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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dollar Tree Inc | NASDAQ:DLTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 118.56 | 116.20 | 121.33 | 78 | 12:40:47 |
0-25464 | 26-2018846 |
(Commission File Number) | (I.R.S. Employer Identification No.) |
DOLLAR TREE, INC. | ||
Date: September 1, 2015 | By: | /s/ Kevin S. Wampler |
Kevin S. Wampler | ||
Chief Financial Officer |
DOLLAR TREE, INC. | ||||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
13 Weeks Ended | ||||||||||||||||||||
August 1, 2015 | August 2, 2014 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||
As Reported | Adjustments (a) | As Adjusted | As Reported | Adjustments (a) | As Adjusted | |||||||||||||||
Net sales | $ | 3,011.2 | $ | — | $ | 3,011.2 | $ | 2,031.1 | $ | — | $ | 2,031.1 | ||||||||
Cost of sales | 2,156.0 | — | 2,156.0 | 1,337.0 | — | 1,337.0 | ||||||||||||||
Gross profit | 855.2 | — | 855.2 | 694.1 | — | 694.1 | ||||||||||||||
28.4 | % | 28.4 | % | 34.2 | % | 34.2 | % | |||||||||||||
Selling, general & administrative expenses | 731.8 | (17.7 | ) | 714.1 | 489.1 | (7.5 | ) | 481.6 | ||||||||||||
24.3 | % | (0.6 | )% | 23.7 | % | 24.1 | % | (0.4 | )% | 23.7 | % | |||||||||
Operating income | 123.4 | 17.7 | 141.1 | 205.0 | 7.5 | 212.5 | ||||||||||||||
4.1 | % | 0.6 | % | 4.7 | % | 10.1 | % | 0.4 | % | 10.5 | % | |||||||||
Interest expense, net | 263.9 | (227.6 | ) | 36.3 | 8.4 | — | 8.4 | |||||||||||||
Other expense, net | 1.7 | — | 1.7 | — | — | — | ||||||||||||||
Income (loss) before income taxes | (142.2 | ) | 245.3 | 103.1 | 196.6 | 7.5 | 204.1 | |||||||||||||
(4.7 | )% | 8.1 | % | 3.4 | % | 9.7 | % | 0.4 | % | 10.0 | % | |||||||||
Income tax expense (benefit) | (44.2 | ) | 93.8 | 49.6 | 75.1 | 2.9 | 78.0 | |||||||||||||
Income tax rate | 31.1 | % | 38.3 | % | 48.1 | % | 38.2 | % | 38.3 | % | 38.2 | % | ||||||||
Net income (loss) | $ | (98.0 | ) | $ | 151.5 | $ | 53.5 | $ | 121.5 | $ | 4.6 | $ | 126.1 | |||||||
(3.3 | )% | 5.0 | % | 1.8 | % | 6.0 | % | 0.2 | % | 6.2 | % | |||||||||
Net earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | (0.46 | ) | $ | 0.71 | $ | 0.25 | $ | 0.59 | $ | 0.02 | $ | 0.61 | |||||||
Weighted average number of shares | 214.3 | 214.3 | 214.3 | 205.8 | 205.8 | 205.8 | ||||||||||||||
Diluted | $ | (0.46 | ) | $ | 0.70 | $ | 0.25 | $ | 0.59 | $ | 0.02 | $ | 0.61 | |||||||
Weighted average number of shares | 214.3 | 215.3 | 215.3 | 206.6 | 206.6 | 206.6 | ||||||||||||||
(a) The adjustments to Selling, general and administrative expenses and Interest expense, net are related to the acquisition of Family Dollar Stores, Inc. The adjustments to Interest expense, net represent the incremental costs incurred to the July 6, 2015 acquisition date and in conjunction with the repayment of pre-existing debt. | ||||||||||||||||||||
NOTE: These condensed consolidated income statements have been prepared on a basis consistent with our previously prepared income statements filed with the Securities and Exchange Commission for our prior quarter and annual periods, with the exception of the footnotes required by GAAP for completed financial statements and inclusion of certain non-GAAP adjustments and measures as described in footnote (a) above. Management believes the reporting of comparable results is important in assessing the overall performance of the business and is therefore useful for investors and prospective investors. |
DOLLAR TREE, INC. | ||||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
26 Weeks Ended | ||||||||||||||||||||
August 1, 2015 | August 2, 2014 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||
As Reported | Adjustments (a) | As Adjusted | As Reported | Adjustments (a) | As Adjusted | |||||||||||||||
Net sales | $ | 5,187.8 | $ | — | $ | 5,187.8 | $ | 4,031.4 | $ | — | $ | 4,031.4 | ||||||||
Cost of sales | 3,583.7 | — | 3,583.7 | 2,640.7 | — | 2,640.7 | ||||||||||||||
Gross profit | 1,604.1 | — | 1,604.1 | 1,390.7 | — | 1,390.7 | ||||||||||||||
30.9 | % | 30.9 | % | 34.5 | % | 34.5 | % | |||||||||||||
Selling, general & administrative expenses | 1,247.8 | (28.1 | ) | 1,219.7 | 953.8 | (7.5 | ) | 946.3 | ||||||||||||
24.1 | % | (0.5 | )% | 23.5 | % | 23.7 | % | (0.2 | )% | 23.5 | % | |||||||||
Operating income | 356.3 | 28.1 | 384.4 | 436.9 | 7.5 | 444.4 | ||||||||||||||
6.9 | % | 0.5 | % | 7.4 | % | 10.8 | % | 0.2 | % | 11.0 | % | |||||||||
Interest expense, net | 386.2 | (343.2 | ) | 43.0 | 16.6 | — | 16.6 | |||||||||||||
Other income, net | (0.9 | ) | — | (0.9 | ) | — | — | — | ||||||||||||
Income (loss) before income taxes | (29.0 | ) | 371.3 | 342.3 | 420.3 | 7.5 | 427.8 | |||||||||||||
(0.6 | )% | 7.2 | % | 6.6 | % | 10.4 | % | 0.2 | % | 10.6 | % | |||||||||
Income tax expense (benefit) | (0.5 | ) | 142.0 | 141.5 | 160.6 | 2.9 | 163.5 | |||||||||||||
Income tax rate | 1.7 | % | 38.3 | % | 41.3 | % | 38.2 | % | 38.2 | % | 38.2 | % | ||||||||
Net income (loss) | $ | (28.5 | ) | $ | 229.3 | $ | 200.8 | $ | 259.7 | $ | 4.6 | $ | 264.3 | |||||||
(0.5 | )% | 4.4 | % | 3.9 | % | 6.4 | % | 0.1 | % | 6.6 | % | |||||||||
Net earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | (0.14 | ) | $ | 1.08 | $ | 0.95 | $ | 1.26 | $ | 0.02 | $ | 1.28 | |||||||
Weighted average number of shares | 210.3 | 210.3 | 210.3 | 206.3 | 206.3 | 206.3 | ||||||||||||||
Diluted | $ | (0.14 | ) | $ | 1.09 | $ | 0.95 | $ | 1.25 | $ | 0.02 | $ | 1.28 | |||||||
Weighted average number of shares | 210.3 | 211.2 | 211.2 | 207.2 | 207.2 | 207.2 | ||||||||||||||
(a) The adjustments to Selling, general and administrative expenses and Interest expense, net are related to the acquisition of Family Dollar Stores, Inc. The adjustments to Interest expense, net represent the incremental costs incurred to the July 6, 2015 acquisition date and in conjunction with the repayment of pre-existing debt. | ||||||||||||||||||||
NOTE: These condensed consolidated income statements have been prepared on a basis consistent with our previously prepared income statements filed with the Securities and Exchange Commission for our prior quarter and annual periods, with the exception of the footnotes required by GAAP for completed financial statements and inclusion of certain non-GAAP adjustments and measures as described in footnote (a) above. Management believes the reporting of comparable results is important in assessing the overall performance of the business and is therefore useful for investors and prospective investors. |
DOLLAR TREE, INC. | |||||||||||||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||||||||||||
(In millions, except store count) | |||||||||||||||||||||||||||||||||||||||
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||||||||||||||||||
August 1, 2015 | August 2, 2014 | August 1, 2015 | August 2, 2014 | ||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
As Reported | Adj (a) | As Adjusted | As Reported | Adj (a) | As Adjusted | As Reported | Adj (a) | As Adjusted | As Reported | Adj (a) | As Adjusted | ||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Dollar Tree | $ | 2,199.6 | $ | — | $ | 2,199.6 | $ | 2,031.1 | $ | — | $ | 2,031.1 | $ | 4,376.2 | $ | — | $ | 4,376.2 | $ | 4,031.4 | $ | — | $ | 4,031.4 | |||||||||||||||
Family Dollar | 811.6 | — | 811.6 | — | — | — | 811.6 | — | 811.6 | — | — | — | |||||||||||||||||||||||||||
Total net sales | $ | 3,011.2 | $ | — | $ | 3,011.2 | $ | 2,031.1 | $ | — | $ | 2,031.1 | $ | 5,187.8 | $ | — | $ | 5,187.8 | $ | 4,031.4 | $ | — | $ | 4,031.4 | |||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||||||||||
Dollar Tree | $ | 749.3 | $ | — | $ | 749.3 | $ | 694.1 | $ | — | $ | 694.1 | $ | 1,498.2 | $ | — | $ | 1,498.2 | $ | 1,390.7 | $ | — | $ | 1,390.7 | |||||||||||||||
Family Dollar | 105.9 | — | 105.9 | — | — | — | 105.9 | — | 105.9 | — | — | — | |||||||||||||||||||||||||||
Total gross profit | $ | 855.2 | $ | — | $ | 855.2 | $ | 694.1 | $ | — | $ | 694.1 | $ | 1,604.1 | $ | — | $ | 1,604.1 | $ | 1,390.7 | $ | — | $ | 1,390.7 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||||||||||||||||
Dollar Tree | $ | 218.4 | $ | 16.5 | $ | 234.9 | $ | 205.0 | $ | 7.5 | $ | 212.5 | $ | 451.3 | $ | 26.9 | $ | 478.2 | $ | 436.9 | $ | 7.5 | $ | 444.4 | |||||||||||||||
Family Dollar | (95.0 | ) | 1.2 | (93.8 | ) | — | — | — | (95.0 | ) | 1.2 | (93.8 | ) | — | — | — | |||||||||||||||||||||||
Total operating income | $ | 123.4 | $ | 17.7 | $ | 141.1 | $ | 205.0 | $ | 7.5 | $ | 212.5 | $ | 356.3 | $ | 28.1 | $ | 384.4 | $ | 436.9 | $ | 7.5 | $ | 444.4 | |||||||||||||||
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||||||||||||||||||
August 1, | August 2, | August 1, | August 2, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | Dollar Tree | Family Dollar | Total | ||||||||||||||||||||||||||||
Store Count: | |||||||||||||||||||||||||||||||||||||||
Beginning | 5,454 | 8,284 | 13,738 | 5,080 | — | 5,080 | 5,367 | 8,284 | 13,651 | 4,992 | — | 4,992 | |||||||||||||||||||||||||||
New | 126 | 15 | 141 | 90 | — | 90 | 219 | 15 | 234 | 184 | — | 184 | |||||||||||||||||||||||||||
Rebanner (b) | 4 | (18 | ) | (14 | ) | — | — | — | 4 | (18 | ) | (14 | ) | — | — | — | |||||||||||||||||||||||
Closings | (1 | ) | — | (1 | ) | (4 | ) | — | (4 | ) | (7 | ) | — | (7 | ) | (10 | ) | — | (10 | ) | |||||||||||||||||||
Ending | 5,583 | 8,281 | 13,864 | 5,166 | — | 5,166 | 5,583 | 8,281 | 13,864 | 5,166 | — | 5,166 | |||||||||||||||||||||||||||
Selling Square Footage (in millions) | 48.3 | 59.9 | 108.2 | 44.8 | — | 44.8 | 48.3 | 59.9 | 108.2 | 44.8 | — | 44.8 | |||||||||||||||||||||||||||
Growth Rate (Square Footage) | 7.8 | % | 100.0 | % | 141.5 | % | 6.8 | % | — | % | 6.8 | % | 7.8 | % | 100.0 | % | 141.5 | % | 6.8 | % | — | % | 6.8 | % | |||||||||||||||
(a) The adjustments to Selling, general and administrative expenses are related to the acquisition of Family Dollar Stores, Inc. | |||||||||||||||||||||||||||||||||||||||
(b) Rebanner represent stores being converted from the Family Dollar segment to the Dollar Tree segment. The Family Dollar segment shows the store as a reduction in store count when it ceases operations and the Dollar Tree segment shows it as an increase in store count upon reopening. | |||||||||||||||||||||||||||||||||||||||
NOTE: These condensed consolidated income statements have been prepared on a basis consistent with our previously prepared income statements filed with the Securities and Exchange Commission for our prior quarter and annual periods, with the exception of the footnotes required by GAAP for completed financial statements and inclusion of certain non-GAAP adjustments and measures as described in footnote (a) above. Management believes the reporting of comparable results is important in assessing the overall performance of the business and is therefore useful for investors and prospective investors. The results of Family Dollar's operations are included from the July 6, 2015 acquisition date. |
DOLLAR TREE, INC. | ||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||
(Dollars in millions) | ||||||||||||
(Unaudited) | ||||||||||||
August 1, | January 31, | August 2, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Cash and cash equivalents | $ | 1,302.5 | $ | 864.1 | $ | 467.7 | ||||||
Restricted cash | 4.0 | — | — | |||||||||
Merchandise inventories, net | 2,825.1 | 1,035.7 | 1,084.0 | |||||||||
Current deferred tax assets, net | 85.5 | 28.3 | 17.1 | |||||||||
Other current assets | 307.6 | 66.5 | 94.4 | |||||||||
Total current assets | 4,524.7 | 1,994.6 | 1,663.2 | |||||||||
Property and equipment, net | 3,151.9 | 1,210.5 | 1,153.4 | |||||||||
Goodwill | 4,982.8 | 164.6 | 169.8 | |||||||||
Deferred tax assets, net | — | 30.6 | 42.2 | |||||||||
Favorable lease rights, net | 620.8 | 0.9 | 1.7 | |||||||||
Other intangible assets, net | 3,106.3 | 1.2 | 2.1 | |||||||||
Other assets, net | 178.6 | 90.3 | 97.5 | |||||||||
Total assets | $ | 16,565.1 | $ | 3,492.7 | $ | 3,129.9 | ||||||
Current portion of long-term debt | $ | 83.0 | $ | — | $ | — | ||||||
Accounts payable | 1,152.5 | 433.6 | 524.2 | |||||||||
Other current liabilities | 837.8 | 385.3 | 256.1 | |||||||||
Income taxes payable | — | 42.7 | 2.7 | |||||||||
Total current liabilities | 2,073.3 | 861.6 | 783.0 | |||||||||
Long-term debt | 8,265.5 | 682.7 | 740.2 | |||||||||
Unfavorable lease rights, net | 162.4 | — | — | |||||||||
Deferred tax liabilities, net | 1,655.1 | — | — | |||||||||
Other liabilities | 361.8 | 163.4 | 158.6 | |||||||||
Total liabilities | 12,518.1 | 1,707.7 | 1,681.8 | |||||||||
Shareholders' equity | 4,047.0 | 1,785.0 | 1,448.1 | |||||||||
Total liabilities and shareholders' equity | $ | 16,565.1 | $ | 3,492.7 | $ | 3,129.9 | ||||||
The January 31, 2015 information was derived from the audited consolidated financial statements as of that date. |
DOLLAR TREE, INC. | ||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
26 Weeks Ended | ||||||||||||
August 1, | August 2, | |||||||||||
2015 | 2014 | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | (28.5 | ) | $ | 259.7 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by | ||||||||||||
(used in) operating activities: | ||||||||||||
Depreciation and amortization | 142.3 | 100.6 | ||||||||||
Provision for deferred taxes | (17.6 | ) | (16.2 | ) | ||||||||
Other non-cash adjustments to net income (loss) | 57.5 | 25.7 | ||||||||||
Changes in operating assets and liabilities | (199.4 | ) | (4.5 | ) | ||||||||
Total adjustments | (17.2 | ) | 105.6 | |||||||||
Net cash provided by (used in ) operating activities | (45.7 | ) | 365.3 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (167.0 | ) | (160.2 | ) | ||||||||
Purchase of restricted investments | (12.0 | ) | — | |||||||||
Acquisition of Family Dollar, net of cash and common stock acquired | (6,525.6 | ) | — | |||||||||
Proceeds from sale of fixed assets | (0.3 | ) | 0.3 | |||||||||
Net cash used in investing activities | (6,704.9 | ) | (159.9 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||
Principal payments for long-term debt | (935.2 | ) | (12.8 | ) | ||||||||
Proceeds from long-term debt | 8,200.0 | — | ||||||||||
Debt issuance costs | (88.9 | ) | — | |||||||||
Proceeds from stock issued pursuant to stock-based | ||||||||||||
compensation plans | 3.9 | 3.3 | ||||||||||
Tax benefit of exercises/vesting of stock-based compensation | 10.0 | 3.6 | ||||||||||
Net cash provided by (used in) financing activities | 7,189.8 | (5.9 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.8 | ) | 0.5 | |||||||||
Net increase in cash and cash equivalents | 438.4 | 200.0 | ||||||||||
Cash and cash equivalents at beginning of period | 864.1 | 267.7 | ||||||||||
Cash and cash equivalents at end of period | $ | 1,302.5 | $ | 467.7 | ||||||||
DOLLAR TREE, INC. | |||
Reconciliation of Consolidated Pre-Tax Loss to Dollar Tree Segment Adjusted Earnings Per Share Excluding Acquisition Related Costs | |||
(In millions, except per share data) | |||
13 Weeks Ended August 1, 2015 | |||
Reported Consolidated Company Pre-Tax Income (Loss) | $ | (142.2 | ) |
Less: Family Dollar Segment Operating Income (Loss) | (95.0 | ) | |
Plus: Dollar Tree Segment Acquisition Fees | 16.5 | ||
Plus: Consolidated Company Interest Expense, net | 263.9 | ||
Less: 13 Weeks Ended May 2, 2015 As Adjusted Interest Expense, net | 8.2 | ||
Adjusted Dollar Tree Segment Pre-Tax Income | 225.0 | ||
Income Taxes (38.25%) | 86.1 | ||
Adjusted Dollar Tree Segment Net Income | $ | 138.9 | |
Dollar Tree Segment Adjusted Basic EPS | $ | 0.67 | |
Dollar Tree Segment Adjusted Dilutive EPS | $ | 0.67 | |
Share Count Information: | |||
Reported Consolidated Company Weighted Average Basic Shares Outstanding | 214.3 | ||
Less: Shares related to Family Dollar acquisition | 8.1 | ||
Dollar Tree Segment Weighted Average Basic Shares Outstanding | 206.2 | ||
Reported Consolidated Company Weighted Average Dilutive Shares Outstanding | 215.3 | ||
Less: Shares related to Family Dollar acquisition | 8.3 | ||
Dollar Tree Segment Weighted Average Dilutive Shares Outstanding | 207.0 | ||
1 Year Dollar Tree Chart |
1 Month Dollar Tree Chart |
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