(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
DOLLAR TREE, INC. | ||||||||
Date: March 2, 2022 | By: | /s/ Kevin S. Wampler | ||||||
Kevin S. Wampler | ||||||||
Chief Financial Officer |
CONTACT: | Dollar Tree, Inc. | ||||
Randy Guiler, 757-321-5284 | |||||
Vice President, Investor Relations | |||||
www.DollarTree.com | |||||
DLTR-E |
DOLLAR TREE, INC. | ||||||||||||||||||||||||||
Condensed Consolidated Income Statements | ||||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||
13 Weeks Ended | Year Ended | |||||||||||||||||||||||||
January 29, 2022 | January 30, 2021 | January 29, 2022 | January 30, 2021 | |||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||
Net sales | $ | 7,077.4 | $ | 6,767.3 | $ | 26,309.8 | $ | 25,508.4 | ||||||||||||||||||
Other revenue | 3.2 | 0.6 | 11.4 | 0.9 | ||||||||||||||||||||||
Total revenue | 7,080.6 | 6,767.9 | 26,321.2 | 25,509.3 | ||||||||||||||||||||||
Cost of sales | 4,940.3 | 4,615.1 | 18,583.9 | 17,721.0 | ||||||||||||||||||||||
Selling, general & administrative expenses | 1,561.5 | 1,471.2 | 5,925.9 | 5,900.4 | ||||||||||||||||||||||
22.1 | % | 21.7 | % | 22.5 | % | 23.1 | % | |||||||||||||||||||
Operating income | 578.8 | 681.6 | 1,811.4 | 1,887.9 | ||||||||||||||||||||||
8.2 | % | 10.1 | % | 6.9 | % | 7.4 | % | |||||||||||||||||||
Interest expense, net | 79.5 | 34.2 | 178.9 | 147.3 | ||||||||||||||||||||||
Other expense, net | 0.1 | — | 0.3 | 0.8 | ||||||||||||||||||||||
Income before income taxes | 499.2 | 647.4 | 1,632.2 | 1,739.8 | ||||||||||||||||||||||
7.1 | % | 9.6 | % | 6.2 | % | 6.8 | % | |||||||||||||||||||
Provision for income taxes | 45.0 | 144.6 | 304.3 | 397.9 | ||||||||||||||||||||||
Income tax rate | 9.0 | % | 22.3 | % | 18.6 | % | 22.9 | % | ||||||||||||||||||
Net income | $ | 454.2 | $ | 502.8 | $ | 1,327.9 | $ | 1,341.9 | ||||||||||||||||||
6.4 | % | 7.4 | % | 5.0 | % | 5.3 | % | |||||||||||||||||||
Net earnings per share: | ||||||||||||||||||||||||||
Basic | $ | 2.02 | $ | 2.14 | $ | 5.83 | $ | 5.68 | ||||||||||||||||||
Weighted average number of shares | 225.0 | 234.6 | 227.9 | 236.4 | ||||||||||||||||||||||
Diluted | $ | 2.01 | $ | 2.13 | $ | 5.80 | $ | 5.65 | ||||||||||||||||||
Weighted average number of shares | 226.3 | 235.9 | 229.0 | 237.3 | ||||||||||||||||||||||
The information for the year ended January 30, 2021 was derived from the audited consolidated financial statements as of that date. |
DOLLAR TREE, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except store count) | ||||||||||||||||||||||||||||||||||||||||||||||||||
13 Weeks Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
January 29, 2022 | January 30, 2021 | January 29, 2022 | January 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (a) | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dollar Tree | $ | 3,919.1 | $ | 3,707.4 | $ | 13,922.1 | $ | 13,265.0 | ||||||||||||||||||||||||||||||||||||||||||
Family Dollar | 3,158.3 | 3,059.9 | 12,387.7 | 12,243.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net sales | $ | 7,077.4 | $ | 6,767.3 | $ | 26,309.8 | $ | 25,508.4 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dollar Tree | $ | 1,396.5 | 35.6 | % | $ | 1,337.0 | 36.1 | % | $ | 4,603.6 | 33.1 | % | $ | 4,543.8 | 34.3 | % | ||||||||||||||||||||||||||||||||||
Family Dollar | 740.6 | 23.4 | % | 815.2 | 26.6 | % | 3,122.3 | 25.2 | % | 3,243.6 | 26.5 | % | ||||||||||||||||||||||||||||||||||||||
Total gross profit | $ | 2,137.1 | 30.2 | % | $ | 2,152.2 | 31.8 | % | $ | 7,725.9 | 29.4 | % | $ | 7,787.4 | 30.5 | % | ||||||||||||||||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dollar Tree | $ | 587.8 | 15.0 | % | $ | 591.5 | 16.0 | % | $ | 1,607.0 | 11.5 | % | $ | 1,598.0 | 12.0 | % | ||||||||||||||||||||||||||||||||||
Family Dollar | 86.8 | 2.7 | % | 183.6 | 6.0 | % | 543.1 | 4.4 | % | 655.6 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||
Corporate, support and Other | (95.8) | (1.4 | %) | (93.5) | (1.4 | %) | (338.7) | (1.3 | %) | (365.7) | (1.4 | %) | ||||||||||||||||||||||||||||||||||||||
Total operating income | $ | 578.8 | 8.2 | % | $ | 681.6 | 10.1 | % | $ | 1,811.4 | 6.9 | % | $ | 1,887.9 | 7.4 | % | ||||||||||||||||||||||||||||||||||
13 Weeks Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 29, 2022 | January 30, 2021 | January 29, 2022 | January 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store Count: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | 7,984 | 7,982 | 15,966 | 7,741 | 7,865 | 15,606 | 7,805 | 7,880 | 15,685 | 7,505 | 7,783 | 15,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New stores | 97 | 77 | 174 | 79 | 45 | 124 | 311 | 225 | 536 | 341 | 156 | 497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Re-bannered stores (b) | 2 | — | 2 | (1) | 1 | — | 1 | (1) | — | (4) | 5 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closings | (22) | (43) | (65) | (14) | (31) | (45) | (56) | (88) | (144) | (37) | (64) | (101) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending | 8,061 | 8,016 | 16,077 | 7,805 | 7,880 | 15,685 | 8,061 | 8,016 | 16,077 | 7,805 | 7,880 | 15,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling Square Footage (in millions) | 69.7 | 59.2 | 128.9 | 67.4 | 57.7 | 125.1 | 69.7 | 59.2 | 128.9 | 67.4 | 57.7 | 125.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth Rate (Square Footage) | 3.4 | % | 2.6 | % | 3.0 | % | 4.3 | % | 1.8 | % | 3.1 | % | 3.4 | % | 2.6 | % | 3.0 | % | 4.3 | % | 1.8 | % | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
(a) The information for the year ended January 30, 2021 was derived from the audited consolidated financial statements as of that date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) Stores are included as re-banners when they close or open, respectively. |
DOLLAR TREE, INC. | ||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||
(In millions) | ||||||||||||||
January 29, | January 30, | |||||||||||||
2022 | 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Cash and cash equivalents | $ | 984.9 | $ | 1,416.7 | ||||||||||
Merchandise inventories | 4,367.3 | 3,427.0 | ||||||||||||
Other current assets | 257.0 | 207.1 | ||||||||||||
Total current assets | 5,609.2 | 5,050.8 | ||||||||||||
Property, plant and equipment, net | 4,477.3 | 4,116.3 | ||||||||||||
Restricted cash | 53.4 | 46.9 | ||||||||||||
Operating lease right-of-use assets | 6,425.3 | 6,324.1 | ||||||||||||
Goodwill | 1,984.4 | 1,984.4 | ||||||||||||
Trade name intangible asset | 3,100.0 | 3,100.0 | ||||||||||||
Deferred tax asset | 20.3 | 23.2 | ||||||||||||
Other assets | 51.9 | 50.3 | ||||||||||||
Total assets | $ | 21,721.8 | $ | 20,696.0 | ||||||||||
Current portion of operating lease liabilities | $ | 1,407.8 | $ | 1,348.2 | ||||||||||
Accounts payable | 1,884.2 | 1,480.5 | ||||||||||||
Income taxes payable | 82.6 | 86.3 | ||||||||||||
Other current liabilities | 802.0 | 815.3 | ||||||||||||
Total current liabilities | 4,176.6 | 3,730.3 | ||||||||||||
Long-term debt, net | 3,417.0 | 3,226.2 | ||||||||||||
Operating lease liabilities, long-term | 5,145.5 | 5,065.5 | ||||||||||||
Deferred income taxes, net | 987.2 | 1,013.5 | ||||||||||||
Income taxes payable, long-term | 20.9 | 22.6 | ||||||||||||
Other liabilities | 256.1 | 352.6 | ||||||||||||
Total liabilities | 14,003.3 | 13,410.7 | ||||||||||||
Shareholders' equity | 7,718.5 | 7,285.3 | ||||||||||||
Total liabilities and shareholders' equity | $ | 21,721.8 | $ | 20,696.0 | ||||||||||
The January 30, 2021 information was derived from the audited consolidated financial statements as of that date. |
DOLLAR TREE, INC. | ||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||
(In millions) | ||||||||||||||
Year Ended | ||||||||||||||
January 29, | January 30, | |||||||||||||
2022 | 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 1,327.9 | $ | 1,341.9 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 716.0 | 686.6 | ||||||||||||
Provision for deferred income taxes | (23.2) | 30.7 | ||||||||||||
Stock-based compensation expense | 79.9 | 83.9 | ||||||||||||
Amortization of debt discount and debt-issuance costs | 8.9 | 4.0 | ||||||||||||
Other non-cash adjustments to net income | 11.2 | 19.0 | ||||||||||||
Loss on debt extinguishment | 43.8 | — | ||||||||||||
Changes in operating assets and liabilities | (733.0) | 550.2 | ||||||||||||
Total adjustments | 103.6 | 1,374.4 | ||||||||||||
Net cash provided by operating activities | 1,431.5 | 2,716.3 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (1,021.2) | (898.8) | ||||||||||||
Proceeds from governmental grant | 2.9 | — | ||||||||||||
Proceeds from (payments for) fixed asset disposition | (1.6) | 9.1 | ||||||||||||
Net cash used in investing activities | (1,019.9) | (889.7) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from long-term debt, net of discount | 1,197.4 | — | ||||||||||||
Principal payments for long-term debt | (1,000.0) | (550.0) | ||||||||||||
Debt-issuance and debt extinguishment costs | (59.3) | — | ||||||||||||
Proceeds from revolving credit facility | — | 750.0 | ||||||||||||
Repayments of revolving credit facility | — | (750.0) | ||||||||||||
Proceeds from stock issued pursuant to stock-based compensation plans | 17.8 | 17.0 | ||||||||||||
Cash paid for taxes on exercises/vesting of stock-based compensation | (42.4) | (16.9) | ||||||||||||
Payments for repurchase of stock | (950.0) | (400.0) | ||||||||||||
Net cash used in financing activities | (836.5) | (949.9) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.4) | 0.9 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (425.3) | 877.6 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,463.6 | 586.0 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,038.3 | $ | 1,463.6 | ||||||||||
The January 30, 2021 information was derived from the audited consolidated financial statements as of that date. |
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