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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 August 3, 2013 (“second quarter”). Consolidated net sales for the second quarter were $1.85 billion, an 8.8% increase compared to $1.70 billion reported for the quarter ended July 28, 2012 (“second quarter 2012”). Comparable store sales increased 3.7%, on top of a 4.5% increase for the second quarter 2012.
Earnings per diluted share for the second quarter were $0.56, an increase of 9.8% compared to the $0.51 earnings per diluted share reported for the quarter ended July 28, 2012. Operating margin increased 10 basis points for the quarter to 10.9%.
“I am pleased with our second quarter performance,” said Chief Executive Officer Bob Sasser. “Sales, customer traffic, average ticket, earnings and operating margin all continue to grow. Customers are responding in record numbers to our outstanding values in both discretionary and consumable merchandise categories. Our stores are well-stocked with a terrific merchandise presentation for back- to- school and the fall selling season.”
Cash and cash equivalents at quarter-end totaled approximately $413.7 million, compared with $379.8 million at the end of the second quarter 2012. During the second quarter, the Company repurchased 0.9 million shares for $43.7 million. The Company has $747.7 million remaining on its share repurchase authorization.
The Company continues to grow. During the second quarter, Dollar Tree opened 81 stores, expanded or relocated 32 stores, and closed 2 stores. Retail selling square footage increased 7.0% compared to a year ago, to 41.9 million square feet.
26-Week Period Results
Year-to-date through August 3, 2013, the Company’s consolidated net sales were $3.72 billion, an 8.5% increase compared with the first half of 2012. Comparable store sales increased 2.8%, on top of a 5.1% comparable store sales increase in the first half last year.