Dollar Tree, Inc. Reports Results For The Fourth Quarter And Fiscal Year 2012
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
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 2, 2013 (“fourth quarter 2012” and “fiscal year 2012”). Fourth Quarter Results Consolidated net sales for the fourth quarter were $2.25 billion, a 15.4% increase compared to $1.95 billion reported for the quarter ended January 28, 2012 (“fourth quarter 2011”). These results include a fourteenth week, commensurate with the 53-week retail calendar, which accounted for $125 million in sales and $0.08 earnings per diluted share for both the fourth quarter and fiscal year 2012. Comparable store sales increased 2.4%, on top of a 7.3% increase for the fourth quarter 2011. Earnings per diluted share for the fourth quarter were $1.01, an increase of 26.3% compared to the $0.80 earnings per diluted share reported for the fourth quarter 2011. “I am pleased with the growth of Dollar Tree’s sales and earnings in the fourth quarter and for the year of 2012,” said President and CEO Bob Sasser. “On top of a very strong fourth quarter performance in 2011, average basket size increased and customers responded this year in record numbers. These results were achieved through the efforts of thousands of Dollar Tree associates across North America, working every day to provide a unique assortment of merchandise at great values in stores that are clean, bright, and fun to shop.” Operating margin increased 70 basis points for the quarter to 16.2%. The improvement was driven by a 15 basis point increase in gross margin and a 55 basis point reduction in Selling, General and Administrative expenses. Cash and cash equivalents at quarter-end totaled $399.9 million, compared with $288.3 million at the end of the fourth quarter 2011. During the fourth quarter, the Company repurchased 2.7 million shares for $104.9 million. During the full fiscal year 2012, the Company repurchased 7.7 million shares for $340.2 million, and has $860 million remaining on its share repurchase authorization.