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 May 3, 2014 (“first quarter”). Consolidated net sales for the first quarter were a record $2.00 billion, a 7.2% increase compared to $1.87 billion reported for the quarter ended May 4, 2013 (“first quarter 2013”). Consolidated comparable store sales increased 2.0% on a constant currency basis. Adjusted for the impact of Canadian currency fluctuations, the comparable-store sales increase was 1.9%.
Earnings per diluted share for the first quarter were $0.67, a 13.6% increase compared to earnings per diluted share of $0.59 reported for the first quarter 2013.
"Our first quarter sales grew as the result of increases in both traffic and average ticket with our discretionary business growing slightly faster than consumables,” said CEO Bob Sasser. “Leading categories during the quarter included candy, check-out products, stationery and seasonal merchandise for Valentines and Easter.”
“Our stores are currently filled with a balanced mix of consumable products and exciting variety merchandise for Summer Fun. Inventory is clean and fresh and our associates are focused on providing a great shopping experience for every customer, at every store, every day.”
Cash and cash equivalents at quarter-end totaled $387.1 million, compared with $383.3 million at the end of the first quarter 2013. During the past four quarters, the Company has invested more than $1 billion for share repurchases, primarily through a $1 billion Accelerated Share Repurchase Program (ASR) entered into in September 2013. The Company received 1.9 million shares under the ASR in the first quarter 2014. Subsequent to the end of the first quarter, on May 15, 2014, the Company received an additional 1.2 million shares, completing the ASR. Altogether, the Company received a total of 18.1 million shares under the $1.0 billion Accelerated Share Repurchase Program. The Company has $1 billion remaining on its share repurchase authorization.