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Dollar Tree, Inc. (NASDAQ: DLTR), North America’s leading operator of discount variety stores selling everything for $1 or less, reported its results for the quarter ended July 28, 2012 (“second quarter”). Consolidated net sales for the second quarter were $1.70 billion, a 10.5% increase compared to $1.54 billion reported for the quarter ended July 30, 2011 (“second quarter 2011”). Comparable store sales increased 4.5%, on top of a 4.7% increase for the second quarter 2011.
Earnings per diluted share for the second quarter were $0.51, an increase of 30.8% compared to the $0.39 earnings per diluted share reported for the quarter ended July 30, 2011.
“I am pleased with our second quarter performance,” President and CEO Bob Sasser said. “Dollar Tree continues to deliver consistently strong sales and earnings. I am particularly proud of the increases in operating margin and inventory turns. We remain focused on providing great values for our customers and superior returns for our shareholders. Our stores are well-stocked with a terrific, balanced assortment of relevant merchandise for our customers and we are ready for an exciting fall season.”
Operating margin increased 80 basis points for the quarter to 10.8%.
Cash and investments at quarter-end totaled approximately $380 million, compared with $545 million at the end of the second quarter 2011. During the second quarter, the Company repurchased 1.6 million shares for $80.9 million. The Company has $1.1 billion remaining on its share repurchase authorization.
In addition, during the second quarter the Company executed a 2-for-1 stock split in the form of a 100% common stock dividend. All per-share data in this document reflect the impact of the stock split.
The Company continues to grow. During the second quarter, Dollar Tree opened 77 stores, expanded or relocated 21 stores, and closed 5 stores. Retail selling square footage increased 7.1% compared to a year ago, to 39.2 million square feet.