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 October 27, 2012 (“third quarter”).
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 October 27, 2012 (“third quarter”). Third-Quarter Results Consolidated net sales for the third quarter were $1.72 billion, a 7.8% increase compared to $1.60 billion reported for the quarter ended October 29, 2011 (“third quarter 2011”). Comparable store sales increased 1.6%, on top of a 4.8% increase for the third quarter 2011. Earnings per diluted share for the third quarter were $0.68, including a one-time gain of $0.17 per share relating to the Company’s previously announced sale of its ownership interest in Ollie’s Holdings, Inc. Absent this gain, diluted earnings per share were $0.51, an increase of 18.6% compared to the $0.43 earnings per diluted share reported for the quarter ended October 29, 2011. "Sales increased in both basic and variety categories," said President and CEO Bob Sasser. “Comp store sales were positive every month and we saw sequential improvement from August through October.” “Operating margin increased significantly and the Company delivered record third quarter earnings per share.” “I am particularly pleased with the performance of our new stores which have opened at historically higher levels of productivity. This speaks to the continued relevance of our stores and our focus on the customer. For millions of shoppers across North America, Dollar Tree is an important destination for extreme-value merchandise and a great shopping experience. Our stores are ready and in-stock with our best values ever for the Holiday shopping season.” Operating margin increased 40 basis points for the quarter to 10.7%. Cash and investments at quarter-end totaled $222.4 million, compared with $280.2 million at the end of the third quarter 2011. During the third quarter, the Company repurchased 3.3 million shares for $149.8 million. Year-to-date through the third quarter, the Company repurchased 5 million shares on the open market for $235.3 million. The Company has $965 million remaining on its share repurchase authorization.