should”, “predict”, “possible”, “potential”, “continue”, “strategy”, and similar expressions. For example, our forward-looking statements include statements relating to our business and financial outlook for fiscal 2024, including without limitation our expectations regarding net sales, comparable store sales and diluted earnings per share for the second fiscal quarter and full fiscal year 2024, and various factors that are expected to impact our quarterly and annual results of operations for fiscal 2024; our selling square footage for fiscal 2024; our plans and expectations regarding our business, including the impact of various initiatives, investments, and reviews on the company’s performance and prospects for long-term growth; our plans to close, relocate or re-banner stores as a result of our store portfolio optimization review; the impacts of tornado damage to our Dollar Tree distribution center in
| DOLLAR TREE, INC. | |||||||
| Condensed Consolidated Income Statements | |||||||
| (In millions, except per share data) | |||||||
| (Unaudited) | |||||||
| 13 Weeks Ended | |||||||
| May 4, 2024 | April 29, 2023 | ||||||
| Revenues | |||||||
| Net sales | $ | 7,626.4 |
|
$ | 7,319.5 |
|
|
| Other revenue | 6.4 |
|
4.3 |
|
|||
| Total revenue | 7,632.8 |
|
7,323.8 |
|
|||
| Expenses | |||||||
| Cost of sales | 5,278.7 |
|
5,089.1 |
|
|||
| Selling, general and administrative expenses | 1,933.5 |
|
1,815.0 |
|
|||
| Operating income | 420.6 |
|
419.7 |
|
|||
| Interest expense, net | 24.4 |
|
25.9 |
|
|||
| Other expense, net | 0.1 |
|
0.1 |
|
|||
| Income before income taxes | 396.1 |
|
393.7 |
|
|||
| Provision for income taxes | 96.0 |
|
94.7 |
|
|||
| Net income | $ | 300.1 |
|
$ | 299.0 |
|
|
| Net earnings per share: | |||||||
| Basic | $ | 1.38 |
|
$ | 1.35 |
|
|
| Weighted average number of shares | 217.8 |
|
221.1 |
|
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| Diluted | $ | 1.38 |
|
$ | 1.35 |
|
|
| Weighted average number of shares | 218.1 |
|
221.7 |
|
|||
| Selling, general and administrative expense rate | 25.3 |
% |
24.8 |
% |
|||
| Operating income margin | 5.5 |
% |
5.7 |
% |
|||
| Income before income taxes as percentage of total revenue | 5.2 |
% |
5.4 |
% |
|||
| Effective tax rate | 24.2 |
% |
24.1 |
% |
|||
| Net income margin | 3.9 |
% |
4.1 |
% |
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| The selling, general and administrative expense rate, operating income margin and net income margin are calculated by dividing the applicable amount by total revenue. | |||||||
| DOLLAR TREE, INC. | |||||||||||||
| Segment Information | |||||||||||||
| (In millions) | |||||||||||||
| (Unaudited) | |||||||||||||
| 13 Weeks Ended | |||||||||||||
| May 4, 2024 | April 29, 2023 | ||||||||||||
| Net sales: | |||||||||||||
| Dollar Tree | $ | 4,165.6 |
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$ | 3,931.7 |
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| Family Dollar | 3,460.8 |
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3,387.8 |
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| Total net sales | $ | 7,626.4 |
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$ | 7,319.5 |
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| Gross profit: | |||||||||||||
| Dollar Tree | $ | 1,476.5 |
|
35.4 |
% |
$ | 1,388.6 |
|
35.3 |
% |
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| Family Dollar | 871.2 |
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25.2 |
% |
841.8 |
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24.8 |
% |
|||||
| Total gross profit | $ | 2,347.7 |
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30.8 |
% |
$ | 2,230.4 |
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30.5 |
% |
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| Operating income (loss): | |||||||||||||
| Dollar Tree | $ | 522.3 |
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12.5 |
% |
$ | 535.7 |
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13.6 |
% |
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| Family Dollar | 36.9 |
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1.1 |
% |
8.8 |
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0.3 |
% |
|||||
| Corporate, support and other | (138.6 |
) |
(1.8 |
%) |
(124.8 |
) |
(1.7 |
%) |
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| Total operating income | $ | 420.6 |
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5.5 |
% |
$ | 419.7 |
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5.7 |
% |
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| DOLLAR TREE, INC. | |||||||||
| Condensed Consolidated Balance Sheets | |||||||||
| (In millions) | |||||||||
| (Unaudited) | |||||||||
| May 4, 2024 |
February 3, 2024 |
April 29, 2023 |
|||||||
| ASSETS | |||||||||
| Current Assets: | |||||||||
| Cash and cash equivalents | $ | 618.5 |
$ | 684.9 |
$ | 872.8 |
|||
| Merchandise inventories | 5,009.0 |
5,112.8 |
5,112.0 |
||||||
| Other current assets | 454.7 |
335.0 |
282.8 |
||||||
| Total current assets | 6,082.2 |
6,132.7 |
6,267.6 |
||||||
| Restricted cash | 73.2 |
72.3 |
69.2 |
||||||
| Property, plant and equipment, net | 6,301.7 |
6,144.1 |
5,111.8 |
||||||
| Operating lease right-of-use assets | 6,469.3 |
6,488.3 |
6,503.4 |
||||||
| Goodwill | 913.3 |
913.8 |
1,982.6 |
||||||
| Trade name intangible asset | 2,150.0 |
2,150.0 |
3,100.0 |
||||||
| Deferred tax asset | 8.7 |
9.0 |
13.9 |
||||||
| Other assets | 111.8 |
113.3 |
60.1 |
||||||
| Total assets | $ | 22,110.2 |
$ | 22,023.5 |
$ | 23,108.6 |
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| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Current liabilities: | |||||||||
| Current portion of operating lease liabilities | $ | 1,509.6 |
$ | 1,513.0 |
$ | 1,456.9 |
|||
| Accounts payable | 2,266.8 |
2,063.8 |
1,597.6 |
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| Income taxes payable | 82.9 |
52.7 |
144.1 |
||||||
| Other current liabilities | 897.0 |
1,067.2 |
942.9 |
||||||
| Total current liabilities | 4,756.3 |
4,696.7 |
4,141.5 |
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| Long-term debt, net | 3,427.5 |
3,426.3 |
3,422.7 |
||||||
| Operating lease liabilities, long-term | 5,412.1 |
5,447.6 |
5,269.0 |
||||||
| Deferred income taxes, net | 902.4 |
841.1 |
1,107.8 |
||||||
| Income taxes payable, long-term | 22.4 |
22.0 |
17.6 |
||||||
| Other liabilities | 277.1 |
276.7 |
250.3 |
||||||
| Total liabilities | 14,797.8 |
14,710.4 |
14,208.9 |
||||||
| Shareholders' equity | 7,312.4 |
7,313.1 |
8,899.7 |
||||||
| Total liabilities and shareholders' equity | $ | 22,110.2 |
$ | 22,023.5 |
$ | 23,108.6 |
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| The February 3, 2024 information was derived from the audited consolidated financial statements as of that date. | |||||||||
| DOLLAR TREE, INC. | |||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (In millions) | |||||||
| (Unaudited) | |||||||
| 13 Weeks Ended | |||||||
| May 4, 2024 |
April 29, 2023 |
||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 300.1 |
|
$ | 299.0 |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 234.0 |
|
196.4 |
|
|||
| Provision for deferred income taxes | 61.4 |
|
3.0 |
|
|||
| Stock-based compensation expense | 29.6 |
|
28.3 |
|
|||
| Impairments | - |
|
0.8 |
|
|||
| Other non-cash adjustments to net income | 2.5 |
|
35.5 |
|
|||
| Changes in operating assets and liabilities | 68.1 |
|
189.0 |
|
|||
| Total adjustments | 395.6 |
|
453.0 |
|
|||
| Net cash provided by operating activities | 695.7 |
|
752.0 |
|
|||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (472.2 |
) |
(350.4 |
) |
|||
| Payments for fixed asset disposition | (0.8 |
) |
(2.3 |
) |
|||
| Net cash used in investing activities | (473.0 |
) |
(352.7 |
) |
|||
| Cash flows from financing activities: | |||||||
| Proceeds from stock issued pursuant to stock-based compensation plans | 3.9 |
|
2.9 |
|
|||
| Cash paid for taxes on exercises/vesting of stock-based compensation | (19.5 |
) |
(27.1 |
) |
|||
| Payments for repurchase of stock | (272.2 |
) |
(143.4 |
) |
|||
| Net cash used in financing activities | (287.8 |
) |
(167.6 |
) |
|||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.4 |
) |
(1.0 |
) |
|||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (65.5 |
) |
230.7 |
|
|||
| Cash, cash equivalents and restricted cash at beginning of period | 757.2 |
|
711.3 |
|
|||
| Cash, cash equivalents and restricted cash at end of period | $ | 691.7 |
|
$ | 942.0 |
|
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| DOLLAR TREE, INC. | |||||||||||||||||||
| Segment Information | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| 13 Weeks Ended | |||||||||||||||||||
| May 4, 2024 | April 29, 2023 | ||||||||||||||||||
| Dollar | Family | Dollar | Family | ||||||||||||||||
| Tree | Dollar | Total | Tree | Dollar | Total | ||||||||||||||
| Store Count: | |||||||||||||||||||
| Beginning | 8,415 |
|
8,359 |
|
16,774 |
|
8,134 |
|
8,206 |
|
16,340 |
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| New stores | 116 |
|
41 |
|
157 |
|
32 |
|
75 |
|
107 |
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| Re-bannered stores (a) | 5 |
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(10 |
) |
(5 |
) |
2 |
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(1 |
) |
1 |
|
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| Closings | (16 |
) |
(513 |
) |
(529 |
) |
(15 |
) |
(14 |
) |
(29 |
) |
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| Ending | 8,520 |
|
7,877 |
|
16,397 |
|
8,153 |
|
8,266 |
|
16,419 |
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| Selling Square Footage (in millions) | 74.1 |
|
60.1 |
|
134.2 |
|
70.7 |
|
62.3 |
|
133.0 |
|
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| Growth Rate (Square Footage) | 4.8 |
% |
(3.5 |
%) |
0.9 |
% |
1.0 |
% |
4.2 |
% |
2.5 |
% |
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(a) |
Stores are included as re-banners when they close or open, respectively. |
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| 52 Weeks Ended | |||||||||||||||||||
| May 4, 2024 | April 29, 2023 | ||||||||||||||||||
| Dollar | Family | Dollar | Family | ||||||||||||||||
| Tree | Dollar | Total | Tree | Dollar | Total | ||||||||||||||
| Sales per Square Foot (b) |
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(b) |
Sales per square foot is calculated based on total net sales for the reporting period divided by the average selling square footage during the period. |
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| DOLLAR TREE, INC. | |||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
| (In millions, except per share data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| From time-to-time, the Company discloses certain financial measures not derived in accordance with GAAP. These non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purposes of analyzing operating performance, financial position, liquidity, or cash flows. The non-GAAP financial measures we have disclosed include adjusted selling, general and administrative expenses; adjusted selling, general and administrative expense rate; adjusted operating income; adjusted operating income margin; adjusted net income; adjusted diluted earnings per share; adjusted effective tax rate; and free cash flow. The Company believes providing additional information in these non-GAAP measures that exclude the unusual expenses described below is beneficial to the users of its financial statements in evaluating the Company's current operating results in relation to past periods. In addition, the Company's debt covenants exclude the impact of certain unusual expenses. The Company has included a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures in the following tables. | |||||||||||||||
1.) |
In the first quarter of fiscal 2023, the Company recorded a |
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2.) |
During the fourth quarter of fiscal 2023, we announced that we had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors. In connection with this portfolio optimization review, we closed approximately 500 Family Dollar stores in the first quarter of fiscal 2024 and incurred more than |
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| In addition, the Company discloses free cash flow, a non-GAAP financial measure that we calculate as net cash provided by operating activities less capital expenditures. The Company believes free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate from our business operations. Free cash flow may not represent the amount of cash flow available for general discretionary use, because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations. The Company has included a reconciliation of free cash flow to the most comparable GAAP measures in the following tables. | |||||||||||||||
| Reconciliation of Adjusted Selling, General and Administrative Expenses | 13 Weeks Ended | ||||||||||||||
| May 4, 2024 | April 29, 2023 | ||||||||||||||
| Selling, general and administrative expenses (GAAP) | $ |
1,933.5 |
|
25.3 |
% |
$ |
1,815.0 |
|
24.8 |
% |
|||||
| Deduct: Store Closure Costs |
|
(17.5 |
) |
(0.2 |
%) |
|
- |
|
0.0 |
% |
|||||
| Add/Deduct: Legal Reserve |
|
2.5 |
|
0.0 |
% |
|
(30.0 |
) |
(0.4 |
%) |
|||||
| Total adjustments |
|
(15.0 |
) |
(0.2 |
%) |
|
(30.0 |
) |
(0.4 |
%) |
|||||
| Adjusted selling, general and administrative expenses (Non-GAAP) | $ |
1,918.5 |
|
25.1 |
% |
$ |
1,785.0 |
|
24.4 |
% |
|||||
| Reconciliation of Adjusted Selling, General and Administrative Expenses - Family Dollar Segment | 13 Weeks Ended | ||||||||||||||
| May 4, 2024 | April 29, 2023 | ||||||||||||||
| Selling, general and administrative expenses (GAAP) | $ |
837.5 |
|
24.2 |
% |
$ |
834.9 |
|
24.6 |
% |
|||||
| Deduct: Store Closure Costs |
|
(16.8 |
) |
(0.5 |
%) |
|
- |
|
0.0 |
% |
|||||
| Add/Deduct: Legal Reserve |
|
2.5 |
|
0.1 |
% |
|
(30.0 |
) |
(0.9 |
%) |
|||||
| Total adjustments |
|
(14.3 |
) |
(0.4 |
%) |
|
(30.0 |
) |
(0.9 |
%) |
|||||
| Adjusted selling, general and administrative expenses (Non-GAAP) | $ |
823.2 |
|
23.8 |
% |
$ |
804.9 |
|
23.7 |
% |
|||||
| DOLLAR TREE, INC. | ||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||
| (In millions, except per share data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Reconciliation of Adjusted Operating Income | 13 Weeks Ended | |||||||||||||
| May 4, 2024 | April 29, 2023 | |||||||||||||
| Operating income (GAAP) | $ |
420.6 |
|
5.5 |
% |
$ |
419.7 |
5.7 |
% |
|||||
| SG&A adjustments: | ||||||||||||||
| Add: Store Closure Costs |
|
17.5 |
|
0.2 |
% |
|
- |
0.0 |
% |
|||||
| Add/Deduct: Legal Reserve |
|
(2.5 |
) |
0.0 |
% |
|
30.0 |
0.4 |
% |
|||||
| Total adjustments |
|
15.0 |
|
0.2 |
% |
|
30.0 |
0.4 |
% |
|||||
| Adjusted operating income (Non-GAAP) | $ |
435.6 |
|
5.7 |
% |
$ |
449.7 |
6.1 |
% |
|||||
| Reconciliation of Adjusted Operating Income - Family Dollar Segment |
13 Weeks Ended | |||||||||||||
| May 4, 2024 | April 29, 2023 | |||||||||||||
| Operating income (GAAP) | $ |
36.9 |
|
1.1 |
% |
$ |
8.8 |
0.3 |
% |
|||||
| SG&A adjustments: | ||||||||||||||
| Add: Store Closure Costs |
|
16.8 |
|
0.5 |
% |
|
- |
0.0 |
% |
|||||
| Add/Deduct: Legal Reserve |
|
(2.5 |
) |
(0.1 |
%) |
|
30.0 |
0.9 |
% |
|||||
| Total adjustments |
|
14.3 |
|
0.4 |
% |
|
30.0 |
0.9 |
% |
|||||
| Adjusted operating income (Non-GAAP) | $ |
51.2 |
|
1.5 |
% |
$ |
38.8 |
1.2 |
% |
|||||
| DOLLAR TREE, INC. | |||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||
| (In millions, except per share data) | |||||||||
| (Unaudited) | |||||||||
| Reconciliation of Adjusted Net Income | 13 Weeks Ended | ||||||||
| May 4, 2024 | April 29, 2023 | ||||||||
| Net income (GAAP) | $ | 300.1 |
|
$ | 299.0 |
|
|||
| SG&A adjustments: | |||||||||
| Add: Store Closure Costs | 17.5 |
|
- |
|
|||||
| Add/Deduct: Legal Reserve | (2.5 |
) |
30.0 |
|
|||||
| Total adjustments | 15.0 |
|
30.0 |
|
|||||
| Provision for income taxes on adjustments | (3.6 |
) |
(3.9 |
) |
|||||
| Adjusted net income (Non-GAAP) | $ | 311.5 |
|
$ | 325.1 |
|
|||
| Reconciliation of Adjusted Diluted Earnings Per Share | 13 Weeks Ended | ||||||||
| May 4, 2024 | April 29, 2023 | ||||||||
| Diluted net income per share (GAAP) | $ | 1.38 |
|
$ | 1.35 |
|
|||
| SG&A adjustments: | |||||||||
| Add: Store Closure Costs | 0.08 |
|
- |
|
|||||
| Add/Deduct: Legal Reserve | (0.01 |
) |
0.14 |
|
|||||
| Total adjustments | 0.07 |
|
0.14 |
|
|||||
| Provision for income taxes on adjustments | (0.02 |
) |
(0.02 |
) |
|||||
| Adjusted diluted net income per share (Non-GAAP) | $ | 1.43 |
|
$ | 1.47 |
|
|||
| Reconciliation of Adjusted Effective Tax Rate | 13 Weeks Ended | ||||||||
| May 4, 2024 | April 29, 2023 | ||||||||
| Effective tax rate (GAAP) | 24.2 |
% |
24.1 |
% |
|||||
| Add/Deduct: Tax impact of non-GAAP adjustments (c) | - |
% |
(0.8 |
%) |
|||||
| Adjusted effective tax rate (Non-GAAP) | 24.2 |
% |
23.3 |
% |
|||||
| (c) | Adjustments related to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant tax rates. | ||||||||
| DOLLAR TREE, INC. | |||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||
| (In millions, except per share data) | |||||||||
| (Unaudited) | |||||||||
| Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow | 13 Weeks Ended | ||||||||
| May 4, 2024 | April 29, 2023 | ||||||||
| Net cash provided by operating activities (GAAP) | $ | 695.7 |
|
$ | 752.0 |
|
|||
| Deduct: | |||||||||
| Capital expenditures | (472.2 |
) |
(350.4 |
) |
|||||
| Free cash flow (Non-GAAP) | $ | 223.5 |
|
$ | 401.6 |
|
|||
| Net cash used in investing activities (GAAP) (d) | (473.0 |
) |
(352.7 |
) |
|||||
| Net cash used in financing activities (GAAP) | (287.8 |
) |
(167.6 |
) |
|||||
| (d) | Net cash used in investing activities includes capital expenditures, which is included in our computation of free cash flow. | ||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240605693989/en/
Dollar Tree, Inc.
Robert A. LaFleur, 757-991-5645
Senior Vice President, Investor Relations
www.DollarTree.com
DLTR-E
Source: Dollar Tree, Inc.
FAQ
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