Dollar Tree, Inc. (NASDAQ: DLTR), North America’s leading operator of discount variety stores selling everything for $1 or less, today reported results for the fourth quarter and fiscal year ended February 1, 2014 (“fourth quarter 2013” and “fiscal year 2013”).
Fourth Quarter Results
Consolidated net sales for the thirteen-week fourth quarter 2013 were $2.23 billion, compared to $2.25 billion reported for the quarter ended February 2, 2013 (“fourth quarter 2012”), which included fourteen weeks. Comparable store sales increased 1.2%, on top of a 2.4% increase for the fourth quarter 2012. Earnings per diluted share for the fourth quarter were $1.02, compared to the $1.01 earnings per diluted share reported for the fourth quarter 2012. As previously reported, fourth quarter and fiscal year 2012 results included one additional week, commensurate with the 53-week retail calendar, which accounted for approximately $125 million incremental sales and $0.08 additional earnings per diluted share.
“I am proud of the Company’s performance in the fourth quarter and full year 2013,” said Bob Sasser, Chief Executive Officer. “Dollar Tree delivered record earnings and our comparable-store sales grew, despite severe weather, a shorter Holiday selling period and a challenging economic environment. More customers are shopping Dollar Tree, responding to our incredible values and convenient shopping experience. Our inventories are fresh and our stores are full of exciting merchandise for the Spring season.”Operating margin was 15.6% for the fourth quarter 2013 and 12.4% for the full year. Cash and cash equivalents at quarter-end totaled $267.7 million, compared with $399.9 million at the end of the fourth quarter 2012. During the full fiscal year 2013, the Company invested $1.1 billion for share repurchases, including a $1 billion Accelerated Share Repurchase Program (ASR) entered into in September. The Company received 15.0 million shares under the ASR in 2013, all of which were delivered in the third quarter. The ASR is expected to be completed on or before June 2014. The Company has $1 billion remaining on its share repurchase authorization.
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