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Dollar Tree, Inc. Message Board

  • bluecheese4u bluecheese4u Nov 15, 2012 9:28 AM Flag

    Dollar Tree, Inc. Reports Third Quarter Results

    Dollar Tree, Inc. Reports Third Quarter Results

    •Diluted earnings per share increased to $0.68, including non-operating gain from the sale of Ollie's Holdings, Inc.
    •Diluted earnings per share, excluding the Ollie's gain, increased 18.6%, to $0.51
    •Consolidated net sales increased 7.8%
    •Comparable store sales increased 1.6%


    CHESAPEAKE, Va. - November 15, 2012 - 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.

    During the third quarter, Dollar Tree opened 111 stores, expanded or relocated 16 stores, and closed 4 stores. Retail selling square footage increased 7.1% compared to a year ago, to 40.1 million square feet.

    39-Week Period Results
    Year-to-date through the three quarters ended October 27, 2012, the Company's consolidated net sales were $5.15 billion, a 9.9% increase compared with the same period in 2011. Comparable store sales increased 3.9%, on top of a 5.5% increase through three quarters last year.

    Year-to-date earnings per diluted share were $1.69, compared with earnings per diluted share of $1.23 through three quarters last year. Excluding the previously disclosed, one-time gain of $0.16 per share from the sale of our ownership interest in Ollie's Holdings, Inc., our earnings per share through three quarters were $1.53.

    Guidance
    The Company estimates sales for the fourth quarter of 2012 to be in the range of $2.20 billion to $2.26 billion, based on flat- to- a low-single digit comparable store sales increase. Diluted earnings per share are estimated to be in the range of $0.97 to $1.02.

    Full year sales are estimated to be in the range of $7.35 billion to $7.41 billion. Diluted earnings per share are expected to be $2.65 to $2.70, including $0.16 earnings per diluted share from the sale of Ollie's in the third quarter. These estimates assume no impact from potential additional share repurchase activity, and incorporate the impact of a 53rd week in 2012, that will be recorded in the fourth quarter. As we have previously disclosed, the extra week is expected to add $120 million to $130 million to sales and $0.07 to $0.08 earnings per diluted share, both of which are included in our guidance.

    On Thursday, November 15, 2012, the Company will host a conference call to discuss its earnings results at 9:00 a.m. EST.

    dollartreeinfoDOTcom/investors/global/releasedetail.cfm?ReleaseID=721513

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