Dollar Tree Files Q1 2024 10-Q

TL;DR

**DLTR Q1 10-Q filed. Financials out.**

AI Summary

Dollar Tree, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported its financial results for the first quarter of fiscal year 2024. Key financial data and operational updates are detailed within this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Dollar Tree, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Players & Entities

• DOLLAR TREE, INC. (company) — Filer
• 20240504 (date) — Period of Report
• 20240605 (date) — Filing Date
• 500 VOLVO PARKWAY (location) — Business Address
• CHESAPEAKE (location) — City
• VA (location) — State
• 23320 (location) — ZIP Code

FAQ

Filing Documents

• dltr-20240504.htm (10-Q) — 800KB
• dltr-2024x05x04x10qxex311.htm (EX-31.1) — 9KB
• dltr-2024x05x04x10qxex312.htm (EX-31.2) — 9KB
• dltr-2024x05x04x10qxex321.htm (EX-32.1) — 5KB
• dltr-2024x05x04x10qxex322.htm (EX-32.2) — 5KB
• dltr-20240504_g1.gif (GRAPHIC) — 435KB
• 0000935703-24-000029.txt ( ) — 4978KB
• dltr-20240504.xsd (EX-101.SCH) — 22KB
• dltr-20240504_cal.xml (EX-101.CAL) — 42KB
• dltr-20240504_def.xml (EX-101.DEF) — 75KB
• dltr-20240504_lab.xml (EX-101.LAB) — 373KB
• dltr-20240504_pre.xml (EX-101.PRE) — 232KB
• dltr-20240504_htm.xml (XML) — 397KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Income Statements 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Shareholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Unaudited Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25

Signatures

Signatures 27 3 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. DOLLAR TREE, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) 13 Weeks Ended (in millions, except per share data) May 4, 2024 April 29, 2023 Net sales $ 7,626.4 $ 7,319.5 Other revenue 6.4 4.3 Total revenue 7,632.8 7,323.8 Cost of sales 5,278.7 5,089.1 Selling, general and administrative expenses 1,933.5 1,815.0 Operating income 420.6 419.7 Interest expense, net 24.4 25.9 Other expense, net 0.1 0.1 Income before income taxes 396.1 393.7 Provision for income taxes 96.0 94.7 Net income $ 300.1 $ 299.0 Basic net income per share of common stock $ 1.38 $ 1.35 Diluted net income per share of common stock $ 1.38 $ 1.35 Weighted average common shares outstanding: Basic 217.8 221.1 Diluted 218.1 221.7 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 4 Table of Contents DOLLAR TREE, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) 13 Weeks Ended (in millions) May 4, 2024 April 29, 2023 Net income $ 300.1 $ 299.0 Foreign currency translation adjustments ( 2.0 ) ( 2.8 ) Total comprehensive income $ 298.1 $ 296.2 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 5 Table of Contents DOLLAR TREE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) May 4, 2024 February 3, 2024 April 29, 2023 ASSETS Current assets: Cash and cash equivalents $ 618.5 $ 684.9 $ 872.8 Merchandise inventories 5,009.0 5,112.8 5,112.0 Other current assets 454.7 335.0 282.8 Total current assets 6,082.2 6,132.7 6,267.6 Restricted cash 73.2 72.3 69.2 Property, plant and equipment, net of accumulated depreciation of $ 6,652.5 , $ 6,631.4 and $ 6,176.4 , respectively 6,301.7 6,144.1 5,111.8 Operating lease right-of-use assets 6,469.3 6,488.3 6,503.4 Goodwill 913.3 913.8 1,982.6 Trade name intangible asset 2,150.0 2,150.0 3,100.0 Deferred tax asset 8.7 9.0 13.9 Other assets 111.8 113.3 60.1 Tot

Legal Proceedings

Legal Proceedings We are defendants in ordinary, routine litigation or proceedings incidental to our business, including employment-related matters; infringement of intellectual property rights; personal injury/wrongful death claims; real estate matters; environmental and safety issues; and product safety matters. Legal proceedings may also include class, collective, representative and large cases and arbitrations, including those described below. We will vigorously defend ourselves in these matters. We do not believe that any of these matters will, individually or in the aggregate, have a material effect on our business, financial condition, or liquidity. We cannot give assurance, however, that one or more of these matters will not have a material effect on our results of operations for the quarter or year in which they are reserved or resolved. We assess our legal proceedings monthly and reserves are established if a loss is probable and the amount of such loss can be reasonably estimated. Many, if not substantially all, of our legal proceedings are subject to significant uncertainties and, therefore, determining the likelihood of a loss and the measurement of any loss can be complex and subject to judgment. With respect to the matters noted below where we have determined that a loss is reasonably possible but not probable, we are unable to reasonably estimate the amount or range of the possible loss at this time due to the inherent difficulty of predicting the outcome of and uncertainties regarding legal proceedings. Our assessments are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Management's assessment of legal proceedings could change because of future determinations or the discovery of facts which are not presently known. Accordingly, the ultimate costs of

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View this 10-Q filing on SEC EDGAR