Press release
Dollar Tree, Inc. Reports Results for the First Quarter Fiscal 2023
Same-Store Sales: Dollar Tree +3.4%; Family Dollar +6.6%; Enterprise +4.8% Comparable Transaction Count: Dollar Tree +5.5%; Family Dollar +4.3% GAAP Diluted
About this update from Dollar Tree, Inc.
[{"type":"text","content":"\n\nSame-Store Sales: Dollar Tree +3.4%; Family Dollar +6.6%; Enterprise +4.8%\n\n\n\nComparable Transaction Count: Dollar Tree +5.5%; Family Dollar +4.3%\n\n\n\nGAAP Diluted Earnings per Share (EPS) $1.35\n\n\n\nAdjusted EPS of $1.47 Excludes $30 Million (or $0.12 per share) Legal Reserve\n\n\n\nTightens Fiscal 2023 Sales Outlook Range to $30.0 Billion to $30.5 Billion\n\n\n\nRevises Fiscal 2023 EPS Outlook: $5.73 to $6.13 on Macro-Driven Higher-Than-Anticipated Shrink and Unfavorable Mix Shift Towards Consumables, Including $0.12 per Share Legal Reserve\n\n\n\nStrong Free Cash Flow Generation of $402 million (an increase of 41% from last year)\n\n\n\n CHESAPEAKE, Va.--(BUSINESS WIRE)--\nDollar Tree, Inc. (NASDAQ: DLTR) today reported financial results for its first quarter ended April 29, 2023.\n\n\n“Our initiatives to drive customer traffic and increase store productivity are having the desired impact. The Dollar Tree segment delivered a 3.4% comp, successfully cycling the 11.2% comp from the prior year’s quarter. Family Dollar continued its sales momentum with a 6.6% same-store sales increase. Importantly, both segments experienced a mid-single digit percent step-up in comp traffic. We are clearly gaining market share across the entire enterprise,” stated Rick Dreiling, Chairman and Chief Executive Officer.\n\n\n“While we are seeing early results from our initiatives, we are not immune to the external pressures affecting all of retail, notably, the margin impact of elevated shrink and the product mix shift to consumables.”\n\n\n“While we are maintaining our full-year 2023 sales outlook, we are adjusting our EPS outlook as we expect the elevated shrink and unfavorable sales mix to persist through the balance of the year. We still expect earnings to be more back-end loaded this year as the benefits of lower ocean freight rates flow through. We are eager to share more details on the current operating environment and our longer-term strategic growth plans at our upcoming investor conference on June 21st.”\n\n\nOther Business Highlights\n\n\nFirst Quarter Fiscal 2023\n\n\n\nOpened 107 new stores, relocated 33 stores, and closed 29 stores.\n\n\n\nExpanded multi-price Plus offering to an additional 408 Dollar Tree stores.\n\n\n\nCompleted 252 Family Dollar store renovation projects.\n\n\n\nFirst Quarter 2023 Key Operating Results\n...