Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Jan. 30, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information

The operating results for any quarter are not necessarily indicative of results for a full year or for any future period.

(dollars in millions, except diluted net income per share data)	First Quarter1			Second Quarter			Third Quarter			Fourth Quarter
Fiscal 2020:
Net sales	$	6,286.8		$	6,277.6		$	6,177.0		$	6,767.9
Gross profit	$	1,794.9		$	1,916.2		$	1,924.4		$	2,152.8
Operating income	$	365.9		$	374.9		$	465.5		$	681.6
Net income	$	247.6		$	261.5		$	330.0		$	502.8
Diluted net income per share	$	1.04		$	1.10		$	1.39		$	2.13
Stores open at end of quarter	15,370			15,479			15,606			15,685
Comparable store net sales change2	7.0		%	7.2		%	5.1		%	4.9		%
Fiscal 2019:
Net sales	$	5,808.7		$	5,740.6		$	5,746.2		$	6,315.3
Gross profit	$	1,727.2		$	1,648.5		$	1,704.5		$	1,960.5
Operating income3,4	$	385.5		$	268.9		$	358.4		$	249.4
Net income3,4,5	$	267.9		$	180.3		$	255.8		$	123.0
Diluted net income per share3,4,5	$	1.12		$	0.76		$	1.08		$	0.52
Stores open at end of quarter	15,264			15,115			15,262			15,288
Comparable store net sales change2	2.2		%	2.4		%	2.5		%	0.4		%

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1 Easter was observed on April 12, 2020 and April 21, 2019.

2 The comparable store net sales change calculation includes only those stores that are open throughout both of the periods being compared, beginning after the first fifteen months of operation.

3 In 2019, the results of the annual goodwill impairment test showed that the fair value of the Family Dollar reporting unit was lower than its carrying value, resulting in a $313.0 million non-cash pre-tax and after-tax goodwill impairment charge in the fourth quarter of fiscal 2019. This goodwill impairment charge reduced diluted net income per share by $1.32 per share in the fourth quarter of 2019.

4 In the fourth quarter of 2019, we recorded an $18.0 million charge to our litigation reserve. The recognition of this liability reduced diluted net income per share in the fourth quarter of 2019 by $0.06.

5 In the fourth quarter of 2019, we evaluated our foreign net operating loss carryforwards and determined that we expect to utilize the carryforwards for which we previously had provided a valuation allowance. The reduction of the valuation allowance increased net income and diluted net income per share in the fourth quarter of 2019 by $24.6 million and $0.10 per share, respectively.