(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
99.1 | |||||
99.2 | |||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
DOLLAR TREE, INC. | ||||||||
Date: June 5, 2024 | By: | /s/ Jeffrey A. Davis | ||||||
Jeffrey A. Davis | ||||||||
Chief Financial Officer |
First Quarter 2024 Key Operating Results (unaudited) | |||||||||||||||||
(Compared to same period fiscal 2023) | Q1 Fiscal 2024 | Change | |||||||||||||||
Consolidated Net Sales | $7.63B | 4.2% | |||||||||||||||
Same-Store Net Sales Growth: | |||||||||||||||||
Dollar Tree Segment | 1.7% | ||||||||||||||||
Family Dollar Segment | 0.1% | ||||||||||||||||
Enterprise | 1.0% | ||||||||||||||||
Operating Income | $420.6M | 0.2% | |||||||||||||||
Diluted EPS | $1.38 | 2.2% | |||||||||||||||
Adjusted Operating Income1 | $435.6M | -3.1% | |||||||||||||||
Adjusted Diluted EPS1 | $1.43 | -2.7% | |||||||||||||||
1Adjustments are related to store closure costs and legal reserves. See “Reconciliation of Non-GAAP Financial Measures” below for detailed schedules of these charges. |
CONTACT: | Dollar Tree, Inc. | ||||
Robert A. LaFleur, 757-991-5645 | |||||
Senior Vice President, Investor Relations | |||||
www.DollarTree.com | |||||
DLTR-E |
DOLLAR TREE, INC. | ||||||||||||||
Condensed Consolidated Income Statements | ||||||||||||||
(In millions, except per share data) | ||||||||||||||
(Unaudited) | ||||||||||||||
13 Weeks Ended | ||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||
Revenues | ||||||||||||||
Net sales | $ | 7,626.4 | $ | 7,319.5 | ||||||||||
Other revenue | 6.4 | 4.3 | ||||||||||||
Total revenue | 7,632.8 | 7,323.8 | ||||||||||||
Expenses | ||||||||||||||
Cost of sales | 5,278.7 | 5,089.1 | ||||||||||||
Selling, general and administrative expenses | 1,933.5 | 1,815.0 | ||||||||||||
Operating income | 420.6 | 419.7 | ||||||||||||
Interest expense, net | 24.4 | 25.9 | ||||||||||||
Other expense, net | 0.1 | 0.1 | ||||||||||||
Income before income taxes | 396.1 | 393.7 | ||||||||||||
Provision for income taxes | 96.0 | 94.7 | ||||||||||||
Net income | $ | 300.1 | $ | 299.0 | ||||||||||
Net earnings per share: | ||||||||||||||
Basic | $ | 1.38 | $ | 1.35 | ||||||||||
Weighted average number of shares | 217.8 | 221.1 | ||||||||||||
Diluted | $ | 1.38 | $ | 1.35 | ||||||||||
Weighted average number of shares | 218.1 | 221.7 | ||||||||||||
Selling, general and administrative expense rate | 25.3 | % | 24.8 | % | ||||||||||
Operating income margin | 5.5 | % | 5.7 | % | ||||||||||
Income before income taxes as percentage of total revenue | 5.2 | % | 5.4 | % | ||||||||||
Effective tax rate | 24.2 | % | 24.1 | % | ||||||||||
Net income margin | 3.9 | % | 4.1 | % | ||||||||||
The selling, general and administrative expense rate, operating income margin and net income margin are calculated by dividing the applicable amount by total revenue. |
DOLLAR TREE, INC. | ||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
13 Weeks Ended | ||||||||||||||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||
Dollar Tree | $ | 4,165.6 | $ | 3,931.7 | ||||||||||||||||||||||
Family Dollar | 3,460.8 | 3,387.8 | ||||||||||||||||||||||||
Total net sales | $ | 7,626.4 | $ | 7,319.5 | ||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||
Dollar Tree | $ | 1,476.5 | 35.4 | % | $ | 1,388.6 | 35.3 | % | ||||||||||||||||||
Family Dollar | 871.2 | 25.2 | % | 841.8 | 24.8 | % | ||||||||||||||||||||
Total gross profit | $ | 2,347.7 | 30.8 | % | $ | 2,230.4 | 30.5 | % | ||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||
Dollar Tree | $ | 522.3 | 12.5 | % | $ | 535.7 | 13.6 | % | ||||||||||||||||||
Family Dollar | 36.9 | 1.1 | % | 8.8 | 0.3 | % | ||||||||||||||||||||
Corporate, support and other | (138.6) | (1.8 | %) | (124.8) | (1.7 | %) | ||||||||||||||||||||
Total operating income | $ | 420.6 | 5.5 | % | $ | 419.7 | 5.7 | % | ||||||||||||||||||
DOLLAR TREE, INC. | ||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
May 4, 2024 | February 3, 2024 | April 29, 2023 | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 618.5 | $ | 684.9 | $ | 872.8 | ||||||||||||||
Merchandise inventories | 5,009.0 | 5,112.8 | 5,112.0 | |||||||||||||||||
Other current assets | 454.7 | 335.0 | 282.8 | |||||||||||||||||
Total current assets | 6,082.2 | 6,132.7 | 6,267.6 | |||||||||||||||||
Restricted cash | 73.2 | 72.3 | 69.2 | |||||||||||||||||
Property, plant and equipment, net | 6,301.7 | 6,144.1 | 5,111.8 | |||||||||||||||||
Operating lease right-of-use assets | 6,469.3 | 6,488.3 | 6,503.4 | |||||||||||||||||
Goodwill | 913.3 | 913.8 | 1,982.6 | |||||||||||||||||
Trade name intangible asset | 2,150.0 | 2,150.0 | 3,100.0 | |||||||||||||||||
Deferred tax asset | 8.7 | 9.0 | 13.9 | |||||||||||||||||
Other assets | 111.8 | 113.3 | 60.1 | |||||||||||||||||
Total assets | $ | 22,110.2 | $ | 22,023.5 | $ | 23,108.6 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of operating lease liabilities | $ | 1,509.6 | $ | 1,513.0 | $ | 1,456.9 | ||||||||||||||
Accounts payable | 2,266.8 | 2,063.8 | 1,597.6 | |||||||||||||||||
Income taxes payable | 82.9 | 52.7 | 144.1 | |||||||||||||||||
Other current liabilities | 897.0 | 1,067.2 | 942.9 | |||||||||||||||||
Total current liabilities | 4,756.3 | 4,696.7 | 4,141.5 | |||||||||||||||||
Long-term debt, net | 3,427.5 | 3,426.3 | 3,422.7 | |||||||||||||||||
Operating lease liabilities, long-term | 5,412.1 | 5,447.6 | 5,269.0 | |||||||||||||||||
Deferred income taxes, net | 902.4 | 841.1 | 1,107.8 | |||||||||||||||||
Income taxes payable, long-term | 22.4 | 22.0 | 17.6 | |||||||||||||||||
Other liabilities | 277.1 | 276.7 | 250.3 | |||||||||||||||||
Total liabilities | 14,797.8 | 14,710.4 | 14,208.9 | |||||||||||||||||
Shareholders' equity | 7,312.4 | 7,313.1 | 8,899.7 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 22,110.2 | $ | 22,023.5 | $ | 23,108.6 | ||||||||||||||
The February 3, 2024 information was derived from the audited consolidated financial statements as of that date. |
DOLLAR TREE, INC. | ||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||
(In millions) | ||||||||||||||
(Unaudited) | ||||||||||||||
13 Weeks Ended | ||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 300.1 | $ | 299.0 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 234.0 | 196.4 | ||||||||||||
Provision for deferred income taxes | 61.4 | 3.0 | ||||||||||||
Stock-based compensation expense | 29.6 | 28.3 | ||||||||||||
Impairments | — | 0.8 | ||||||||||||
Other non-cash adjustments to net income | 2.5 | 35.5 | ||||||||||||
Changes in operating assets and liabilities | 68.1 | 189.0 | ||||||||||||
Total adjustments | 395.6 | 453.0 | ||||||||||||
Net cash provided by operating activities | 695.7 | 752.0 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (472.2) | (350.4) | ||||||||||||
Payments for fixed asset disposition | (0.8) | (2.3) | ||||||||||||
Net cash used in investing activities | (473.0) | (352.7) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from stock issued pursuant to stock-based compensation plans | 3.9 | 2.9 | ||||||||||||
Cash paid for taxes on exercises/vesting of stock-based compensation | (19.5) | (27.1) | ||||||||||||
Payments for repurchase of stock | (272.2) | (143.4) | ||||||||||||
Net cash used in financing activities | (287.8) | (167.6) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.4) | (1.0) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (65.5) | 230.7 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 757.2 | 711.3 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 691.7 | $ | 942.0 | ||||||||||
DOLLAR TREE, INC. | ||||||||||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
13 Weeks Ended | ||||||||||||||||||||||||||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||||||||||||||||||||||||||
Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | |||||||||||||||||||||||||||||||||
Store Count: | ||||||||||||||||||||||||||||||||||||||
Beginning | 8,415 | 8,359 | 16,774 | 8,134 | 8,206 | 16,340 | ||||||||||||||||||||||||||||||||
New stores | 116 | 41 | 157 | 32 | 75 | 107 | ||||||||||||||||||||||||||||||||
Re-bannered stores (a) | 5 | (10) | (5) | 2 | (1) | 1 | ||||||||||||||||||||||||||||||||
Closings | (16) | (513) | (529) | (15) | (14) | (29) | ||||||||||||||||||||||||||||||||
Ending | 8,520 | 7,877 | 16,397 | 8,153 | 8,266 | 16,419 | ||||||||||||||||||||||||||||||||
Selling Square Footage (in millions) | 74.1 | 60.1 | 134.2 | 70.7 | 62.3 | 133.0 | ||||||||||||||||||||||||||||||||
Growth Rate (Square Footage) | 4.8 | % | (3.5 | %) | 0.9 | % | 1.0 | % | 4.2 | % | 2.5 | % | ||||||||||||||||||||||||||
(a) Stores are included as re-banners when they close or open, respectively. | ||||||||||||||||||||||||||||||||||||||
52 Weeks Ended | ||||||||||||||||||||||||||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||||||||||||||||||||||||||
Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | |||||||||||||||||||||||||||||||||
Sales per Square Foot (b) | $235 | $227 | $231 | $221 | $216 | $219 | ||||||||||||||||||||||||||||||||
(b) Sales per square foot is calculated based on total net sales for the reporting period divided by the average selling square footage during the period. |
DOLLAR TREE, INC. | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
From time-to-time, the Company discloses certain financial measures not derived in accordance with GAAP. These non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purposes of analyzing operating performance, financial position, liquidity, or cash flows. The non-GAAP financial measures we have disclosed include adjusted selling, general and administrative expenses; adjusted selling, general and administrative expense rate; adjusted operating income; adjusted operating income margin; adjusted net income; adjusted diluted earnings per share; adjusted effective tax rate; and free cash flow. The Company believes providing additional information in these non-GAAP measures that exclude the unusual expenses described below is beneficial to the users of its financial statements in evaluating the Company's current operating results in relation to past periods. In addition, the Company's debt covenants exclude the impact of certain unusual expenses. The Company has included a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures in the following tables. | ||||||||||||||||||||||||||
1.) In the first quarter of fiscal 2023, the Company recorded a $30.0 million charge to its legal reserve for West Memphis-related matters. In the fourth quarter of fiscal 2023, an additional $26.7 million charge was recorded to the legal reserve for these matters. In the first quarter of fiscal 2024, the existing reserve was reduced by $2.5 million based on updated information. | ||||||||||||||||||||||||||
2.) During the fourth quarter of fiscal 2023, we announced that we had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors. In connection with this portfolio optimization review, we closed approximately 500 Family Dollar stores in the first quarter of fiscal 2024 and incurred more than $17 million of costs including severance and retention expenses for impacted associates and other related closure costs. | ||||||||||||||||||||||||||
In addition, the Company discloses free cash flow, a non-GAAP financial measure that we calculate as net cash provided by operating activities less capital expenditures. The Company believes free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate from our business operations. Free cash flow may not represent the amount of cash flow available for general discretionary use, because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations. The Company has included a reconciliation of free cash flow to the most comparable GAAP measures in the following tables. | ||||||||||||||||||||||||||
Reconciliation of Adjusted Selling, General and Administrative Expenses | 13 Weeks Ended | |||||||||||||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||||||||||||||
Selling, general and administrative expenses (GAAP) | $ | 1,933.5 | 25.3 | % | $ | 1,815.0 | 24.8 | % | ||||||||||||||||||
Deduct: Store Closure Costs | (17.5) | (0.2 | %) | — | 0.0 | % | ||||||||||||||||||||
Add/Deduct: Legal Reserve | 2.5 | 0.0 | % | (30.0) | (0.4 | %) | ||||||||||||||||||||
Total adjustments | (15.0) | (0.2 | %) | (30.0) | (0.4 | %) | ||||||||||||||||||||
Adjusted selling, general and administrative expenses (Non-GAAP) | $ | 1,918.5 | 25.1 | % | $ | 1,785.0 | 24.4 | % | ||||||||||||||||||
Reconciliation of Adjusted Selling, General and Administrative Expenses - Family Dollar Segment | 13 Weeks Ended | |||||||||||||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||||||||||||||
Selling, general and administrative expenses (GAAP) | $ | 837.5 | 24.2 | % | $ | 834.9 | 24.6 | % | ||||||||||||||||||
Deduct: Store Closure Costs | (16.8) | (0.5 | %) | — | 0.0 | % | ||||||||||||||||||||
Add/Deduct: Legal Reserve | 2.5 | 0.1 | % | (30.0) | (0.9 | %) | ||||||||||||||||||||
Total adjustments | (14.3) | (0.4 | %) | (30.0) | (0.9 | %) | ||||||||||||||||||||
Adjusted selling, general and administrative expenses (Non-GAAP) | $ | 823.2 | 23.8 | % | $ | 804.9 | 23.7 | % | ||||||||||||||||||
DOLLAR TREE, INC. | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Reconciliation of Adjusted Operating Income | 13 Weeks Ended | |||||||||||||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||||||||||||||
Operating income (GAAP) | $ | 420.6 | 5.5 | % | $ | 419.7 | 5.7 | % | ||||||||||||||||||
SG&A adjustments: | ||||||||||||||||||||||||||
Add: Store Closure Costs | 17.5 | 0.2 | % | — | 0.0 | % | ||||||||||||||||||||
Add/Deduct: Legal Reserve | (2.5) | 0.0 | % | 30.0 | 0.4 | % | ||||||||||||||||||||
Total adjustments | 15.0 | 0.2 | % | 30.0 | 0.4 | % | ||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | 435.6 | 5.7 | % | $ | 449.7 | 6.1 | % | ||||||||||||||||||
Reconciliation of Adjusted Operating Income - Family Dollar Segment | 13 Weeks Ended | |||||||||||||||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||||||||||||||
Operating income (GAAP) | $ | 36.9 | 1.1 | % | $ | 8.8 | 0.3 | % | ||||||||||||||||||
SG&A adjustments: | ||||||||||||||||||||||||||
Add: Store Closure Costs | 16.8 | 0.5 | % | — | 0.0 | % | ||||||||||||||||||||
Add/Deduct: Legal Reserve | (2.5) | (0.1 | %) | 30.0 | 0.9 | % | ||||||||||||||||||||
Total adjustments | 14.3 | 0.4 | % | 30.0 | 0.9 | % | ||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | 51.2 | 1.5 | % | $ | 38.8 | 1.2 | % |
DOLLAR TREE, INC. | ||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||
(In millions, except per share data) | ||||||||||||||
(Unaudited) | ||||||||||||||
Reconciliation of Adjusted Net Income | 13 Weeks Ended | |||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||
Net income (GAAP) | $ | 300.1 | $ | 299.0 | ||||||||||
SG&A adjustments: | ||||||||||||||
Add: Store Closure Costs | 17.5 | — | ||||||||||||
Add/Deduct: Legal Reserve | (2.5) | 30.0 | ||||||||||||
Total adjustments | 15.0 | 30.0 | ||||||||||||
Provision for income taxes on adjustments | (3.6) | (3.9) | ||||||||||||
Adjusted net income (Non-GAAP) | $ | 311.5 | $ | 325.1 | ||||||||||
Reconciliation of Adjusted Diluted Earnings Per Share | 13 Weeks Ended | |||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||
Diluted net income per share (GAAP) | $ | 1.38 | $ | 1.35 | ||||||||||
SG&A adjustments: | ||||||||||||||
Add: Store Closure Costs | 0.08 | — | ||||||||||||
Add/Deduct: Legal Reserve | (0.01) | 0.14 | ||||||||||||
Total adjustments | 0.07 | 0.14 | ||||||||||||
Provision for income taxes on adjustments | (0.02) | (0.02) | ||||||||||||
Adjusted diluted net income per share (Non-GAAP) | $ | 1.43 | $ | 1.47 | ||||||||||
Reconciliation of Adjusted Effective Tax Rate | 13 Weeks Ended | |||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||
Effective tax rate (GAAP) | 24.2 | % | 24.1 | % | ||||||||||
Add/Deduct: Tax impact of non-GAAP adjustments (c) | — | % | (0.8) | % | ||||||||||
Adjusted effective tax rate (Non-GAAP) | 24.2 | % | 23.3 | % | ||||||||||
(c) Adjustments related to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant tax rates. |
DOLLAR TREE, INC. | ||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||
(In millions, except per share data) | ||||||||||||||
(Unaudited) | ||||||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow | 13 Weeks Ended | |||||||||||||
May 4, 2024 | April 29, 2023 | |||||||||||||
Net cash provided by operating activities (GAAP) | $ | 695.7 | $ | 752.0 | ||||||||||
Deduct: | ||||||||||||||
Capital expenditures | (472.2) | (350.4) | ||||||||||||
Free cash flow (Non-GAAP) | $ | 223.5 | $ | 401.6 | ||||||||||
Net cash used in investing activities (GAAP) (d) | $ | (473.0) | $ | (352.7) | ||||||||||
Net cash used in financing activities (GAAP) | $ | (287.8) | $ | (167.6) | ||||||||||
(d) Net cash used in investing activities includes capital expenditures, which is included in our computation of free cash flow. |
Investors: | Media: | |||||||
Robert A. LaFleur | Kate Kirkpatrick | |||||||
SVP, Investor Relations | VP, Communications | |||||||
investorinfo@dollartree.com | mediainquiries@dollartree.com | |||||||
DLTR-E |
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