Press release
Dollar Tree, Inc. Reports Results for the Third Quarter Fiscal 2021
~ Consolidated Net Sales Increased 3.9% to $6.42 Billion ~ ~ Same-Store Sales: Enterprise +1.6%; Family Dollar +2.7%; Dollar Tree +0.6% ~ ~ Diluted Earnings
About this update from Dollar Tree, Inc.
[{"type":"text","content":"\n~ Consolidated Net Sales Increased 3.9% to $6.42 Billion ~\n~ Same-Store Sales: Enterprise +1.6%; Family Dollar +2.7%; Dollar Tree +0.6% ~\n~ Diluted Earnings per Share of $0.96 ~\n~ Company Announces Addition of $1.25 Price Point for All Dollar Tree Stores Nationwide by End of Fiscal Q1 2022 ~\n\n CHESAPEAKE, Va.--(BUSINESS WIRE)--\nDollar Tree, Inc. (NASDAQ: DLTR), today reported financial results for its third quarter ended October 30, 2021.\n\n“We experienced a strong finish to the quarter, as shoppers are increasingly focused on value in this inflationary environment,” stated Michael Witynski, President and Chief Executive Officer. “Our Dollar Tree pricing tests have demonstrated broad consumer acceptance of the new price point and excitement about the additional offerings and extreme value we will be able to provide. Accordingly, we have begun rolling out the $1.25 price point at all Dollar Tree stores nationwide. The continuing expansion of our key strategic initiatives, including Dollar Tree Plus, Combo Stores and the H2 format, are all going well and on, or ahead of, plan. I am very proud of our team’s efforts – especially those in our stores and distribution centers – to serve our customers by delivering incredible value on everyday products.”\n\nThird Quarter Results\n\nConsolidated net sales increased 3.9% to $6.42 billion from $6.18 billion in the prior year’s third quarter. Enterprise same-store sales increased 1.6%, and increased 6.7% on a two-year stacked basis. Dollar Tree same-store sales increased 0.6% on a constant currency basis (or 0.8% when adjusted to include the impact of Canadian currency fluctuations). Same-store sales for Family Dollar increased 2.7%, cycling the strong 6.4% increase in the prior year’s quarter.\n\nGross profit was $1.76 billion for the quarter. Gross margin was 27.5% of net sales, compared to 31.2% in the prior year’s quarter. The decrease in gross margin was driven primarily by higher freight costs, partially offset by improved shrink results.\n\nSelling, general and administrative expenses improved 100 basis points to 22.7% of total revenue compared to 23.7% in the prior year's third quarter. The Company was cycling COVID-19-related costs of $35.3 million, or 57 basis points, in the prior year’s quarter.\n\nOperating income for the quarter was $310.5 million compared with $465.5 ...