Press release
Dollar Tree, Inc. Reports Results for the Fourth Quarter and Fiscal Year 2019
~ Consolidated Net Sales Increased 1.8% to $6.32 Billion ~ ~ GAAP Diluted Earnings per Share of $0.52 ~ ~ Adjusted EPS of $1.79 vs. Guidance Range of $1.70
About this update from Dollar Tree, Inc.
[{"type":"text","content":"\n~ Consolidated Net Sales Increased 1.8% to $6.32 Billion ~\n~ GAAP Diluted Earnings per Share of $0.52 ~\n~ Adjusted EPS of $1.79 vs. Guidance Range of $1.70 to $1.80 ~\n~ Enterprise Same-Store Sales Increased 0.4% ~\n~ Same-Store Sales by Segment: Dollar Tree +1.4%, Family Dollar -0.8% ~\n~ 2020 Plans Include: 1,250 Family Dollar H2 Renovations; Launch of Dollar Tree Plus! 2.0 ~\n\n CHESAPEAKE, Va.--(BUSINESS WIRE)--\nDollar Tree, Inc. (NASDAQ: DLTR), North America's leading operator of discount variety stores, today reported financial results for its fourth quarter and fiscal year ended February 1, 2020.\n\n\n“I am proud of the team’s accomplishments in 2019, including the successful consolidation of our store support centers, the material acceleration in the Family Dollar store optimization program where we continue to see strong performance at renovated stores, and the initial launch of our Dollar Tree Plus! initiative. For the fourth quarter, despite the compressed holiday shopping season, we delivered positive comps for the enterprise, while managing margins and costs effectively to achieve adjusted earnings per share near the top of our guidance range,” stated Gary Philbin, Chief Executive Officer. “Our support functions are now working together in one location under one leadership team; which we expect will build greater collaboration, efficiencies and teamwork to enable us to support Dollar Tree and Family Dollar stores more effectively. Fiscal 2019 was a very important year for our organization to further develop the foundation to grow and improve our business.”\n\n\nFourth Quarter Results\n\n\nIn the fourth quarter, the Company incurred several discrete charges, as described below:\n\n\n\n$313.0 million non-cash pre-tax and after-tax goodwill impairment charge based on the Company’s annual assessment of the Family Dollar segment.\n\n\n$24.6 million reduction in tax expense for the reversal of a valuation allowance related to the Company’s foreign net operating loss carry forwards.\n\n\n$18.0 million charge to the litigation reserve.\n\n\n$0.3 million acceleration in non-cash deferred financing costs associated with a debt prepayment.\n\n\n\nDiscrete items, or adjustments, for fiscal 2019 and 2018 are included in the Reconciliation of Non-GAAP Financial Measures within the tables of this earnings release.\n\n\nFor th...