10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

AMENDMENT NO. 1 TO FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended January 28, 2012

Commission File No.0-25464

DOLLAR TREE, INC.

(Exact name of registrant as specified in its charter)

Virginia	26-2018846
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

500 Volvo Parkway, Chesapeake, VA 23320

(Address of principal executive offices)

Registrant’s telephone number, including area code: (757) 321-5000

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class	Name of Each Exchange on Which Registered
Common Stock (par value $.01 per share)	NASDAQ

Securities Registered Pursuant to Section 12(g) of the Act:

None

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes (X) No (  )

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes (  ) No (X)

Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes (X) No (  )

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes (X) No (  )

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ( )

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer (X)	Accelerated filer (  )
Non-accelerated filer (  )	Smaller reporting company (  )

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes (  ) No (X)

The aggregate market value of Common Stock held by non-affiliates of the Registrant on July 29, 2011, was $7,748,097,313, based on a $65.55 average of the high and low sales prices for the Common Stock on such date.  For purposes of this computation, all executive officers and directors have been deemed to be affiliates.  Such determination should not be deemed to be an admission that such executive officers and directors are, in fact, affiliates of the Registrant.

On March 7, 2012, there were 115,652,758 shares of the Registrant’s Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The information regarding securities authorized for issuance under equity compensation plans called for in Item 5 of Part II and the information called for in Items 10, 11, 12, 13 and 14 of Part III are incorporated by reference to the definitive Proxy Statement for the Annual Meeting of Stockholders of the Company to be held June 14, 2012, which will be filed with the Securities and Exchange Commission not later than May 25, 2012.

Explanatory Note

This Amendment No. 1 to the Annual Report on Form 10-K of Dollar Tree, Inc. (the “Company”) amends the Company’s Annual Report on Form 10-K for the year ended January 28, 2012, (the “Original Filing”) which was filed with the Securities and Exchange Commission on March 15, 2012.  The Company is filing this Amendment No. 1 solely to provide Exhibit 101 that was not included in the Original Filing.  Exhibit 101 includes information about the Company in Extensible Business Report Language (XBRL).

The Company is filing Exhibit 101 in accordance with the temporary hardship exemption provided by Rule 201 of Regulation S-T, which extended the date by which the interactive data file is required to be submitted by six business days.

Except as described above, this Amendment No. 1 does not amend any other information set forth in the Original Filing, and the Company has not updated disclosures included therein to reflect any events that occurred subsequent to March 15, 2012.

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-

1.      Documents filed as part of this report:

1. ..	Financial Statements.  Reference is made to the Index to the Consolidated Financial Statements set forth under Part II, Item 8, on Page 29 of Form 10-K filed on March 15, 2012.
2.  .	Financial Statement Schedules.  All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions, are not applicable, or the information is included in the Consolidated Financial Statements as filed on Form 10-K on March 15, 2012, and therefore have been omitted .
3.  .	Exhibits.  The following exhibits, are filed as part of, or incorporated by reference into, this report.

2.      Plan of Reorganization

2.1 Agreement and Plan of Merger among Dollar Tree Stores, Inc., Dollar Tree, Inc. and Dollar Tree Merger Sub, Inc., dated February 27, 2008(Exhibit 2.1 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).

3.      Articles and Bylaws

3.1	Articles of Incorporation of Dollar Tree, Inc. (as amended, effective June 17, 2010) (Exhibit 3.1 to the Company’s June 17, 2010 Current Report on Form 8-K, incorporated herein by this reference).
3.2	Bylaws of Dollar Tree, Inc., as amended (Exhibit 3.1 to the Company’s October 6, 2011 Current Report on Form 8-K, incorporated herein by this reference).

4. Instruments Defining the Rights of Security Holders

4.1 Form of Common Stock Certificate (Exhibit 4.1 to the Company’s March 13, 2008 Current Report on Form 8-K, incorporated herein by this reference).

     10.   Material Contracts

10.1	$550.0 million unsecured Credit Agreement, dated February 20, 2008 (Exhibit 10.1 to the Company’s February 15, 2008 Current Report on Form 8-K, incorporated herein by this reference).
10.2.1	Stock Incentive Plan (SIP) (Exhibit 10.15 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1995, incorporated herein by this reference).*
10.2.2	First Amendment to the SIP (Exhibit 10.3 to the Annual Report on Form 10-K for the fiscal year ended December 31, 1996, incorporated herein by this reference).*
10.2.3	Second Amendment to the SIP (Exhibit 10.5 to the Annual Report on Form 10-K for the fiscal year ended December 31, 1997, incorporated herein by this reference).*
10.2.4	Third Amendment to the SIP (Appendix to the Definitive Proxy Statement, filed April 19, 2000, incorporated herein by this reference).*
10.2.5	Fourth Amendment to the Company’s SIP (Exhibit 10.4 to the Company’s January 16, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.2.6	Fifth Amendment to the SIP (Exhibit 10.4 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
	* Management contract or compensatory plan or arrangement

10.2.7	Sixth Amendment to the SIP ((Exhibit 10.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2008, incorporated herein by this reference).*
10.3.1	The Company’s 2005 Employee Stock Purchase Plan (ESPP) (Appendix A to the Company’s 2005 Definitive Proxy Statement on Schedule 14-A, initially filed with the Commission on May 9, 2005, which is incorporated herein by this reference).*
10.3.2	Amendment to the ESPP (Exhibit 10.1 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.4.1	The Company’s 2003 Equity Incentive Plan (as amended) (EIP) (Exhibit A to the Definitive Proxy Statement filed on April 29, 2004, incorporated herein by this reference).*
10.4.2	Second Amendment to the Company’s EIP (Exhibit 10.2 to the Company’s January 16, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.4.3	Third Amendment to the EIP (Exhibit 10.3 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.5.1	The Company’s 2004 Executive Officer Equity Plan (EOEP) (Exhibit B to the Definitive Proxy Statement filed on April 29, 2004, incorporated herein by this reference).*
10.5.2	Second Amendment to the Company’s EOEP (Exhibit 10.1 to the Company’s January 16, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.5.3	Third Amendment to the Company’s EOEP (Exhibit 10.2 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.5.4	Fourth Amendment to the Company’s EOEP (Exhibit 10.2 to the Company’s June 19, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.6	Form of Standard Restricted Stock Unit Award Agreement for use under the Company’s EIP and the Company’s EOEP (Exhibit 10.2 to the Company’s February 15, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.7	Form of Standard Stock Option Agreement for use under the Company’s 2003 EIP and the Company’s EOEP (Exhibit 10.2 to the Company’s February 15, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.8	Form of Standard Restricted Stock Unit Award Agreement for use under the Company’s EIP and EOEP (Exhibit 10.1 to the Company’s March 24, 2005 Current Report on Form 8-K incorporated herein by this reference).*
10.9	Form of Standard Restricted Stock Unit Award Agreement for use under the Company’s EIP and EOEP (Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 30, 2004, incorporated herein by this reference).*
10.10	Form of Standard Option Award Agreement for use under the Company’s EIP and EOEP (Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 30, 2004, incorporated herein by this reference).*
10.11	Form of the Company’s Named Executive Officer Option Agreement (Exhibit 10.1 to the Company’s January 30, 2009 Current Report on Form 8-K, incorporated herein by this reference).*
10.12	Form of the Company’s Named Executive Officer Restricted Stock Unit Agreement (Exhibit 10.2 to the Company’s January 30, 2009 Current Report on Form 8-K, incorporated herein by this reference).*
10.13.1	The Company’s 2004 Executive Officer Cash Bonus Plan (Exhibit C to the Definitive Proxy Statement filed on April 29, 2004, incorporated herein by this reference).*
	* Management contract or compensatory plan or arrangement

10.13.2	Third Amendment to the 2004 Executive Officer Cash Bonus Plan (Exhibit 10.3 to the Company’s June 19, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.14.1	2003 Non-Employee Director Stock Option Plan (Exhibit C to the Definitive Proxy Statement, filed April 30, 2003, incorporated herein by this reference).*
10.14.2	Second Amendment to the 2003 Non-Employee Director Stock Option Plan (Exhibit 10.7 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.14.3	Third Amendment to the Company’s 2003 Non-Employee Director Stock Option Plan (Exhibit 10.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2008, incorporated herein by this reference).*
10.15.1	2003 Director Deferred Compensation Plan (Exhibit D to the Definitive Proxy Statement, filed April 30, 2003, incorporated herein by this reference).*
10.15.2	Second Amendment to the Company’s 2003 Director Deferred Compensation Plan (Exhibit 10.3 to the Company’s January 16, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.15.3	Third Amendment to the 2003 Director Deferred Compensation Plan (Exhibit 10.6 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.16	Non-Qualified Deferred Compensation Plan (Exhibit 10.5 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1999, incorporated herein by this reference).*
10.17	Amendments to the Company’s Stock Plans (Exhibit 10.5 to the Company’s January 16, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.18	Amendments to the Assumed Incentive Plans (Exhibit 10.1 to the Company’s June 19, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.19	Assignment and Assumption Agreement (Exhibit 10.5 to the Company’s February 27, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
10.20	Change in Control Retention Agreements (Exhibit 10.1 to the Company’s March 14, 2007 Report on Form 8-K, incorporated herein by this reference).*
10.21	Change in Control Retention Agreement between the Company and Kevin Wampler, Chief Financial Officer (Exhibit 10.1 to the Company’s December 2, 2008 Report on Form 8-K, incorporated herein by this reference).*
10.21.1	Amendment to Change in Control Retention Agreement between the Company and Kevin Wampler, Chief Financial Officer (Exhibit 10.1 to the Company’s October 6, 2011 Current Report on Form 8-K, incorporated herein by this reference).*
10.22	Amended and Restated Severance Agreement between the Company and Robert H. Rudman dated March 29, 2007 (Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2007, incorporated herein by this reference).*
10.23	Form of consulting agreement between the Company and certain members of the Board of Directors (Exhibit 10.1 to the Company’s February 3, 2005 Current Report on Form 8-K, incorporated herein by this reference).*
10.24	New policy for director compensation (as described in Item 1.01 of the Company's January 16, 2008 Current Report on Form 8-K, incorporated herein by this reference).*
	* Management contract or compensatory plan or arrangement

10.25	Post-Retirement Benefit Agreement Between the Company and H. Ray Compton dated June 21, 2007 (Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 4, 2007, incorporated herein by this reference).*
10.26	Store Lease with Suburban Management and Related Renewals (Exhibit 10.1 to the Company’s May 3, 2008 Quarterly Report on Form 10-Q, incorporated herein by this reference).
10.27	Store Lease with DMK Associates and Related Renewals (Exhibit 10.2 to the company’s May 3, 2008 Quarterly Report on Form 10-Q, incorporated herein by this reference).
10.28	Store Lease with DMK Associates and Related Renewals (Exhibit 10.3 to the Company’s May 3, 2008 Quarterly Report on Form 10-Q, incorporated herein by this reference).
10.29	Description of Management Incentive Compensation Plan (Exhibit 10.29 to the Company’s January 30, 2010 Annual Report on Form 10-K/A, incorporated herein by this reference).*
10.30	Purchase Agreement dated October 10, 2010 (Exhibit 10.1 to the Company’s October 12, 2010 Current Report on Form 8-K, incorporated herein by this reference).
10.31	Description of Dollar Tree, Inc. Management Incentive Compensation Plan (Exhibit 10.1 to the Company’s April 30, 2011 Quarterly Report on Form 10-Q, incorporated herein by reference).*
10.32	2011 Omnibus Incentive Plan (Exhibit 10.1 to the Company’s June 16, 2011 Current Report on Form 8-K, incorporated herein by this reference).*
10.33	Form of Long-Term Performance Plan Award Agreement (Exhibit 10.2 to the Company June 16, 2011 Current Report on Form 8-K, incorporated herein by this reference).*
10.34	Form of Restricted Stock Unit Agreement (Exhibit 10.3 to the Company’s June 16, 2011 Current Report on Form 8-K, incorporated herein by this reference).*
10.35	Form of Non-employee Director Option Agreement (Exhibit 10.4 to the company June 16, 2011 Current Report on Form 8-K, incorporated herein by this reference).*
10.36	Accelerated Share Repurchase Program Collared Master Confirmation dated August 24, 2011 (Exhibit 10.6 to the Company’s October 29, 2011 Quarterly Report on Form 10-Q, incorporated herein by this reference).
10.37	Accelerated Share Repurchase Program Supplemental Confirmation dated August 24, 2011 (Exhibit 10.7 to the Company’s October 29, 2011 Quarterly Report on Form 10-Q, incorporated herein by this reference).
10.38(1)	Accelerated Share Repurchase Program Collared Master Confirmation dated November 21, 2011 (portions of the exhibit have been omitted pursuant to a request for confidential treatment).
10.39(1)	Accelerated Share Repurchase Program Supplemental Confirmation dated November 21, 2011 (portions of the exhibit have been omitted pursuant to a request for confidential treatment).
	* Management contract or compensatory plan or arrangement
	(1) Filed with our Form 10-K on March 15, 2012

21.          Subsidiaries of the Registrant

21.1(1) Subsidiaries

23.          Consents of Experts and Counsel

23.1(1) Consent of Independent Registered Public Accounting Firm

31. Certifications required under Section 302 of the Sarbanes-Oxley Act

31.1(1)	Certification required under Section 302 of the Sarbanes-Oxley Act of Chief Executive Officer
31.2(1)	Certification required under Section 302 of the Sarbanes-Oxley Act of Chief Financial Officer

32. Statements under Section 906 of the Sarbanes-Oxley Act

32.1(1)	Statement under Section 906 of the Sarbanes-Oxley Act of Chief Executive Officer
32.2(1)	Statement under Section 906 of the Sarbanes-Oxley Act of Chief Financial Officer

101.0         Interactive Data Files

101.INS(2)	XBRL Instance Document
101.SCH(2)	XBRL Taxonomy Schema Document
101.CAL(2)	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF(2)	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB(2)	XBRL Taxonomy Extension Label Linkbase Document
101.PRE(2)	XBRL Taxonomy Extension Presentation Linkbase Document
	(1) Filed with our Form 10-K on March 15, 2012
	(2) Furnished with this Amendment No. 1 to Form 10-K

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DOLLAR TREE, INC.
DATE: March 22, 2012	By: /s/ Kevin S. Wampler
	Kevin S. Wampler
	Chief Financial Officer (principal financial and accounting officer)

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INCOME TAXES (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
Income Tax Expense (Benefit), Intraperiod Tax Allocation
Income from continuing operations	$ 291.2	$ 232.6	$ 187.1
Accumulated other comprehensive income (loss) marking derivative financial instruments to fair value	(0.1)	1.3	0.1
Stockholders' equity, tax benefit on exercises/vesting of equity based compensation	(13.8)	(7.8)	(3.9)
Total allocated income tax	277.3	226.1	183.3
Income tax provision (benefit)
Federal - current	240.4	215.7	160.2
State - current	39.4	31.3	27.5
Foreign - current	0.3	0	0
Total current	280.1	247.0	187.7
Federal - deferred	14.9	(10.0)	(0.4)
State - deferred	0.1	(4.4)	(0.2)
Foreign - deferred	(3.9)	0	0
Total deferred	11.1	(14.4)	(0.6)
Provision for income taxes	291.2	232.6	187.1
Federal Statutory Tax Rate Reconciliation
Statutory tax rate (in hundredths)	35.00%	35.00%	35.00%
Effect of:
State and local income taxes, net of federal income tax benefit (in hundredths)	3.40%	3.40%	3.30%
Other, net (in hundredths)	(1.00%)	(1.50%)	(1.40%)
Effective tax rate (in hundredths)	37.40%	36.90%	36.90%
Deferred tax assets:
Deferred rent	31.5	31.4
Accrued expenses	31.4	25.4
State tax net operating losses and credit carryforwards, net of federal benefit	9.1	6.4
Accrued compensation expense	27.0	22.5
Other	1.5	1.9
Total deferred tax assets	100.5	87.6
Valuation allowance	(3.5)	(4.8)
Deferred tax assets, net	97.0	82.8
Deferred tax liabilities:
Property and equipment	(34.0)	(4.6)
Goodwill	(15.1)	(15.8)
Prepaid expenses	(0.4)	(3.8)
Inventory	(4.5)	(4.3)
Total deferred tax liabilities	(54.0)	(28.5)
Net deferred tax asset	43.0	54.3
Income Tax Uncertainties
Valuation allowance	3.5	4.8
Number of prior years of taxable income used to assess the deductibility of carrybacks	2
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	10.2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
Unrecognized Tax Benefits, accrued potential interest	0.4
Liability for potential interest	4.1
Liability for potential penalties	0.1
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	15.2
Additions, based on tax positions related to current year	0.8
Additions for tax positions of prior years	0.6
Lapses in statute of limitations	(1.1)
Ending Balance	$ 15.5	$ 15.2

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LONG-TERM DEBT (Tables)

12 Months Ended

Jan. 28, 2012

LONG-TERM DEBT - (Tables) [Abstract]

Schedule of Long-Term Debt Instruments Table

Long-term debt at January 28, 2012 and January 29, 2011 consists of the following:

	January 28,		January 29,
(in millions)	2012		2011
$550.0 million Unsecured Credit Agreement,
interest payable monthly at LIBOR,
plus 0.50%, which was 0.77% at
January 28, 2012, principal payable upon
expiration of the facility in February 2013	$	250.0	$	250.0
Demand Revenue Bonds, interest payable monthly
at a variable rate which was 0.27% at
January 28, 2012, principal payable on
demand, maturing June 2018		15.5		16.5
Total long-term debt	$	265.5	$	266.5
Less current portion		15.5		16.5
Long-term debt, excluding current portion	$	250.0	$	250.0

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SHAREHOLDERS' EQUITY (Details) (USD $)	3 Months Ended								12 Months Ended
	Jan. 28, 2012	Oct. 29, 2011	Jul. 30, 2011	Apr. 30, 2011	Jan. 29, 2011	Oct. 30, 2010	Jul. 31, 2010	May 01, 2010	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
Preferred Stock
Preferred Stock authorized to issue (in shares)	10,000,000								10,000,000
Preferred Stock par value per share	$ 0.01								$ 0.01
Basic net income per share:
Net income	$ 187,900,000	$ 104,500,000	$ 94,900,000	$ 101,000,000	$ 162,500,000	$ 93,200,000	$ 78,000,000	$ 63,600,000	$ 488,300,000	$ 397,300,000	$ 320,500,000
Weighted average number of shares outstanding (in shares)									120,300,000.0	127,100,000.0	134,100,000.0
Basic net income per share (in dollars per share)									$ 4.06	$ 3.13	$ 2.39
Diluted net income per share:
Net income	187,900,000	104,500,000	94,900,000	101,000,000	162,500,000	93,200,000	78,000,000	63,600,000	488,300,000	397,300,000	320,500,000
Weighted average number of shares outstanding (in shares)									120,300,000.0	127,100,000.0	134,100,000.0
Dilutive effect of stock options and restricted stock (as determined by applying the treasury stock method) (in shares)									900,000.0	900,000.0	900,000.0
Weighted average number of shares and dilutive potential shares outstanding (in shares)									121,200,000.0	128,000,000.0	135,000,000.0
Diluted net income per share (in dollars per share)	$ 1.60	$ 0.87	$ 0.77	$ 0.82	$ 1.29	$ 0.73	$ 0.61	$ 0.49	$ 4.03	$ 3.10	$ 2.37
Share Repurchase Programs
Number of shares repurchased (in shares)									2,600,000.0	4,300,000.0	6,400,000.0
Amount of shares repurchased									(145,900,000)	(214,700,000)	(193,100,000)
Remaining amount of shares authorized to repurchase	1,200,000,000.0								1,200,000,000.0
Accelerated Share Repurchases
Repurchased shares unsettled	27,300,000								27,300,000
Accelerated Share Repurchase Agreement November 2011 [Member]
Accelerated Share Repurchases
Accelerated Share Repurchases, dollar amount of common shares repurchased	300,000,000								300,000,000
Initial number of shares repurchased (in shares)									3,400,000.0
Maximum number of shares possible to repurchase (in shares)									3,800,000.0
Weighted average market price of repurchased shares of common stock (in dollars per share)									$ 83.27
Additional number of shares that would have been received had the transaction been settled (in shares)	400,000.0								400,000.0
Hedge period reference price (in dollars per share)									$ 80.37
Accelerated Share Repurchase Agreement August 2011 [Member]
Accelerated Share Repurchases
Accelerated Share Repurchases, dollar amount of common shares repurchased	200,000,000								200,000,000
Initial number of shares repurchased (in shares)									2,600,000.0
Additional number of shares of common stock repurchased (in shares)	100,000.0								100,000.0
Total shares of common stock repurchased (in shares)									2,700,000.0
Accelerated Share Repurchase Agreement March 2010 [Member]
Accelerated Share Repurchases
Accelerated Share Repurchases, dollar amount of common shares repurchased	$ 200,000,000								$ 200,000,000
Initial number of shares repurchased (in shares)									4,600,000.0
Additional number of shares of common stock repurchased (in shares)	400,000.0								400,000.0
Total shares of common stock repurchased (in shares)									5,000,000.0

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jan. 28, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block]

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Dollar Tree, Inc. (the Company) is the leading operator of discount variety retail stores offering merchandise at the fixed price of $1.00 or less with 4,351 discount variety retail stores in the United States and Canada at January 28, 2012.  Below are those accounting policies considered by the Company to be significant.

Principles of Consolidation

The consolidated financial statements include the financial statements of Dollar Tree, Inc., and its wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.

Foreign Currency

The functional currencies of the Company’s international subsidiaries are primarily the local currencies of the countries in which the subsidiaries are located.  Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet date.  Results of operations and cash flows are translated using the average exchange rates throughout the period.  The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders’ equity in accumulated other comprehensive income (loss).  Gains and losses from foreign currency transactions, which are included in non-operating income (expense), have not been significant.

Stock Dividend

On May 26, 2010, the Company’s Board of Directors approved a 3-for-2 stock split in the form of a 50% common stock dividend.  New shares were distributed on June 24, 2010 to shareholders of record as of the close of business on June 10, 2010.  As a result, all share and per share data in these consolidated financial statements and accompanying notes have been retroactively adjusted to reflect these dividends, each having the effect of a 3-for-2 stock split.

Segment Information

The Company's retail stores represent a single operating segment based on the way the Company manages its business.  Operating decisions are made at the Company level in order to maintain a consistent retail store presentation.  The Company’s retail stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers.  The amounts of long-lived assets and net sales outside of the U.S. were not significant for any of the periods presented.

Fiscal Year

The Company's fiscal year ends on the Saturday closest to January 31.  Any reference herein to “2011” or “Fiscal 2011,” “2010” or “Fiscal 2010,” and “2009” or “Fiscal 2009,” relates to as of or for the years ended January 28, 2012, January 29, 2011, and January 30, 2010, respectively.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents at January 28, 2012 and January 29, 2011 includes $249.3 million and $271.4 million, respectively, of investments primarily in money market securities which are valued at cost, which approximates fair value.  For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents.  The majority of payments due from financial institutions for the settlement of debit card and credit card transactions process within three business days, and therefore are classified as cash and cash equivalents.

Short-Term Investments

At January 28, 2012 the Company held no short-term investments.  The Company’s short-term investments at January 29, 2011 were $174.8 million.  These investments consisted primarily of government-sponsored municipal bonds which were convertible into cash on the dates that the interest rates for these bonds reset, which was typically weekly or monthly, depending on the terms of the underlying agreement.  These investments were classified as available for sale and were recorded at fair value, which approximated cost.

Merchandise Inventories

Merchandise inventories at the Company’s distribution centers are stated at the lower of cost or market, determined on a weighted-average cost basis.  Cost is assigned to store inventories using the retail inventory method on a weighted-average basis.  Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories.  From its inception through fiscal 2009, the Company used one inventory pool for this calculation.  Because of investments over the years in retail technology systems, the Company was able to refine the estimate of inventory cost under the retail method.  On January 31, 2010, the first day of fiscal 2010, the Company began using approximately thirty inventory pools in its retail inventory calculation.  As a result of this change, the Company recorded a non-recurring, non-cash charge to gross profit and a corresponding reduction in inventory, at cost, of approximately $26.3 million in the first quarter of 2010.  This was a prospective change and did not have any effect on prior periods.  This change in estimate to include thirty inventory pools in the retail method calculation is preferable to using one pool in the calculation as it gives the Company a more accurate estimate of cost of store level inventories.

Costs directly associated with warehousing and distribution are capitalized as merchandise inventories.  Total warehousing and distribution costs capitalized into inventory amounted to $34.5 million and $30.8 million at January 28, 2012 and January 29, 2011, respectively.

Property, Plant and Equipment

Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows:

Buildings	39 to 40 years
Furniture, fixtures and equipment	3 to 15 years

Leasehold improvements and assets held under capital leases are amortized over the estimated useful lives of the respective assets or the committed terms of the related leases, whichever is shorter.  Amortization is included in "selling, general and administrative expenses" in the accompanying consolidated statements of operations.

Costs incurred related to software developed for internal use are capitalized and amortized generally over three years.

Goodwill

Goodwill is not amortized, but rather tested for impairment at least annually.  In addition, goodwill will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred.  The Company performed its annual impairment testing in November 2011 and determined that no impairment loss existed.

Other Assets, Net

Other assets, net consists primarily of restricted investments and intangible assets.  Restricted investments were $83.6 million and $72.1 million at January 28, 2012 and January 29, 2011, respectively and were purchased to collateralize long-term insurance obligations.  These investments consist primarily of government-sponsored municipal bonds, similar to the Company’s short-term investments held at the end of fiscal 2010 and money market securities.  These investments are classified as available for sale and are recorded at fair value, which approximates cost.  Intangible assets primarily include favorable lease rights with finite useful lives and are amortized over their respective estimated useful lives.

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

The Company reviews its long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset.  If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets based on discounted cash flows or other readily available evidence of fair value, if any.  Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.  In fiscal 2011, 2010 and 2009, the Company recorded charges of $0.9 million, $1.1 million and $1.3 million, respectively, to write down certain assets.  These charges are recorded as a component of "selling, general and administrative expenses" in the accompanying consolidated statements of operations.

Financial Instruments

The Company utilizes derivative financial instruments to reduce its exposure to market risks from changes in interest rates and diesel fuel costs.  By entering into receive-variable, pay-fixed interest rate and diesel fuel swaps, the Company limits its exposure to changes in variable interest rates and diesel fuel prices.  The Company is exposed to credit-related losses in the event of non-performance by the counterparty to these instruments but minimizes this risk by entering into transactions with high quality counterparties.  Interest rate or diesel fuel cost differentials paid or received on the swaps are recognized as adjustments to interest and freight expense, respectively, in the period earned or incurred.  The Company formally documents all hedging relationships, if applicable, and assesses hedge effectiveness both at inception and on an ongoing basis.  The interest rate swaps that qualified for hedge accounting are recorded at fair value in the accompanying consolidated balance sheets as a component of “other liabilities”.  Changes in the fair value of these interest rate swaps are recorded in “accumulated other comprehensive income (loss)”, net of tax, in the accompanying consolidated balance sheets.  The Company entered into diesel fuel swaps that do not qualify for hedge accounting.  The fair values of these diesel fuel swaps are recorded in the accompanying consolidated balance sheets as a component of “other current assets”.

Fair Value Measurements

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.  As a basis for considering such assumptions, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements).  The three levels of the fair value hierarchy are as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities;

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and

Level 3 - Unobservable inputs in which there is little or no market data which require the reporting entity to develop its own assumptions.

The Company’s cash and cash equivalents, restricted investments and diesel fuel swaps represent the financial assets and liabilities that were accounted for at fair value as of January 28, 2012.  As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.  The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.  The fair value of the Company’s cash and cash equivalents and restricted investments was $288.3 million and $83.6 million, respectively at January 28, 2012.  These fair values were determined using Level 1 measurements in the fair value hierarchy.  The fair value of the diesel fuel swaps was an asset of $0.6 million as of January 28, 2012.  The fair values of the swaps were estimated using Level 2 measurements in the fair value hierarchy.  These estimates used discounted cash flow calculations based upon forward interest-rate yield and diesel cost curves.  The curves were obtained from independent pricing services reflecting broker market quotes.

The carrying value of the Company's long-term debt approximates its fair value because the debt’s interest rate varies with market interest rates.

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment).  The Company recorded an impairment charge of $0.9 million in fiscal 2011 to reduce certain store assets to their estimated fair value.  The fair values were determined based on the income approach, in which the Company utilized internal cash flow projections over the life of the underlying lease agreements discounted based on a risk-free rate of return.  These measures of fair value, and related inputs, are considered a level 3 approach under the fair value hierarchy.  There were no other changes related to level 3 assets.

Lease Accounting

The Company leases most all of its retail locations under operating leases.  The Company recognizes minimum rent expense starting when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening.  When a lease contains a predetermined fixed escalation of the minimum rent, the Company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent.  The Company also receives tenant allowances, which are recorded in deferred rent and are amortized as a reduction of rent expense over the term of the lease.

Revenue Recognition

The Company recognizes sales revenue at the time a sale is made to its customer.

Taxes Collected

The Company reports taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions (i.e., sales tax) on a net (excluded from revenues) basis.

Cost of Sales

The Company includes the cost of merchandise, warehousing and distribution costs, and certain occupancy costs in cost of sales.

Pre-Opening Costs

The Company expenses pre-opening costs for new, expanded and relocated stores, as incurred.

Advertising Costs

The Company expenses advertising costs as they are incurred and they are included in "selling, general and administrative expenses" on the accompanying consolidated statements of operations.  Advertising costs approximated $13.8 million, $11.1 million and $8.3 million for the years ended January 28, 2012, January 29, 2011, and January 30, 2010, respectively.

Income Taxes

Income taxes are accounted for under the asset and liability method.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change.

The Company includes interest and penalties in the provision for income tax expense and income taxes payable.  The Company does not provide for any penalties associated with tax contingencies unless they are considered probable of assessment.

Stock-Based Compensation

The Company recognizes all share-based payments to employees, including grants of employee stock options, in the financial statements based on their fair values.  Total stock-based compensation expense for 2011, 2010 and 2009 was $31.0 million, $27.9 million and $21.7 million, respectively.

The Company recognizes expense related to the fair value of stock options and restricted stock units (RSUs) over the requisite service period on a straight-line basis or a shorter period based on the retirement eligibility of the grantee.  The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model.  The fair value of the RSUs is determined using the closing price of the Company’s common stock on the date of grant.

Net Income Per Share

Basic net income per share has been computed by dividing net income by the weighted average number of shares outstanding.  Diluted net income per share reflects the potential dilution that could occur assuming the inclusion of dilutive potential shares and has been computed by dividing net income by the weighted average number of shares and dilutive potential shares outstanding.  Dilutive potential shares include all outstanding stock options and unvested RSUs after applying the treasury stock method.

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ACQUISITIONS (Tables)

12 Months Ended

Jan. 28, 2012

ACQUISITIONS - (Tables) [Abstract]

Schedule of Business Acquisitions, by Acquisition Table

The Company paid approximately $51.3 million including the assumption of certain liabilities.  The results of Dollar Giant store operations are included in the Company’s financial statements since the acquisition date and did not have a significant impact on the Company’s operating results in 2011 or 2010.  This acquisition is immaterial to the Company’s operations as a whole and therefore no proforma disclosure of financial information has been presented.  The following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed based on the exchange rate in effect at the date of purchase.

(in millions)
Cash	$	1.9
Inventory		22.8
Other current assets		3.4
Property and equipment		10.1
Goodwill		39.9
Other intangibles		3.9
Debt		(13.8	)
Accounts payable and
accrued liabilities		(16.9	)
	$	51.3

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STOCK-BASED COMPENSATION PLAN (Tables)

12 Months Ended

Jan. 28, 2012

STOCK-BASED COMPENSATION PLAN - (Tables) [Abstract]

Summary of RSU Activity Table

The following table summarizes the status of RSUs as of January 28, 2012, and changes during the year then ended:

				Weighted
				Average
				Grant
				Date Fair
	Shares			Value
Nonvested at January 29, 2011		1,444,761		$	33.88
Granted		534,030			56.99
Vested		(675,980	)		30.94
Forfeited		(47,086	)		42.82
Nonvested at January 28, 2012		1,255,725		$	44.97

Summary of stock option activity Table

The following tables summarize the Company's various option plans and information about options outstanding at January 28, 2012 and changes during the year then ended.

Stock Option Activity
	January 28, 2012
				Weighted
				Average		Weighted		Aggregate
				Per Share		Average		Intrinsic
				Exercise		Remaining		Value (in
	Shares			Price		Term		millions)
Outstanding, beginning of period		1,022,071		$	19.16
Granted		7,639			69.41
Exercised		(355,640	)		18.40
Forfeited		(18,517	)		14.31
Outstanding, end of period		655,553		$	20.29		3.6	$	13.3
Options vested and expected to vest
at January 28, 2012		655,553		$	20.29		3.6	$	13.3
Options exercisable at end of period		630,554		$	19.97		3.5	$	40.8

Schedule of options outstanding and exercisable, by range of exercise prices Table

		Options Outstanding		Options Exercisable
	Options			Options
Range of	Outstanding	Weighted Avg.	Weighted Avg.	Exercisable	Weighted Avg.
Exercise	at January 28,	Remaining	Exercise	at January 28,	Exercise
Prices	2012	Contractual Life	Price	2012	Price
$0.57	921	N/A	$                          0.57	921	$                              0.57
$0.58 to $14.18	100,419	1.1	13.35	100,419	13.35
$14.19 to $19.86	311,356	3.8	17.50	311,356	17.50
$19.87 to $29.04	219,231	3.7	24.26	194,232	23.70
$29.05 to $32.24	5,525	7.8	32.22	5,525	32.22
$32.25 to $56.08	10,462	8.6	46.52	10,462	46.52
$56.09 to $84.64	7,639	9.5	69.41	7,639	69.41
$0.57 to $84.64	655,553	3.6	$                       20.29	630,554	$                            19.97

Weighted average assumptions Table

The fair value of the employees' purchase rights is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Fiscal 2011			Fiscal 2010			Fiscal 2009
Expected term	3 months			3 months			3 months
Expected volatility		12.6	%		13.2	%		17.4	%
Annual dividend yield		-			-			-
Risk free interest rate		0.1	%		0.1	%		1.8	%

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QUARTERLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Jan. 28, 2012

QUARTERLY FINANCIAL INFORMATION - (Tables) [Abstract]

Quarterly Financial Information Table

The following table sets forth certain items from the Company's unaudited consolidated statements of operations for each quarter of fiscal year 2011 and 2010.  The unaudited information has been prepared on the same basis as the audited consolidated financial statements appearing elsewhere in this report and includes all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation of the financial data shown.  The operating results for any quarter are not necessarily indicative of results for a full year or for any future period.

	First			Second			Third			Fourth
	Quarter (1)			Quarter			Quarter			Quarter
Fiscal 2011:
Net sales	$	1,545.9		$	1,542.4		$	1,596.6		$	1,945.6
Gross profit	$	540.8		$	542.4		$	560.6		$	734.5
Operating income	$	161.7		$	153.5		$	164.9		$	302.0
Net income	$	101.0		$	94.9		$	104.5		$	187.9
Diluted net income per share	$	0.82		$	0.77		$	0.87		$	1.60
Stores open at end of quarter		4,177			4,242			4,335			4,351
Comparable store net sales change		7.1	%		4.7	%		4.8	%		7.3	%
Fiscal 2010:
Net sales	$	1,352.6		$	1,377.9		$	1,426.6		$	1,725.3
Gross profit	$	450.2		$	483.5		$	506.0		$	647.9
Operating income	$	102.6		$	127.8		$	140.9		$	258.7
Net income	$	63.6		$	78.0		$	93.2		$	162.5
Diluted net income per share	$	0.49		$	0.61		$	0.73		$	1.29
Stores open at end of quarter		3,874			3,925			4,009			4,101
Comparable store net sales change		6.5	%		6.7	%		8.7	%		3.9	%
(1) Easter was observed on April 24, 2011 and April 4, 2010

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
Property, Plant and Equipment [Line Items]
Discount variety retail stores owned and operated	4,351
Fixed price of merchandise	$ 1.00
Common stock dividend (in hundredths)	50.00%
Money market securities valued at cost, in Cash and cash equivalents	249,300,000	271,400,000
Debt instruments with original maturities in months, considered cash equivalents, range maximum (in months)	3
Settlement of debit card and credit card transaction process business days, range maximum (in business days)	3
Short-term investments		174,800,000
Inventory pools used through Fiscal 2009	1
Fiscal year 2010 inventory pools in its retail inventory calculation	30
Non-cash beginning inventory adjustment	0	26,300,000	0
Warehousing and distribution costs capitalized into inventory	34,500,000	30,800,000
Software amortization period (in years)	3
Restricted investments	83,600,000	72,100,000
Long-lived assets write-down	900,000	1,100,000	1,300,000
Cash and cash equivalents fair value	288,300,000
Restricted investments fair value	83,600,000
Fair value of diesel fuel swap	600,000
Impairment charge for certain store assets	900,000	1,100,000	1,300,000
Advertising costs	13,800,000	11,100,000	8,300,000
Stock-based compensation expense	$ 31,000,000	$ 27,900,000	$ 21,700,000
Buildings [Member]
Property, Plant and Equipment [Line Items]
Minimum useful life (in years)	39
Maximum useful life (in years)	40
Furniture, Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Minimum useful life (in years)	3
Maximum useful life (in years)	15

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME Parenthetical (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME - Parenthetical [Abstract]
Other comprehensive loss, income tax benefit (expense)	$ 0.1	$ 1.3	$ 0.1
Tax benefit realized from exercise of stock options	3.0	1.9	2.0
Tax benefit from stock-based compensation expense	$ 10.8	$ 5.9	$ 1.9

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BALANCE SHEET COMPONENTS (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
Property, Plant and Equipment, Net
Gross property, plant and equipment	$ 2,155.8	$ 1,945.4
Less: accumulated depreciation	1,330.5	1,204.3
Total property, plant and equipment, net	825.3	741.1
Depreciation expense	164.2	159.7	157.8
Other Current Liabilities
Compensation and benefits	81.2	76.5
Taxes (other than income taxes)	33.6	21.2
Insurance	31.2	29.7
Other	69.5	63.1
Total other current liabilities	215.5	190.5
Other Long-Term Liabilities
Deferred rent	77.9	73.0
Insurance	48.9	39.9
Other	10.7	10.6
Total other long-term liabilities	137.5	123.5
Land [Member]
Property, Plant and Equipment, Net
Gross property, plant and equipment	38.2	35.1
Buildings [Member]
Property, Plant and Equipment, Net
Gross property, plant and equipment	209.8	192.3
Leasehold Improvements [Member]
Property, Plant and Equipment, Net
Gross property, plant and equipment	783.6	706.3
Furniture, Fixtures And Equipment [Member]
Property, Plant and Equipment, Net
Gross property, plant and equipment	1,075.5	980.9
Construction in Progress [Member]
Property, Plant and Equipment, Net
Gross property, plant and equipment	$ 48.7	$ 30.8

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ACQUISITIONS (Details)	12 Months Ended
	Jan. 28, 2012 CAD	Jan. 28, 2012 USD ($)
ACQUISITIONS - (Details) [Abstract]
Acquisition Completion Date	November 15 2010
Number of Dollar Giant Stores Acquired		86
Price of Merchandise Offered in Dollar Giant Stores	1.25
Dollar Giant Purchase Price		51,300,000
Business Acquisition, Purchase Price Allocation
Cash		1,900,000
Inventory		22,800,000
Other current assets		3,400,000
Property and equipment		10,100,000
Goodwill		39,900,000
Other intangibles		3,900,000
Debt		(13,800,000)
Accounts payable and accrued liabilities		(16,900,000)
Total Purchase Price		$ 51,300,000

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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS [Abstract]
Net sales	$ 6,630.5	$ 5,882.4	$ 5,231.2
Cost of sales, excluding non-cash beginning inventory adjustment	4,252.2	3,768.5	3,374.4
Non-cash beginning inventory adjustment	0	26.3	0
Gross profit	2,378.3	2,087.6	1,856.8
Selling, general and administrative expenses	1,596.2	1,457.6	1,344.0
Operating income	782.1	630.0	512.8
Interest expense, net	2.9	5.6	5.2
Other income, net	(0.3)	(5.5)	0
Income before income taxes	779.5	629.9	507.6
Provision for income taxes	291.2	232.6	187.1
Net income	$ 488.3	$ 397.3	$ 320.5
Net income per share:
Basic net income per share (in dollars per share)	$ 4.06	$ 3.13	$ 2.39
Diluted net income per share (in dollars per share)	$ 4.03	$ 3.10	$ 2.37

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Parenthetical (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 29, 2011
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Parenthetical [Abstract]
Net of cash acquired	$ 1.9

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LONG-TERM DEBT (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011
Debt Instrument Additional Information
2012 Maturities	$ 15.5
2013 Maturities	250.0
Long-Term Debt	265.5	266.5
Current Portion of Long-Term Debt	15.5	16.5
Long-Term Debt, Excluding Current Portion	250.0	250.0
Unsecured Credit Agreement [Member]
Long-Term Debt, by Maturity
Agreement Date	2008
Revolving line of credit capacity	300.0
Available letter of credit capacity	150.0
Term Loan borrowing capacity	250.0
Term Loan maturity period	five year
Debt Instrument Additional Information
Long-Term Debt	250.0	250.0
Borrowing Capacity	550.0
Interest Rate Terms	LIBOR, plus 0.50%
Interest Rate at Period End (in hundredths)	0.77%
Expiration Date	February 2013
Demand Revenue Bonds [Member]
Long-Term Debt, by Maturity
Agreement Date	1998
Debt Amount Aggregate Principal	19.0
Debt Instrument Additional Information
Long-Term Debt	$ 15.5	$ 16.5
Interest Rate at Period End (in hundredths)	0.27%
Expiration Date	June 2018

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BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Jan. 28, 2012

Balance Sheet Components - (Tables) [Abstract]

Property, Plant and Equipment, Net Table

Property, plant and equipment, net, as of January 28, 2012 and January 29, 2011 consists of the following:

	January 28,		January 29,
(in millions)	2012		2011
Land	$	38.2	$	35.1
Buildings		209.8		192.3
Leasehold improvements		783.6		706.3
Furniture, fixtures and equipment		1,075.5		980.9
Construction in progress		48.7		30.8
Total property, plant and equipment		2,155.8		1,945.4
Less:  accumulated depreciation		1,330.5		1,204.3
Total property, plant and equipment, net	$	825.3	$	741.1

Other Current Liabilities Table

Other current liabilities as of January 28, 2012 and January 29, 2011 consist of accrued expenses for the following:

	January 28,		January 29,
(in millions)	2012		2011
Compensation and benefits	$	81.2	$	76.5
Taxes (other than income taxes)		33.6		21.2
Insurance		31.2		29.7
Other		69.5		63.1
Total other current liabilities	$	215.5	$	190.5

Other Long-Term Liabilities Table

Other long-term liabilities as of January 28, 2012 and January 29, 2011 consist of the following:

	January 28,		January 29,
(in millions)	2012		2011
Deferred rent	$	77.9	$	73.0
Insurance		48.9		39.9
Other		10.7		10.6
Total other long-term liabilities	$	137.5	$	123.5

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DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) In Millions, unless otherwise specified	Jan. 28, 2012 gal	Jan. 29, 2011 gal
Interest Rate Swaps [Member]
Derivative [Line Items]
Inception Date	2008
Number of interest rate swap agreements	2
Notional Amount	$ 75.0
Fixed Interest Rate	2.80%
Interest Rate Swap Expiration Date	March 2011
Fuel Derivative Contracts [Member]
Derivative [Line Items]
Derivative Fair value	$ 0.6
Diesel fuel derivative contracts (in gallons)	3,500,000.0	5,000,000.0
Fuel Needs Percentage From February 2012 to July 2012 Hedged by the Fuel Derivative Contracts (in hundredths)	41.00%
Fuel Needs Percentage from August 2012 through October 2012 Hedged by the Fuel Derivative Contracts (in hundredths)	16.00%
Diesel fuel need in derivative contracts (in hundredths)	31.00%	39.00%
Gallons of Diesel Fuel in the Fuel Derivative Contract for estimated fuel needs February 2012 through July 2012 (in gallons)	2,800,000.0
Gallons of diesel fuel in the fuel derivative contracts, for estimated fuel needs August 2012 through October 2012 (in gallons)	500,000.0

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COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Jan. 28, 2012

COMMITMENTS AND CONTINGENCIES - (Tables) [Abstract]

Operating Lease Commitments Table

Future minimum lease payments under noncancelable store operating leases are as follows:

	(in millions)
2012	$	452.9
2013		401.1
2014		337.5
2015		264.4
2016		182.1
Thereafter		291.0
Total minimum lease payments	$	1,929.0

Minimum and Contingent Rentals Table

Rental expense for store and distribution center operating leases (including payments to related parties) included in the accompanying consolidated statements of operations are as follows:

	Year Ended
	January 28,		January 29,		January 30,
(in millions)	2012		2011		2010
Minimum rentals	$	421.8	$	381.5	$	349.9
Contingent rentals		1.8		1.4		1.0

XML

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME (USD $) In Millions, except Share data, unless otherwise specified	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total
Balance at Beginning of Year at Jan. 31, 2009	$ 0.9	$ 38.0	$ (2.6)	$ 1,216.9	$ 1,253.2
Balance at Beginning of Year (in shares) at Jan. 31, 2009	136,100,000
Statement of Stockholders' Equity [Roll Forward]
Net Income				320.5	320.5
Other comprehensive income (loss), net of income tax benefit (expenses)			0.2		0.2
Total comprehensive income					320.7
Issuance of stock under Employee Stock Purchase Plan (in shares)	200,000
Issuance of stock under Employee Stock Purchase Plan		1.4		3.1	4.5
Exercise of stock options, including income tax benefit (in shares)	1,100,000
Exercise of stock options, including income tax benefit		8.7		14.8	23.5
Repurchase and retirement of shares (in shares)	(6,400,000)
Repurchase and retirement of shares		(48.9)		(144.2)	(193.1)
Stock-based compensation, net (in shares)	300,000
Stock-based compensation, net		0.8		19.6	20.4
Balance at End of Year at Jan. 30, 2010	0.9	0	(2.4)	1,430.7	1,429.2
Balance at End of Year (in shares) at Jan. 30, 2010	131,300,000
Statement of Stockholders' Equity [Roll Forward]
Net Income				397.3	397.3
Other comprehensive income (loss), net of income tax benefit (expenses)			2.0		2.0
Total comprehensive income					399.3
Transfer from additional paid-in capital for Common Stock dividend	0.4	(0.4)			0
Payment for fractional shares resulting from Common Stock dividend		(0.3)			(0.3)
Issuance of stock under Employee Stock Purchase Plan (in shares)	100,000
Issuance of stock under Employee Stock Purchase Plan		4.4			4.4
Exercise of stock options, including income tax benefit (in shares)	800,000
Exercise of stock options, including income tax benefit		17.9			17.9
Repurchase and retirement of shares (in shares)	(9,300,000)
Repurchase and retirement of shares	(0.1)	(44.8)		(369.8)	(414.7)
Stock-based compensation, net (in shares)	500,000
Stock-based compensation, net		23.2			23.2
Balance at End of Year at Jan. 29, 2011	1.2	0	(0.4)	1,458.2	1,459.0
Balance at End of Year (in shares) at Jan. 29, 2011	123,400,000
Statement of Stockholders' Equity [Roll Forward]
Net Income				488.3	488.3
Other comprehensive income (loss), net of income tax benefit (expenses)			(0.2)		(0.2)
Total comprehensive income					488.1
Issuance of stock under Employee Stock Purchase Plan (in shares)	100,000
Issuance of stock under Employee Stock Purchase Plan		4.4			4.4
Exercise of stock options, including income tax benefit (in shares)	400,000				(355,640)
Exercise of stock options, including income tax benefit		9.5			9.5
Repurchase and retirement of shares (in shares)	(8,700,000)
Repurchase and retirement of shares	(0.1)	(43.4)		(602.4)	(645.9)
Stock-based compensation, net (in shares)	400,000
Stock-based compensation, net		29.5			29.5
Balance at End of Year at Jan. 28, 2012	$ 1.1	$ 0	$ (0.6)	$ 1,344.1	$ 1,344.6
Balance at End of Year (in shares) at Jan. 28, 2012	115,600,000

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Jan. 28, 2012	Jan. 29, 2011
Current assets:
Cash and cash equivalents	$ 288.3	$ 311.2
Short-term investments	0	174.8
Merchandise inventories	867.4	803.1
Current deferred tax assets, net	26.2	16.3
Prepaid expenses and other current assets	27.5	27.9
Total current assets	1,209.4	1,333.3
Property, plant and equipment, net	825.3	741.1
Goodwill	173.1	173.1
Deferred tax assets, net	16.8	38.0
Other assets, net	104.0	95.0
TOTAL ASSETS	2,328.6	2,380.5
Current liabilities:
Current portion of long-term debt	15.5	16.5
Accounts payable	286.7	261.4
Other current liabilities	215.5	190.5
Income taxes payable	63.3	64.4
Total current liabilities	581.0	532.8
Long-term debt, excluding current portion	250.0	250.0
Income taxes payable, long-term	15.5	15.2
Other liabilities	137.5	123.5
Total liabilities	984.0	921.5
Shareholders' equity:
Common stock	1.1	1.2
Accumulated other comprehensive income (loss)	(0.6)	(0.4)
Retained earnings	1,344.1	1,458.2
Total shareholders' equity	1,344.6	1,459.0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,328.6	$ 2,380.5

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STOCK-BASED COMPENSATION PLAN

12 Months Ended

Jan. 28, 2012

STOCK-BASED COMPENSATION PLAN [Abstract]

STOCK-BASED COMPENSATION PLAN [Text Block]

NOTE 9 - STOCK-BASED COMPENSATION PLANS

At January 28, 2012, the Company has nine stock-based compensation plans.  Each plan and the accounting method are described below.

Fixed Stock Option Compensation Plans

Under the Non-Qualified Stock Option Plan (SOP), the Company granted options to its employees for 1,570,896 shares of Common Stock in 1993 and 1,572,434 shares in 1994.  Options granted under the SOP have an exercise price of $0.57 and are fully vested at the date of grant.

Under the 1995 Stock Incentive Plan (SIP), the Company granted options to its employees for the purchase of up to 18.9 million shares of Common Stock.  The exercise price of each option equaled the market price of the Company's stock at the date of grant, unless a higher price was established by the Board of Directors, and an option's maximum term is 10 years.  Options granted under the SIP generally vested over a three-year period.  This plan was terminated on July 1, 2003 and replaced with the Company’s 2003 Equity Incentive Plan (EIP).

Under the EIP, the Company granted up to 9.0 million shares of its Common Stock, plus any shares available for future awards under the SIP, to the Company’s employees, including executive officers and independent contractors.  The EIP permitted the Company to grant equity awards in the form of stock options, stock appreciation rights and restricted stock.  The exercise price of each stock option granted equaled the market price of the Company’s stock at the date of grant.  The options generally vest over a three-year period and have a maximum term of 10 years.  This plan was terminated on June 16, 2011 and replaced with the Company’s Omnibus Incentive Plan (Omnibus Plan).

The Executive Officer Equity Incentive Plan (EOEP) was available only to the Chief Executive Officer and certain other executive officers.  These officers no longer received awards under the EIP.  The EOEP allowed the Company to grant the same type of equity awards as the EIP.  These awards generally vest over a three-year period, with a maximum term of 10 years.  This plan was terminated on June 16, 2011 and replaced with the Company’s Omnibus Incentive Plan (Omnibus Plan).

Stock appreciation rights may be awarded alone or in tandem with stock options.  When the stock appreciation rights are exercisable, the holder may surrender all or a portion of the unexercised stock appreciation right and receive in exchange an amount equal to the excess of the fair market value at the date of exercise over the fair market value at the date of the grant.  No stock appreciation rights have been granted to date.

Any restricted stock or RSUs awarded are subject to certain general restrictions.  The restricted stock shares or units may not be sold, transferred, pledged or disposed of until the restrictions on the shares or units have lapsed or have been removed under the provisions of the plan.  In addition, if a holder of restricted shares or units ceases to be employed by the Company, any shares or units in which the restrictions have not lapsed will be forfeited.

The 2003 Non-Employee Director Stock Option Plan (NEDP) provided non-qualified stock options to non-employee members of the Company's Board of Directors.  The stock options were functionally equivalent to such options issued under the EIP discussed above.  The exercise price of each stock option granted equaled the closing market price of the Company’s stock on the date of grant.  The options generally vested immediately.  This plan was terminated on June 16, 2011 and replaced with the Company’s Omnibus Incentive Plan (Omnibus Plan).

The 2003 Director Deferred Compensation Plan permits any of the Company's directors who receive a retainer or other fees for Board or Board committee service to defer all or a portion of such fees until a future date, at which time they may be paid in cash or shares of the Company's common stock, or receive all or a portion of such fees in non-statutory stock options.  Deferred fees that are paid out in cash will earn interest at the 30-year Treasury Bond Rate.  If a director elects to be paid in common stock, the number of shares will be determined by dividing the deferred fee amount by the closing market price of a share of the Company's common stock on the date of deferral.  The number of options issued to a director will equal the deferred fee amount divided by 33% of the price of a share of the Company's common stock.  The exercise price will equal the fair market value of the Company's common stock at the date the option is issued.  The options are fully vested when issued and have a term of 10 years.

Under the Omnibus Plan, the Company may grant up to 2.0 million shares of its Common Stock, plus any shares available for future awards under the EIP, EOEP, or NEDP plans, to the Company’s employees, including executive officers and independent contractors.  The Omnibus Plan permits the Company to grant equity awards in the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance bonuses, performance units, non-employee director stock options and other equity-related awards.  These awards generally vest over a three-year period with a maximum term of 10 years.

Restricted Stock

The Company granted 0.4 million, 0.6 million and 0.6 million service-based RSUs, net of forfeitures in 2011, 2010 and 2009, respectively, from the EIP and the EOEP to the Company’s employees and officers.  The fair value of all of these RSUs is being expensed ratably over the three-year vesting periods, or a shorter period based on the retirement eligibility of the grantee.  The fair value was determined using the Company’s closing stock price on the date of grant.  The Company recognized $19.2 million, $17.3 million and $12.8 million of expense related to these RSUs during 2011, 2010 and 2009, respectively.  As of January 28, 2012, there was approximately $23.0 million of total unrecognized compensation expense related to these RSUs which is expected to be recognized over a weighted-average period of 21 months.

In 2011, the Company granted 0.1 million RSUs from the EIP and the EOEP to certain officers of the Company, contingent on the Company meeting certain performance targets in 2011 and future service of these officers through March 2014.  The Company met these performance targets in fiscal 2011; therefore, the fair value of these RSUs of $7.3 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee.  The Company recognized $5.4 million of expense related to these RSUs in 2011.  The fair value of these RSUs was determined using the Company’s closing stock price on the grant date.

In 2010, the Company granted 0.2 million RSUs from the EIP and the EOEP to certain officers of the Company, contingent on the Company meeting certain performance targets in 2010 and future service of these officers through March 2013.  The Company met these performance targets in fiscal 2010; therefore, the fair value of these RSUs of $7.8 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee.  The Company recognized $1.8 million and $4.8 million of expense related to these RSUs in 2011 and 2010, respectively.  The fair value of these RSUs was determined using the Company’s closing stock price on the grant date.

In 2009, the Company granted 0.2 million RSUs from the EIP and the EOEP to certain officers of the Company, contingent on the Company meeting certain performance targets in 2009 and future service of these officers through March 2012.  The Company met these performance targets in fiscal 2009; therefore, the fair value of these RSUs of $6.4 million is being expensed over the service period or a shorter period based on the retirement eligibility of the grantee.  The Company recognized $1.0 million, $2.6 million and $2.7 million of expense related to these RSUs in 2011, 2010 and 2009, respectively.  The fair value of these RSUs was determined using the Company’s closing stock price on the grant date.

In 2011, the Company granted RSUs with a target value of $0.7 million from the Omnibus Plan to certain officers of the Company.  Each officer has the opportunity to earn an amount between zero percent (0%) and two hundred percent (200%) of the individual target award contingent on the Company meeting certain performance targets for the period beginning on January 30, 2011 and ending on February 1, 2014.  Providing the vesting conditions are satisfied, the awards will vest at the end of the performance period.  The Company recognized $0.4 million of expense related on these RSUs in 2011.  The fair value of these RSUs was determined using the Company’s closing stock price on the grant date.

The following table summarizes the status of RSUs as of January 28, 2012, and changes during the year then ended:

				Weighted
				Average
				Grant
				Date Fair
	Shares			Value
Nonvested at January 29, 2011		1,444,761		$	33.88
Granted		534,030			56.99
Vested		(675,980	)		30.94
Forfeited		(47,086	)		42.82
Nonvested at January 28, 2012		1,255,725		$	44.97

In connection with the vesting of RSUs in 2011, 2010 and 2009, certain employees elected to receive shares net of minimum statutory tax withholding amounts which totaled $13.2 million, $11.1 million and $4.8 million, respectively.  The total fair value of the restricted shares vested during the years ended January 28, 2012, January 29, 2011 and January 30, 2010 was $20.9 million, $19.1 million and $9.6 million, respectively.

Stock Options

In 2011, 2010 and 2009, the Company granted less than 0.1 million service based stock options from the EIP, EOP and the NEDP, respectively.  The fair value of all of these options is being expensed ratably over the three-year vesting periods, or a shorter period based on the retirement eligibility of the grantee.  All options granted to directors vest immediately and are expensed on the grant date.  During 2011, 2010 and 2009, the Company recognized $1.1 million, $2.3 million and $3.7 million, respectively of expense related to service-based stock option grants.

The following tables summarize the Company's various option plans and information about options outstanding at January 28, 2012 and changes during the year then ended.

Stock Option Activity
	January 28, 2012
				Weighted
				Average		Weighted		Aggregate
				Per Share		Average		Intrinsic
				Exercise		Remaining		Value (in
	Shares			Price		Term		millions)
Outstanding, beginning of period		1,022,071		$	19.16
Granted		7,639			69.41
Exercised		(355,640	)		18.40
Forfeited		(18,517	)		14.31
Outstanding, end of period		655,553		$	20.29		3.6	$	13.3
Options vested and expected to vest
at January 28, 2012		655,553		$	20.29		3.6	$	13.3
Options exercisable at end of period		630,554		$	19.97		3.5	$	40.8

		Options Outstanding		Options Exercisable
	Options			Options
Range of	Outstanding	Weighted Avg.	Weighted Avg.	Exercisable	Weighted Avg.
Exercise	at January 28,	Remaining	Exercise	at January 28,	Exercise
Prices	2012	Contractual Life	Price	2012	Price
$0.57	921	N/A	$                          0.57	921	$                              0.57
$0.58 to $14.18	100,419	1.1	13.35	100,419	13.35
$14.19 to $19.86	311,356	3.8	17.50	311,356	17.50
$19.87 to $29.04	219,231	3.7	24.26	194,232	23.70
$29.05 to $32.24	5,525	7.8	32.22	5,525	32.22
$32.25 to $56.08	10,462	8.6	46.52	10,462	46.52
$56.09 to $84.64	7,639	9.5	69.41	7,639	69.41
$0.57 to $84.64	655,553	3.6	$                       20.29	630,554	$                            19.97

The intrinsic value of options exercised during 2011, 2010 and 2009 was approximately $16.4 million, $16.0 million and $11.0 million, respectively.

Employee Stock Purchase Plan

Under the Dollar Tree, Inc. Employee Stock Purchase Plan (ESPP), the Company is authorized to issue up to 2,639,063 shares of common stock to eligible employees.  Under the terms of the ESPP, employees can choose to have up to 10% of their annual base earnings withheld to purchase the Company's common stock.  The purchase price of the stock is 85% of the lower of the price at the beginning or the end of the quarterly offering period.  Under the ESPP, the Company has sold 2,219,369 shares as of January 28, 2012.

The fair value of the employees' purchase rights is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Fiscal 2011			Fiscal 2010			Fiscal 2009
Expected term	3 months			3 months			3 months
Expected volatility		12.6	%		13.2	%		17.4	%
Annual dividend yield		-			-			-
Risk free interest rate		0.1	%		0.1	%		1.8	%

The weighted average per share fair value of those purchase rights granted in 2011, 2010 and 2009 was $10.43, $6.59 and $5.19, respectively.  Total expense recognized for these purchase rights was $0.9 million in each of 2011, 2010 and 2009.

XML

Document And Entity Information (USD $)	12 Months Ended
	Jan. 28, 2012	Mar. 07, 2012	Jul. 29, 2011
Entity Registrant Name	Dollar Tree Inc
Entity Central Index Key	0000935703
Current Fiscal Year End Date	--01-28
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,748,097,313
Entity Common Stock, Shares Outstanding		115,652,758
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jan. 28, 2012

XML

ACQUISITIONS

12 Months Ended

Jan. 28, 2012

ACQUISITIONS [Abstract]

ACQUISITIONS [Text Block]

NOTE 10 – ACQUISITION

On November 15, 2010, the Company completed its acquisition of 86 Dollar Giant stores, located in the Canadian provinces of British Columbia, Ontario, Alberta and Saskatchewan.  These stores offer a wide assortment of quality general merchandise, contemporary seasonal goods and everyday consumables, all priced at $1.25 (CAD) or less.  This is the Company’s first expansion of its retail operations outside of the United States and provides the Company with a proven management team and distribution network as well as additional potential store growth in a new market.

The Company paid approximately $51.3 million including the assumption of certain liabilities.  The results of Dollar Giant store operations are included in the Company’s financial statements since the acquisition date and did not have a significant impact on the Company’s operating results in 2011 or 2010.  This acquisition is immaterial to the Company’s operations as a whole and therefore no proforma disclosure of financial information has been presented.  The following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed based on the exchange rate in effect at the date of purchase.

(in millions)
Cash	$	1.9
Inventory		22.8
Other current assets		3.4
Property and equipment		10.1
Goodwill		39.9
Other intangibles		3.9
Debt		(13.8	)
Accounts payable and
accrued liabilities		(16.9	)
	$	51.3

Goodwill related to this acquisition is presented in the consolidated balance sheet at the exchange rate in effect at January 28, 2012 and January 29, 2011; however, the opening balance sheet and resulting goodwill and acquired intangible assets were recorded based on the exchange rate in effect at the acquisition date.

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CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical (USD $)	Jan. 28, 2012	Jan. 29, 2011
CONDENSED CONSOLIDATED BALANCE SHEETS - Parenthetical [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued and outstanding (in shares)	115,582,150	123,393,816

XML

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jan. 28, 2012

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES [Text Block]

NOTE 4 – COMMITMENTS AND CONTINGENCIES

Operating Lease Commitments

Future minimum lease payments under noncancelable store operating leases are as follows:

	(in millions)
2012	$	452.9
2013		401.1
2014		337.5
2015		264.4
2016		182.1
Thereafter		291.0
Total minimum lease payments	$	1,929.0

The above future minimum lease payments include amounts for leases that were signed prior to January 28, 2012 for stores that were not open as of January 28, 2012.

Minimum rental payments for operating leases do not include contingent rentals that may be paid under certain store leases based on a percentage of sales in excess of stipulated amounts.  Future minimum lease payments have not been reduced by expected future minimum sublease rentals of $1.6 million under operating leases.

Minimum and Contingent Rentals

Rental expense for store and distribution center operating leases (including payments to related parties) included in the accompanying consolidated statements of operations are as follows:

	Year Ended
	January 28,		January 29,		January 30,
(in millions)	2012		2011		2010
Minimum rentals	$	421.8	$	381.5	$	349.9
Contingent rentals		1.8		1.4		1.0

Related Parties

The Company leased properties for six of its stores from partnerships owned by related parties.  The total rental payments related to these leases were $0.5 million for each of the years ended January 28, 2012, January 29, 2011, and January 30, 2010, respectively.  Total future commitments under the five remaining related party leases are $1.7 million.

Freight Services

The Company has contracted outbound freight services from various contract carriers with contracts expiring through fiscal 2014.  The total amount of these commitments is approximately $222.3 million, of which approximately $143.3 million is committed in 2012, $58.6 million in 2013 and $20.4 million is committed in 2014.

Technology Assets

The Company has commitments totaling approximately $8.9 million to purchase primarily store technology assets for its stores during 2012.

Telecom Contracts

The Company has contracted for telecommunication services with contracts expiring in 2014.  The total amount of these commitments is approximately $3.3 million.

Letters of Credit

The Company is a party to two Letter of Credit Reimbursement and Security Agreements providing $110.0 million and $75.0 million, respectively for letters of credit.  Letters of credit under both of these agreements are generally issued for the routine purchase of imported merchandise and approximately $139.5 million was committed to these letters of credit at January 28, 2012.  As discussed in Note 5, the Company also has $150.0 million of available letters of credit included in the $550.0 million Unsecured Credit Agreement (the Agreement) entered into in 2008.  As of January 28, 2012, there were no letters of credit committed under the Agreement.

The Company also has approximately $28.7 million in stand-by letters of credit that serve as collateral for its self-insurance programs and expire in fiscal 2012.

Surety Bonds

The Company has issued various surety bonds that primarily serve as collateral for utility payments at the Company’s stores.  The total amount of the commitment is approximately $2.5 million, which is committed through various dates through fiscal 2013.

Contingencies

In 2006, a former store manager filed a collective action against the Company in Alabama federal court.  She claims that she and other store managers should have been classified as non-exempt employees under the Fair Labor Standards Act and received overtime compensation.  The Court preliminarily allowed nationwide (except California) certification.  At present, approximately 265 individuals are included in the collective action.  The Company’s motion to decertify the collective action was dismissed without prejudice in 2010.  The Company filed another motion to decertify on February 29, 2012.  There is no scheduled trial date.

In 2009, 34 plaintiffs, filed a class action Complaint in a federal court in Virginia, alleging gender pay and promotion discrimination under Title VII.  In 2010, the case was dismissed with prejudice.  Plaintiffs appealed to the U.S. Court of Appeals for the Fourth Circuit.  The appeal has been fully briefed by the parties and oral arguments were conducted in January 2012.  The parties await a decision of the appellate court which is expected by late spring or summer of 2012.

In April 2011, a former assistant store manager, on behalf of himself and those similarly situated, instituted a class action in a California state court primarily alleging a failure by the Company to provide meal breaks, to compensate for all hours worked, and to pay overtime compensation.  The Company removed the case to federal court which denied Plaintiffs’ motion for remand of the case to state court.  The case presently awaits a scheduling order.  There is no trial date.

In June 2011, Winn-Dixie Stores, Inc. and various of its affiliates instituted suit in federal court in Florida alleging that the Company, in approximately 48 shopping centers in the state of Florida and five other states where Dollar Tree and Winn-Dixie are both tenants, is selling goods and products in Dollar Tree stores in violation of an exclusive right of Winn-Dixie to sell and distribute such items.  It seeks both monetary damages and injunctive relief.  At approximately the same time, Winn-Dixie also sued Dollar General, Inc. and Big Lots, Inc. making essentially the same allegations against them and seeking the same relief. The court consolidated the three cases and they are set for trial on May 7, 2012.

In the summer and fall of 2011 collective action lawsuits were filed against the Company in six federal courts by different assistant store managers, each alleging he or she was forced to work off the clock in violation of the Fair Labor Standards Act.  The suits were filed in Georgia, Colorado, Florida, Michigan, Illinois, and Maryland.  The Maryland case has since been dismissed.  In all of the remaining cases, plaintiffs also assert various state law claims for which they seek class treatment.  The Georgia suit seeks statewide class certification for those assistant managers similarly situated during the relevant time periods and the Florida, Colorado, Michigan and Illinois cases seek nationwide certifications for those assistant store managers similarly situated during the relevant time periods.  The Illinois case also includes a purported class of all other hourly store associates, making the same allegations on their behalf.  The Company has commenced its investigation and has filed motions to dismiss and motions to transfer venue to the Eastern District of Virginia in all cases.  No rulings on these motions have been made to date.  The Plaintiffs filed a motion with the federal court Multi-District Litigation Panel to consolidate all these and other related cases which motion was denied. To date, the only cases in which class certification motions have been filed is in the Illinois and Colorado actions.  None of the cases have been assigned a trial date.

The Company will vigorously defend itself in these matters.  The Company does not believe that any of these matters will, individually or in the aggregate, have a material effect on its business or financial condition.  The Company cannot give assurance, however, that one or more of these lawsuits will not have a material effect on its results of operations for the period in which they are resolved.  Based on the information available to the Company, including the amount of time remaining before trial, the results of discovery and the judgment of internal and external counsel, the Company is unable to express an opinion as to the outcome of those matters which are not settled and cannot estimate a potential range of loss on the outstanding matters.

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INCOME TAXES

12 Months Ended

Jan. 28, 2012

INCOME TAXES [Abstract]

INCOME TAXES [Text Block]

NOTE 3 - INCOME TAXES

Total income taxes were allocated as follows:

	Year Ended
	January 28,			January 29,			January 30,
	2012			2011			2010
(in millions)
Income from continuing operations	$	291.2		$	232.6		$	187.1
Accumulated other comprehensive income (loss)
marking derivative financial instruments
to fair value		(0.1	)		1.3			0.1
Stockholders' equity, tax benefit on
exercises/vesting of equity-based
compensation		(13.8	)		(7.8	)		(3.9	)
	$	277.3		$	226.1		$	183.3

The provision for income taxes consists of the following:

	Year Ended
	January 28,			January 29,			January 30,
(in millions)	2012			2011			2010
Federal - current	$	240.4		$	215.7		$	160.2
State - current		39.4			31.3			27.5
Foreign - current		0.3			-			-
Total current		280.1			247.0			187.7
Federal - deferred		14.9			(10.0	)		(0.4	)
State - deferred		0.1			(4.4	)		(0.2	)
Foreign - deferred		(3.9	)		-			-
Total deferred		11.1			(14.4	)		(0.6	)

Included in current tax expense for the years ended January 28, 2012, January 29, 2011 and January 30, 2010, are amounts related to uncertain tax positions associated with temporary differences, in accordance with ASC 740.

A reconciliation of the statutory federal income tax rate and the effective rate follows:

	Year Ended
	January 28,			January 29,			January 30,
	2012			2011			2010
Statutory tax rate		35.0	%		35.0	%		35.0	%
Effect of:
State and local income taxes,
net of federal income tax
benefit		3.4			3.4			3.3
Other, net		(1.0	)		(1.5	)		(1.4	)
Effective tax rate		37.4	%		36.9	%		36.9	%

The rate reduction in “other, net” consists primarily of benefits from the resolution of tax uncertainties, interest on tax reserves, federal jobs credits and tax-exempt interest offset by certain nondeductible expenses and foreign taxes.

United States income taxes have not been provided on accumulated but undistributed earnings of its foreign subsidiaries as the company intends to permanently reinvest earnings.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  Deferred tax assets and liabilities are classified on the accompanying consolidated balance sheets based on the classification of the underlying asset or liability.  Significant components of the Company's net deferred tax assets (liabilities) follow:

	January 28,			January 29,
	2012			2011
(in millions)
Deferred tax assets:
Deferred rent	$	31.5		$	31.4
Accrued expenses		31.4			25.4
Net operating losses and credit
carryforwards		9.1			6.4
Accrued compensation expense		27.0			22.5
Other		1.5			1.9
Total deferred tax assets		100.5			87.6
Valuation allowance		(3.5	)		(4.8	)
Deferred tax assets, net		97.0			82.8
Deferred tax liabilities:
Property and equipment		(34.0	)		(4.6	)
Goodwill		(15.1	)		(15.8	)
Prepaid expenses		(0.4	)		(3.8	)
Inventory		(4.5	)		(4.3	)
Total deferred tax liabilities		(54.0	)		(28.5	)
Net deferred tax asset	$	43.0		$	54.3

A valuation allowance of $3.5 million, net of federal tax benefits, has been provided principally for certain state credit carryforwards and net operating loss carryforwards.  In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred taxes will not be realized.  Based upon the availability of carrybacks of future deductible amounts to the past two years’ taxable income and the Company's projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes it is more likely than not the remaining existing deductible temporary differences will reverse during periods in which carrybacks are available or in which the Company generates net taxable income.

The company is participating in the Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”) for the 2011 fiscal year and has applied to participate for fiscal year 2012.  This program accelerates the examination of key transactions with the goal of resolving any issues before the tax return is filed.  Our federal tax returns have been examined and all issues have been settled through our fiscal 2010 tax year.  In addition, several states completed their examination during the fiscal year.  In general, fiscal years 2008 and forward are within the statute of limitations for state tax purposes.  The statute of limitations is still open prior to 2008 for some states.

ASC 740 prescribes a recognition threshold and measurement attribute for a tax position taken or expected to be taken in a tax return.  Under the guidelines of ASC 740, an entity should recognize a financial statement benefit for a tax position if it determines that it is more likely than not that the position will be sustained upon examination.

 The balance for unrecognized tax benefits at January 28, 2012, was $15.5 million.  The total amount of unrecognized tax benefits at January 28, 2012, that, if recognized, would affect the effective tax rate was $10.2 million (net of the federal tax benefit).  The following is a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended January 28, 2012:

	(in millions)
Balance at January 29, 2011	$	15.2
Additions, based on tax positions related to current year		0.8
Additions for tax positions of prior years		0.6
Reductions for tax positions of prior years		-
Settlements		-
Lapses in statutes of limitation		(1.1	)
Balance at January 28, 2012	$	15.5

During fiscal 2011, the Company accrued potential interest of $0.4 million, related to these unrecognized tax benefits.  No potential penalties were accrued during 2011 related to the unrecognized tax benefits.  As of January 28, 2012, the Company has recorded a liability for potential penalties and interest of $0.1 million and $4.1 million, respectively.

It is possible that state tax reserves will be reduced for audit settlements and statute expirations within the next 12 months.  At this point it is not possible to estimate a range associated with the resolution of these audits.

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INCOME TAXES (Tables)

12 Months Ended

Jan. 28, 2012

INCOME TAXES - (Tables) [Abstract]

Income Tax Expense (Benefit), Intraperiod Tax Allocation Table

Total income taxes were allocated as follows:

	Year Ended
	January 28,			January 29,			January 30,
	2012			2011			2010
(in millions)
Income from continuing operations	$	291.2		$	232.6		$	187.1
Accumulated other comprehensive income (loss)
marking derivative financial instruments
to fair value		(0.1	)		1.3			0.1
Stockholders' equity, tax benefit on
exercises/vesting of equity-based
compensation		(13.8	)		(7.8	)		(3.9	)
	$	277.3		$	226.1		$	183.3

Income tax provision (benefit) Table

The provision for income taxes consists of the following:

	Year Ended
	January 28,			January 29,			January 30,
(in millions)	2012			2011			2010
Federal - current	$	240.4		$	215.7		$	160.2
State - current		39.4			31.3			27.5
Foreign - current		0.3			-			-
Total current		280.1			247.0			187.7
Federal - deferred		14.9			(10.0	)		(0.4	)
State - deferred		0.1			(4.4	)		(0.2	)
Foreign - deferred		(3.9	)		-			-
Total deferred		11.1			(14.4	)		(0.6	)

Federal statutory tax rate reconciliation Table

A reconciliation of the statutory federal income tax rate and the effective rate follows:

	Year Ended
	January 28,			January 29,			January 30,
	2012			2011			2010
Statutory tax rate		35.0	%		35.0	%		35.0	%
Effect of:
State and local income taxes,
net of federal income tax
benefit		3.4			3.4			3.3
Other, net		(1.0	)		(1.5	)		(1.4	)
Effective tax rate		37.4	%		36.9	%		36.9	%

Components of Deferred Tax Assets and Liabilities Table

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  Deferred tax assets and liabilities are classified on the accompanying consolidated balance sheets based on the classification of the underlying asset or liability.  Significant components of the Company's net deferred tax assets (liabilities) follow:

	January 28,			January 29,
	2012			2011
(in millions)
Deferred tax assets:
Deferred rent	$	31.5		$	31.4
Accrued expenses		31.4			25.4
Net operating losses and credit
carryforwards		9.1			6.4
Accrued compensation expense		27.0			22.5
Other		1.5			1.9
Total deferred tax assets		100.5			87.6
Valuation allowance		(3.5	)		(4.8	)
Deferred tax assets, net		97.0			82.8
Deferred tax liabilities:
Property and equipment		(34.0	)		(4.6	)
Goodwill		(15.1	)		(15.8	)
Prepaid expenses		(0.4	)		(3.8	)
Inventory		(4.5	)		(4.3	)
Total deferred tax liabilities		(54.0	)		(28.5	)
Net deferred tax asset	$	43.0		$	54.3

Reconciliation of Unrecognized Tax Benefits Table

The balance for unrecognized tax benefits at January 28, 2012, was $15.5 million.  The total amount of unrecognized tax benefits at January 28, 2012, that, if recognized, would affect the effective tax rate was $10.2 million (net of the federal tax benefit).  The following is a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended January 28, 2012:

	(in millions)
Balance at January 29, 2011	$	15.2
Additions, based on tax positions related to current year		0.8
Additions for tax positions of prior years		0.6
Reductions for tax positions of prior years		-
Settlements		-
Lapses in statutes of limitation		(1.1	)
Balance at January 28, 2012	$	15.5

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QUARTERLY FINANCIAL INFORMATION (Unaudited)

12 Months Ended

Jan. 28, 2012

QUARTERLY FINANCIAL INFORMATION [Abstract]

QUARTERLY FINANCIAL INFORMATION [Text Block]

NOTE 11 - QUARTERLY FINANCIAL INFORMATION (Unaudited)

The following table sets forth certain items from the Company's unaudited consolidated statements of operations for each quarter of fiscal year 2011 and 2010.  The unaudited information has been prepared on the same basis as the audited consolidated financial statements appearing elsewhere in this report and includes all adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation of the financial data shown.  The operating results for any quarter are not necessarily indicative of results for a full year or for any future period.

	First			Second			Third			Fourth
	Quarter (1)			Quarter			Quarter			Quarter
Fiscal 2011:
Net sales	$	1,545.9		$	1,542.4		$	1,596.6		$	1,945.6
Gross profit	$	540.8		$	542.4		$	560.6		$	734.5
Operating income	$	161.7		$	153.5		$	164.9		$	302.0
Net income	$	101.0		$	94.9		$	104.5		$	187.9
Diluted net income per share	$	0.82		$	0.77		$	0.87		$	1.60
Stores open at end of quarter		4,177			4,242			4,335			4,351
Comparable store net sales change		7.1	%		4.7	%		4.8	%		7.3	%
Fiscal 2010:
Net sales	$	1,352.6		$	1,377.9		$	1,426.6		$	1,725.3
Gross profit	$	450.2		$	483.5		$	506.0		$	647.9
Operating income	$	102.6		$	127.8		$	140.9		$	258.7
Net income	$	63.6		$	78.0		$	93.2		$	162.5
Diluted net income per share	$	0.49		$	0.61		$	0.73		$	1.29
Stores open at end of quarter		3,874			3,925			4,009			4,101
Comparable store net sales change		6.5	%		6.7	%		8.7	%		3.9	%
(1) Easter was observed on April 24, 2011 and April 4, 2010

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SHAREHOLDERS' EQUITY

12 Months Ended

Jan. 28, 2012

Shareholders' equity: [Abstract]

SHAREHOLDERS' EQUITY [Text Block]

NOTE 7 - SHAREHOLDERS' EQUITY

Preferred Stock

The Company is authorized to issue 10,000,000 shares of Preferred Stock, $0.01 par value per share.  No preferred shares are issued and outstanding at January 28, 2012 and January 29, 2011.

Net Income Per Share

The following table sets forth the calculation of basic and diluted net income per share:

	Year Ended
	January 28,		January 29,		January 30,
(in millions, except per share data)	2012		2011		2010
Basic net income per share:
Net income	$	488.3	$	397.3	$	320.5
Weighted average number of shares
outstanding		120.3		127.1		134.1
Basic net income per share	$	4.06	$	3.13	$	2.39
Diluted net income per share:
Net income	$	488.3	$	397.3	$	320.5
Weighted average number of shares
outstanding		120.3		127.1		134.1
Dilutive effect of stock options and
restricted stock (as determined by
applying the treasury stock method)		0.9		0.9		0.9
Weighted average number of shares and
dilutive potential shares outstanding		121.2		128.0		135.0
Diluted net income per share	$	4.03	$	3.10	$	2.37

At January 28, 2012, January 29, 2011 and January 30, 2010,substantially all of the stock options outstanding were included in the calculation of the weighted average number of shares and dilutive potential shares outstanding.

Share Repurchase Programs

The Company repurchases shares on the open market and under Accelerated Share Repurchase agreements.

On the open market, the Company repurchased 2.6 million shares for $145.9 million in fiscal 2011.  The Company repurchased 4.3 million shares for $214.7 million in fiscal 2010.  The Company repurchased 6.4 million shares for $193.1 million in fiscal 2009.  At January 28, 2012, the Company had $1.2 billion remaining under Board authorization.

On November 21, 2011, the Company entered into an agreement to repurchase $300.0 million of the Company’s common shares under a “collared” Accelerated Share Repurchase Agreement (ASR).  Under this agreement, the Company initially received 3.4 million shares through December 13, 2011, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the “collar.”  The Company may receive a maximum of 3.8 million shares under the agreement.  The number of shares is determined based on the weighted average market price of the Company’s common stock, less a discount, during a specified period of time.  The weighted average market price through January 28, 2012 as defined in the “collared” agreement was $83.27.  Therefore, if the transaction had settled on January 28, 2012, the Company would have received an additional 0.4 million shares under the “collared” agreement.  Based on the applicable accounting literature, these additional shares were not included in the weighted average diluted earnings per share calculation because their effect would be antidilutive.  Based on the hedge period reference price of $80.37, there is approximately $27.3 million of the $300.0 million related to the agreement, as of January 28, 2012, that is recorded as a reduction to shareholders’ equity pending final settlement of the agreement.  The ASR is expected to be completed in the first quarter of 2012.

On August 24, 2011, the Company entered into an agreement to repurchase $200.0 million of the Company’s common shares under a “collared” ASR.  Under this agreement, the Company initially received 2.6 million shares through September 2, 2011, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the “collar.”  The ASR concluded on November 15, 2011 and the Company received an additional 0.1 million shares under the “collared” agreement resulting in 2.7 million total shares being repurchased under this ASR.  The number of shares is determined based on the weighted average market price of the Company’s common stock, less a discount, during a specified period of time.

On March 19, 2010, the Company entered into an agreement to repurchase $200.0 million of the Company’s common shares under a “collared” ASR.  Under this agreement, the Company initially received 4.6 million shares through March 31, 2010, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the collar.  The ASR concluded on August 6, 2010 and the Company received an additional 0.4 million shares under the “collared” agreement resulting in 5.0 million total shares being repurchased under this ASR.  The number of shares is determined based on the weighted average market price of the Company’s common stock, less a discount, during a specified period of time.

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LONG-TERM DEBT

12 Months Ended

Jan. 28, 2012

Notes to Financial Statements [Abstract]

LONG-TERM DEBT [Text Block]

NOTE 5 - LONG-TERM DEBT

Long-term debt at January 28, 2012 and January 29, 2011 consists of the following:

	January 28,		January 29,
(in millions)	2012		2011
$550.0 million Unsecured Credit Agreement,
interest payable monthly at LIBOR,
plus 0.50%, which was 0.77% at
January 28, 2012, principal payable upon
expiration of the facility in February 2013	$	250.0	$	250.0
Demand Revenue Bonds, interest payable monthly
at a variable rate which was 0.27% at
January 28, 2012, principal payable on
demand, maturing June 2018		15.5		16.5
Total long-term debt	$	265.5	$	266.5
Less current portion		15.5		16.5
Long-term debt, excluding current portion	$	250.0	$	250.0

Maturities of long-term debt are as follows: 2012 - $15.5 million and 2013 - $250.0 million.

Unsecured Credit Agreement

In 2008, the Company entered into the Agreement which provides for a $300.0 million revolving line of credit, including up to $150.0 million in available letters of credit, and a $250.0 million term loan.  The interest rate on the facility is based, at the Company’s option, on a LIBOR rate, plus a margin, or an alternate base rate, plus a margin.  The revolving line of credit also bears a facilities fee, calculated as a percentage, as defined, of the amount available under the line of credit, payable quarterly.  The term loan is due and payable in full at the five year maturity date of the Agreement.  The Agreement also bears an administrative fee payable annually.  The Agreement, among other things, requires the maintenance of certain specified financial ratios, restricts the payment of certain distributions and prohibits the incurrence of certain new indebtedness.  As of January 28, 2012, the Company had the $250.0 million term loan outstanding under the Agreement and no amounts outstanding under the $300.0 million revolving line of credit.

Demand Revenue Bonds

In 1998, the Company entered into an unsecured Loan Agreement with the Mississippi Business Finance Corporation (MBFC) under which the MBFC issued Taxable Variable Rate Demand Revenue Bonds (the Bonds) in an aggregate principal amount of $19.0 million to finance the acquisition, construction, and installation of land, buildings, machinery and equipment for the Company's distribution facility in Olive Branch, Mississippi.  The Bonds do not contain a prepayment penalty as long as the interest rate remains variable.  The Bonds contain a demand provision and, therefore, are classified as current liabilities.

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DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Jan. 28, 2012

DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS [Text Block]

NOTE 6 – DERIVATIVE FINANCIAL INSTRUMENTS

Hedging Derivatives

In 2008, the Company entered into two $75.0 million interest rate swap agreements.  These interest rate swaps were used to manage the risk associated with interest rate fluctuations on a portion of the Company’s variable rate debt.  Under these agreements, the Company paid interest to financial institutions at a fixed rate of 2.8%.  In exchange, the financial institutions paid the Company at a variable rate, which equals the variable rate on the debt, excluding the credit spread.  These swaps qualified for hedge accounting treatment and expired in March 2011.

In order to manage fluctuations in cash flows resulting from changes in diesel fuel costs, the Company entered into fuel derivative contracts with third parties.  The Company hedged 3.5 million and 5.0 million gallons of diesel fuel in 2011 and 2010, respectively.  These hedges represented approximately 31% and 39% of the total domestic truckload fuel needs in 2011 and 2010, respectively.  The Company currently has fuel derivative contracts to hedge 2.8 million gallons of diesel fuel, or approximately 41% of the Company’s domestic truckload fuel needs from February 2012 through July 2012 and 0.5 million gallons of diesel fuel, or approximately 16% of the Company’s domestic truckload fuel needs from August 2012 through October 2012.  Under these contracts, the Company pays the third party a fixed price for diesel fuel and receives variable diesel fuel prices at amounts approximating current diesel fuel costs, thereby creating the economic equivalent of a fixed-rate obligation.  These derivative contracts do not qualify for hedge accounting and therefore all changes in fair value for these derivatives are included under "other income, net" on the accompanying consolidated statements of operations.  The fair value of these contracts at January 28, 2012 was an asset of $0.6 million.

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EMPLOYEE BENEFIT PLANS

12 Months Ended

Jan. 28, 2012

EMPLOYEE BENEFIT PLANS [Abstract]

EMPLOYEE BENEFIT PLANS [Text Block]

NOTE 8 – EMPLOYEE BENEFIT PLANS

Profit Sharing and 401(k) Retirement Plan

The Company maintains a defined contribution profit sharing and 401(k) plan which is available to all employees over 21 years of age who have completed one year of service in which they have worked at least 1,000 hours.  Eligible employees may make elective salary deferrals.  The Company may make contributions at its discretion.

Contributions to and reimbursements by the Company of expenses of the plan included in the accompanying consolidated statements of operations were as follows:

Year Ended January 28, 2012	$37.9 million
Year Ended January 29, 2011	35.1 million
Year Ended January 30, 2010	30.4 million

Eligible employees hired prior to January 1, 2007 are immediately vested in the Company’s profit sharing contributions.  Eligible employees hired on or subsequent to January 1, 2007 vest in the Company’s profit sharing contributions based on the following schedule:

·20% after two years of service

·40% after three years of service

·60% after four years of service

·100% after five years of service

All eligible employees are immediately vested in any Company match contributions under the 401(k) portion of the plan.

Deferred Compensation Plan

The Company has a deferred compensation plan which provides certain officers and executives the ability to defer a portion of their base compensation and bonuses and invest their deferred amounts.  The plan is a nonqualified plan and the Company may make discretionary contributions.  The deferred amounts and earnings thereon are payable to participants, or designated beneficiaries, at specified future dates, or upon retirement or death.  Total cumulative participant deferrals were approximately $3.3 million and $2.8 million, respectively, at January 28, 2012 and January 29, 2011, and are included in "other liabilities" on the accompanying consolidated balance sheets.  The related assets are included in "other assets, net" on the accompanying consolidated balance sheets.  The Company did not make any discretionary contributions in the years ended January 28, 2012, January 29, 2011, or January 30, 2010.

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COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
Unrecorded Unconditional Purchase Obligation [Line Items]
Leased property stores from partnerships owned by related parties	6
Rental payments to related parties	$ 0.5	$ 0.5	$ 0.5
Letter of Credit Reimbursement and Security Agreement capacity, entered into March 2001	110.0
Additional Letter of Credit Reimbursement and Security Agreement amount, December 2004	75.0
Committed to letters of credit	139.5
Stand-by letters of credit	28.7
Surety bonds	2.5
Operating Lease Commitments
2012	452.9
2013	401.1
2014	337.5
2015	264.4
2016	182.1
Thereafter	291.0
Total minimum lease payments	1,929.0
Expected future minimum sublease rentals	1.6
Remaining commitments under related party leases	1.7
Minimum and Contingent Rentals
Minimum rentals	421.8	381.5	349.9
Contingent rentals	1.8	1.4	1.0
Alabama Collective Action [Member]
Loss Contingency, Information about Litigation Matters
Individuals who filed suit	1
Individuals currently included in the suit	265
California Class Action [Member]
Loss Contingency, Information about Litigation Matters
Individuals who filed suit	1
Virginia Class Action [Member]
Loss Contingency, Information about Litigation Matters
Individuals who filed suit	34
Winn-Dixie Exclusive Selling Rights Violations [Member]
Loss Contingency, Information about Litigation Matters
Loss Contingency, Allegations	In June 2011, Winn-Dixie Stores, Inc. and various of its affiliates instituted suit in federal court in Florida alleging that the Company, in approximately 48 shopping centers in the state of Florida and five other states where Dollar Tree and Winn-Dixie are both tenants, is selling goods and products in Dollar Tree stores in violation of an exclusive right of Winn-Dixie to sell and distribute such items. It seeks both monetary damages and injunctive relief. At approximately the same time, Winn-Dixie also sued Dollar General, Inc. and Big Lots, Inc. making essentially the same allegations against them and seeking the same relief. The court consolidated the three cases and they are set for trial on May 7, 2012.
Loss Contingency, Location of alleged violation	in approximately 48 shopping centers in the state of Florida and five other states
Multi-State Litigation [Member]
Loss Contingency, Information about Litigation Matters
Loss Contingency, Location of alleged violation	Georgia, Colorado, Florida, Michigan, Illinois, and Maryland
Number of federal court cases in which claims are filed	6
Freight Services [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Total commitment	222.3
2012	143.3
2013	58.6
2014	20.4
Technology Assets [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Total commitment	8.9
Telecom Contracts [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Total commitment	$ 3.3

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 28, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Tables) [Abstract]

Property, Plant and Equipment Table

Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows:

Buildings	39 to 40 years
Furniture, fixtures and equipment	3 to 15 years

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SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Jan. 28, 2012

SHAREHOLDERS' EQUITY - (Tables) [Abstract]

Net Income Per Share Table

The following table sets forth the calculation of basic and diluted net income per share:

	Year Ended
	January 28,		January 29,		January 30,
(in millions, except per share data)	2012		2011		2010
Basic net income per share:
Net income	$	488.3	$	397.3	$	320.5
Weighted average number of shares
outstanding		120.3		127.1		134.1
Basic net income per share	$	4.06	$	3.13	$	2.39
Diluted net income per share:
Net income	$	488.3	$	397.3	$	320.5
Weighted average number of shares
outstanding		120.3		127.1		134.1
Dilutive effect of stock options and
restricted stock (as determined by
applying the treasury stock method)		0.9		0.9		0.9
Weighted average number of shares and
dilutive potential shares outstanding		121.2		128.0		135.0
Diluted net income per share	$	4.03	$	3.10	$	2.37

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QUARTERLY FINANCIAL INFORMATION (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Jan. 28, 2012	Oct. 29, 2011	Jul. 30, 2011	Apr. 30, 2011	Jan. 29, 2011	Oct. 30, 2010	Jul. 31, 2010	May 01, 2010	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
QUARTERLY FINANCIAL INFORMATION - (Details) [Abstract]
Net sales	$ 1,945.6	$ 1,596.6	$ 1,542.4	$ 1,545.9	$ 1,725.3	$ 1,426.6	$ 1,377.9	$ 1,352.6	$ 6,630.5	$ 5,882.4	$ 5,231.2
Gross profit	734.5	560.6	542.4	540.8	647.9	506.0	483.5	450.2	2,378.3	2,087.6	1,856.8
Operating income	302.0	164.9	153.5	161.7	258.7	140.9	127.8	102.6	782.1	630.0	512.8
Net income	$ 187.9	$ 104.5	$ 94.9	$ 101.0	$ 162.5	$ 93.2	$ 78.0	$ 63.6	$ 488.3	$ 397.3	$ 320.5
Diluted net income per share (in dollars per share)	$ 1.60	$ 0.87	$ 0.77	$ 0.82	$ 1.29	$ 0.73	$ 0.61	$ 0.49	$ 4.03	$ 3.10	$ 2.37
Stores open at end of quarter	4,351	4,335	4,242	4,177	4,101	4,009	3,925	3,874
Comparable store net sales change (in hundredths)	7.30%	4.80%	4.70%	7.10%	3.90%	8.70%	6.70%	6.50%

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
Cash flows from operating activities:
Net income	$ 488.3	$ 397.3	$ 320.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	163.9	159.7	157.8
Provision for deferred income taxes	10.9	(14.4)	(0.6)
Stock based compensation expense	31.6	28.3	21.7
Non-cash adjustment to beginning inventory	0	26.3	0
Other non-cash adjustments to net income	4.4	5.0	6.8
Changes in assets and liabilities increasing (decreasing) cash and cash equivalents:
Merchandise inventories	(64.5)	(126.7)	(4.0)
Other assets	(1.3)	2.0	5.8
Accounts payable	26.9	28.1	27.0
Income taxes payable	(1.1)	15.2	2.0
Other current liabilities	25.4	(9.2)	30.5
Other liabilities	2.0	7.1	13.5
Net cash provided by operating activities	686.5	518.7	581.0
Cash flows from investing activities:
Capital expenditures	(250.1)	(178.7)	(164.8)
Purchase of short-term investments	(6.0)	(157.8)	(27.8)
Proceeds from sale of short-term investments	180.8	10.8	0
Purchase of restricted investments	(16.3)	(50.9)	(37.3)
Proceeds from sale of restricted investments	5.3	52.1	17.4
Acquisition of Dollar Giant, net of cash acquired of $1.9 million	0	(49.4)	0
Foreign currency gain/loss	0.2	0	0
Acquisition of favorable lease rights	0	(0.2)	0
Net cash used in investing activities	(86.1)	(374.1)	(212.5)
Cash flows from financing activities:
Principal payments under long-term debt and capital lease obligations	(2.0)	(15.1)	(0.4)
Payments for share repurchases	(645.9)	(417.1)	(190.7)
Proceeds from stock issued pursuant to stock-based compensation plans	10.9	20.1	25.9
Tax benefit of exercises/vesting of equity based compensation	13.8	7.8	3.9
Net cash provided by (used in) financing activities	(623.2)	(404.3)	(161.3)
Effect of exchange rate changes on cash and cash equivalents	(0.1)	(0.7)	0
Net increase (decrease) in cash and cash equivalents	(22.9)	(260.4)	207.2
Cash and cash equivalents at beginning of year	311.2	571.6	364.4
Cash and cash equivalents at end of year	288.3	311.2	571.6
Cash paid for:
Interest	3.2	6.5	7.1
Income taxes	$ 268.3	$ 223.7	$ 183.5

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BALANCE SHEET COMPONENTS

12 Months Ended

Jan. 28, 2012

Balance Sheet Components [Abstract]

BALANCE SHEET COMPONENTS [Text Block]

NOTE 2 - BALANCE SHEET COMPONENTS

Property, Plant and Equipment, Net

Property, plant and equipment, net, as of January 28, 2012 and January 29, 2011 consists of the following:

	January 28,		January 29,
(in millions)	2012		2011
Land	$	38.2	$	35.1
Buildings		209.8		192.3
Leasehold improvements		783.6		706.3
Furniture, fixtures and equipment		1,075.5		980.9
Construction in progress		48.7		30.8
Total property, plant and equipment		2,155.8		1,945.4
Less:  accumulated depreciation		1,330.5		1,204.3
Total property, plant and equipment, net	$	825.3	$	741.1

Depreciation expense was $164.2 million, $159.7 million and $157.8 million for the years ended January 28, 2012, January 29, 2011, and January 30, 2010, respectively.

Other Current Liabilities

Other current liabilities as of January 28, 2012 and January 29, 2011 consist of accrued expenses for the following:

	January 28,		January 29,
(in millions)	2012		2011
Compensation and benefits	$	81.2	$	76.5
Taxes (other than income taxes)		33.6		21.2
Insurance		31.2		29.7
Other		69.5		63.1
Total other current liabilities	$	215.5	$	190.5

Other Long-Term Liabilities

Other long-term liabilities as of January 28, 2012 and January 29, 2011 consist of the following:

	January 28,		January 29,
(in millions)	2012		2011
Deferred rent	$	77.9	$	73.0
Insurance		48.9		39.9
Other		10.7		10.6
Total other long-term liabilities	$	137.5	$	123.5

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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Jan. 28, 2012

EMPLOYEE BENEFIT PLANS - (Tables) [Abstract]

Defined Contribution Plan Expenses Table

Contributions to and reimbursements by the Company of expenses of the plan included in the accompanying consolidated statements of operations were as follows:

Year Ended January 28, 2012	$37.9 million
Year Ended January 29, 2011	35.1 million
Year Ended January 30, 2010	30.4 million

Defined Contribution Plan Vesting Schedule Table

Eligible employees hired prior to January 1, 2007 are immediately vested in the Company’s profit sharing contributions.  Eligible employees hired on or subsequent to January 1, 2007 vest in the Company’s profit sharing contributions based on the following schedule:

·20% after two years of service

·40% after three years of service

·60% after four years of service

·100% after five years of service

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EMPLOYEE BENEFIT PLANS (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Jan. 28, 2012	Jan. 29, 2011	Jan. 30, 2010
EMPLOYEE BENEFIT PLANS - (Details) [Abstract]
Defined Contribution Profit Sharing and 401(k) Plan Description	The Company maintains a defined contribution profit sharing and 401(k) plan which is available to all employees over 21 years of age who have completed one year of service in which they have worked at least 1,000 hours. Eligible employees may make elective salary deferrals. The Company may make contributions at its discretion.
Age over which all employees have 401K benefits available	21 years of age
Employee service years required for available 401K benefits (in years)	one year
Minimum hours in a 401K qualifying one year period (in hours)	1,000 hours
Cumulative participant deferrals	$ 3.3	$ 2.8
Defined Contribution Pension and Other Postretirement Plans Disclosure
Plan Expenses	$ 37.9	$ 35.1	$ 30.4
Profit Sharing Vesting Schedule
Percentage Vested in the Profit Sharing Plan After Two Years of Service (in hundredths)	20.00%
Years of Service Required to vest 20% in the Profit Sharing Plan	2
Percentage vested in the profit sharing plan after three years of service (in hundredths)	40.00%
Years of service required to vest 40% in the profit sharing plan	3
Percentage vested in the profit sharing plan after four years of service (in hundredths)	60.00%
Years of service required to vest 60% in the profit sharing plan	4
Percentage vested in the profit sharing plan after five years of service (in hundredths)	100.00%
Years of service required to vest 100% in the profit sharing plan	5

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jan. 28, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Policies) [Abstract]

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the financial statements of Dollar Tree, Inc., and its wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.

Foreign Currency

Foreign Currency

The functional currencies of the Company’s international subsidiaries are primarily the local currencies of the countries in which the subsidiaries are located.  Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the consolidated balance sheet date.  Results of operations and cash flows are translated using the average exchange rates throughout the period.  The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders’ equity in accumulated other comprehensive income (loss).  Gains and losses from foreign currency transactions, which are included in non-operating income (expense), have not been significant.

Stock Dividend

Stock Dividend

On May 26, 2010, the Company’s Board of Directors approved a 3-for-2 stock split in the form of a 50% common stock dividend.  New shares were distributed on June 24, 2010 to shareholders of record as of the close of business on June 10, 2010.  As a result, all share and per share data in these consolidated financial statements and accompanying notes have been retroactively adjusted to reflect these dividends, each having the effect of a 3-for-2 stock split.

Segment Information

Segment Information

The Company's retail stores represent a single operating segment based on the way the Company manages its business.  Operating decisions are made at the Company level in order to maintain a consistent retail store presentation.  The Company’s retail stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers.  The amounts of long-lived assets and net sales outside of the U.S. were not significant for any of the periods presented.

Fiscal Year

Fiscal Year

The Company's fiscal year ends on the Saturday closest to January 31.  Any reference herein to “2011” or “Fiscal 2011,” “2010” or “Fiscal 2010,” and “2009” or “Fiscal 2009,” relates to as of or for the years ended January 28, 2012, January 29, 2011, and January 30, 2010, respectively.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents at January 28, 2012 and January 29, 2011 includes $249.3 million and $271.4 million, respectively, of investments primarily in money market securities which are valued at cost, which approximates fair value.  For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents.  The majority of payments due from financial institutions for the settlement of debit card and credit card transactions process within three business days, and therefore are classified as cash and cash equivalents.

Short-Term Investments

Short-Term Investments

At January 28, 2012 the Company held no short-term investments.  The Company’s short-term investments at January 29, 2011 were $174.8 million.  These investments consisted primarily of government-sponsored municipal bonds which were convertible into cash on the dates that the interest rates for these bonds reset, which was typically weekly or monthly, depending on the terms of the underlying agreement.  These investments were classified as available for sale and were recorded at fair value, which approximated cost.

Merchandise Inventory

Merchandise Inventories

Merchandise inventories at the Company’s distribution centers are stated at the lower of cost or market, determined on a weighted-average cost basis.  Cost is assigned to store inventories using the retail inventory method on a weighted-average basis.  Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are computed by applying a calculated cost-to-retail ratio to the retail value of inventories.  From its inception through fiscal 2009, the Company used one inventory pool for this calculation.  Because of investments over the years in retail technology systems, the Company was able to refine the estimate of inventory cost under the retail method.  On January 31, 2010, the first day of fiscal 2010, the Company began using approximately thirty inventory pools in its retail inventory calculation.  As a result of this change, the Company recorded a non-recurring, non-cash charge to gross profit and a corresponding reduction in inventory, at cost, of approximately $26.3 million in the first quarter of 2010.  This was a prospective change and did not have any effect on prior periods.  This change in estimate to include thirty inventory pools in the retail method calculation is preferable to using one pool in the calculation as it gives the Company a more accurate estimate of cost of store level inventories.

Costs directly associated with warehousing and distribution are capitalized as merchandise inventories.  Total warehousing and distribution costs capitalized into inventory amounted to $34.5 million and $30.8 million at January 28, 2012 and January 29, 2011, respectively.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets as follows:

Buildings	39 to 40 years
Furniture, fixtures and equipment	3 to 15 years

Leasehold improvements and assets held under capital leases are amortized over the estimated useful lives of the respective assets or the committed terms of the related leases, whichever is shorter.  Amortization is included in "selling, general and administrative expenses" in the accompanying consolidated statements of operations.

Costs incurred related to software developed for internal use are capitalized and amortized generally over three years

Goodwill

Goodwill

Goodwill is not amortized, but rather tested for impairment at least annually.  In addition, goodwill will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred.  The Company performed its annual impairment testing in November 2011 and determined that no impairment loss existed.

Other Assets, Net

Other Assets, Net

Other assets, net consists primarily of restricted investments and intangible assets.  Restricted investments were $83.6 million and $72.1 million at January 28, 2012 and January 29, 2011, respectively and were purchased to collateralize long-term insurance obligations.  These investments consist primarily of government-sponsored municipal bonds, similar to the Company’s short-term investments held at the end of fiscal 2010 and money market securities.  These investments are classified as available for sale and are recorded at fair value, which approximates cost.  Intangible assets primarily include favorable lease rights with finite useful lives and are amortized over their respective estimated useful lives.

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

The Company reviews its long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset.  If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets based on discounted cash flows or other readily available evidence of fair value, if any.  Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.  In fiscal 2011, 2010 and 2009, the Company recorded charges of $0.9 million, $1.1 million and $1.3 million, respectively, to write down certain assets.  These charges are recorded as a component of "selling, general and administrative expenses" in the accompanying consolidated statements of operations.

Financial Instruments

Financial Instruments

The Company utilizes derivative financial instruments to reduce its exposure to market risks from changes in interest rates and diesel fuel costs.  By entering into receive-variable, pay-fixed interest rate and diesel fuel swaps, the Company limits its exposure to changes in variable interest rates and diesel fuel prices.  The Company is exposed to credit-related losses in the event of non-performance by the counterparty to these instruments but minimizes this risk by entering into transactions with high quality counterparties.  Interest rate or diesel fuel cost differentials paid or received on the swaps are recognized as adjustments to interest and freight expense, respectively, in the period earned or incurred.  The Company formally documents all hedging relationships, if applicable, and assesses hedge effectiveness both at inception and on an ongoing basis.  The interest rate swaps that qualified for hedge accounting are recorded at fair value in the accompanying consolidated balance sheets as a component of “other liabilities”.  Changes in the fair value of these interest rate swaps are recorded in “accumulated other comprehensive income (loss)”, net of tax, in the accompanying consolidated balance sheets.  The Company entered into diesel fuel swaps that do not qualify for hedge accounting.  The fair values of these diesel fuel swaps are recorded in the accompanying consolidated balance sheets as a component of “other current assets”.

Fair Value Measurements

Fair Value Measurements

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.  As a basis for considering such assumptions, a fair value hierarchy has been established that prioritizes the inputs used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements).  The three levels of the fair value hierarchy are as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities;

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and

Level 3 - Unobservable inputs in which there is little or no market data which require the reporting entity to develop its own assumptions.

The Company’s cash and cash equivalents, restricted investments and diesel fuel swaps represent the financial assets and liabilities that were accounted for at fair value as of January 28, 2012.  As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.  The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.  The fair value of the Company’s cash and cash equivalents and restricted investments was $288.3 million and $83.6 million, respectively at January 28, 2012.  These fair values were determined using Level 1 measurements in the fair value hierarchy.  The fair value of the diesel fuel swaps was an asset of $0.6 million as of January 28, 2012.  The fair values of the swaps were estimated using Level 2 measurements in the fair value hierarchy.  These estimates used discounted cash flow calculations based upon forward interest-rate yield and diesel cost curves.  The curves were obtained from independent pricing services reflecting broker market quotes.

The carrying value of the Company's long-term debt approximates its fair value because the debt’s interest rate varies with market interest rates.

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment).  The Company recorded an impairment charge of $0.9 million in fiscal 2011 to reduce certain store assets to their estimated fair value.  The fair values were determined based on the income approach, in which the Company utilized internal cash flow projections over the life of the underlying lease agreements discounted based on a risk-free rate of return.  These measures of fair value, and related inputs, are considered a level 3 approach under the fair value hierarchy.  There were no other changes related to level 3 assets.

Lease Accounting

Lease Accounting

The Company leases most all of its retail locations under operating leases.  The Company recognizes minimum rent expense starting when possession of the property is taken from the landlord, which normally includes a construction period prior to store opening.  When a lease contains a predetermined fixed escalation of the minimum rent, the Company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent.  The Company also receives tenant allowances, which are recorded in deferred rent and are amortized as a reduction of rent expense over the term of the lease.

Revenue Recognition

Revenue Recognition

The Company recognizes sales revenue at the time a sale is made to its customer.

Taxes Collected

Taxes Collected

The Company reports taxes assessed by a governmental authority that are directly imposed on revenue-producing transactions (i.e., sales tax) on a net (excluded from revenues) basis.

Cost of Sales

Cost of Sales

The Company includes the cost of merchandise, warehousing and distribution costs, and certain occupancy costs in cost of sales.

Pre-Opening Costs

Pre-Opening Costs

The Company expenses pre-opening costs for new, expanded and relocated stores, as incurred.

Advertising Costs

Advertising Costs

The Company expenses advertising costs as they are incurred and they are included in "selling, general and administrative expenses" on the accompanying consolidated statements of operations.  Advertising costs approximated $13.8 million, $11.1 million and $8.3 million for the years ended January 28, 2012, January 29, 2011, and January 30, 2010, respectively.

Income Taxes

Income Taxes

Income taxes are accounted for under the asset and liability method.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change.

The Company includes interest and penalties in the provision for income tax expense and income taxes payable.  The Company does not provide for any penalties associated with tax contingencies unless they are considered probable of assessment.

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes all share-based payments to employees, including grants of employee stock options, in the financial statements based on their fair values.  Total stock-based compensation expense for 2011, 2010 and 2009 was $31.0 million, $27.9 million and $21.7 million, respectively.

The Company recognizes expense related to the fair value of stock options and restricted stock units (RSUs) over the requisite service period on a straight-line basis or a shorter period based on the retirement eligibility of the grantee.  The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model.  The fair value of the RSUs is determined using the closing price of the Company’s common stock on the date of grant.

Net Income Per Share

Net Income Per Share

Basic net income per share has been computed by dividing net income by the weighted average number of shares outstanding.  Diluted net income per share reflects the potential dilution that could occur assuming the inclusion of dilutive potential shares and has been computed by dividing net income by the weighted average number of shares and dilutive potential shares outstanding.  Dilutive potential shares include all outstanding stock options and unvested RSUs after applying the treasury stock method.