Dollar Tree, Inc. · NASDAQ:DLTR
Dollar Tree — Investor Day (October 2025)
124 slides from Dollar Tree's investor day presentation, Oct 15, 2025
Slide 1: Investor Day
Investor Day October 15, 2025 New York, NY
Slide 2: Opening Remarks
Opening Remarks Bob LaFleur SVP Investor Relations
Slide 3: Complimentary Wifi
Complimentary Wifi Network: Password: MKTSITE_GUEST2 rewritetomorrow
Slide 4: Agenda
Opening Remarks Bob LaFleur | SVP, Investor Relations A New Era for Dollar Tree Mike Creedon | Chief Executive Officer Building an Ever-Changing, More Relevant Assortment Brent Beebe | Incoming Chief Merchandising Officer Raising the Bar in Store Operations Jocy Konrad | Chief of Dollar Tree Stores
Slide 5: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995, concerning our business and outlook. These forward-looking statements can be identified by the fact that they address future events, plans
Slide 6: A New Era for Dollar Tree
A New Era for Dollar Tree Mike Creedon Chief Executive Officer
Slide 7: Progress and Perspective: From 2023 to Today
Progress and Perspective: From 2023 to Today WINS OPPORTUNITIES Dollar Tree achieved comp and • Consumer looking to recover from gross margin targets highest inflation in decades Opened 1,100+ new stores • Cost gaps driven by inflation and one-time items Expanded multi-price • Current earnings
Slide 8: Value. Convenience. Discovery.
Value. Convenience.Agenda Discovery. Item #1 Here Committed to Offering Customers Great • Value at for Bullet point Lowthe Prices agenda Agenda Item #2 Here • Bullet point for the agenda Agenda Item #3 Here • Bullet point for the agenda Agenda Item #4 Here • Bullet point for the agenda Proprietary a
Slide 9: Value. Convenience. Discovery.
Value. Convenience. Discovery. • Our average selling • Shoppers can • Customers shop with price per item is complete a Dollar Tree their heads up, not $1.40. Across the shop in about 10 buried in a list – every same categories in the minutes, making it one trip brings unexpected of the fastest trips
Slide 10: Dollar Tree Executive Leadership Team
Dollar Tree Executive Leadership Team Mike Creedon Bobby Aflatooni Stewart Glendinning John Mitchell Chief Legal Officer & Chief Executive Officer Chief Information Officer Chief Financial Officer Corporate Secretary Steve Schumacher Roxanne Weng Brent Beebe Jocelyn Konrad Incoming Chief Chief of St
Slide 11: Powered By 150,000+ Associates
Powered By 150,000+ Associates The “Magic Makers” at the Heart of Our Organization Make It Easier Show It’s a Career, Build It to Last to Work Here Not a Job 11
Slide 12: Milestones in Our History
Milestones in Our History Building the Dollar Tree Legacy, One Step at a Time 1953 1970 1986 2015 2025 In 1953, K.R. Perry Macon Brock, Doug Perry, Macon Brock, Doug Perry, On July 6, Dollar Tree In July 2025, Dollar Tree opened a Ben Franklin and K.R. Perry started and Ray Compton started acquired
Slide 13: Our Heritage, Our Future
Our Heritage, Our Future The toy business had taught us a handful of other guiding principles: One, make shopping convenient and easy. Two, run clean, bright, and inviting stores that exceeded customers’ expectations. Three, choose our locations wisely. And four, strive for quality and high value in
Slide 14: The World Isn’t Standing Still – Neither Are We
The World Isn’t Standing Still – Neither Are We Single-price → Multi-price assortment Aging stores → Modernized fleet Legacy systems → AI-enabled enterprise Inconsistent execution → Culture of excellence 14
Slide 15: Dollar Tree Strategic Plan
Stronger Customer Connection New Store Agile Cost Growth and Management Improved Conditions Expanded, Improved More Relevant Store Assortment Operations Supported by Supply Chain Excellence and Disciplined Financial Management Fueled by the power of 150,000+ associates Dollar Tree Strategic Plan
Slide 16: Strategy | Expanded, More Relevant Assortment
Strategy | Expanded, More Relevant Assortment 16
Slide 17: Setting the Record Straight on Multi-Price
Setting the Record Straight on Multi-Price vs. Multi-Price Re-Stickering is delivering incremental value to our is an operational stopgap to customers to drive top and bottom-line results manage external cost pressures 17
Slide 18: Multi-Price Unlocks a Broader, More Relevant Assortment
Multi-Price Unlocks a Broader, More Relevant Assortment Expanded Assortment: Same Great Value Highly Selective and Differentiated Value with Impactful Ability to Offer Enhanced Assortment Complementary product Key Drivers of Dollar Tree Value Complementary categories Global sourcing Larger p
Slide 19: Multi-Price Momentum is Clear
Multi-Price Momentum is Clear Consistently Highly Rated on Key Business Drivers vs. Competition Purchase Net Favorability Value Reputation Consideration #2 #3 #3 #2 (Tied) +1.9 pts +3.4 pts +1.5 pts +4.4 pts Source: Morning Consult Surveys FYTD 7.26.25, all comparisons are vs YA. Ranked against dire
Slide 20: Strong Comp Growth Since Beginning of Multi-Price Era
Strong Comp Growth Since Beginning of Multi-Price Era Dollar Tree Annual Comp Trends Peer Comp Average Since BTD2 (2022-2025E)3 9.0% 5.4% 5.2% 5.8% 5.0% 2.1% 1.2% 2.3% 2.2% 2.1% 1.8% 1 2019 2020 2021 2022 2023 2024 2025E Dollar Tree Plus Era Multi-Price 3.0 Red -1.2% Break Dots the $ DLTR WMT TGT FI
Slide 21: Strategy | Agile Cost Management
Strategy | Agile Cost Management 21
Slide 22: Playbook to Protect Margins and Manage Cost of Goods Sold
Strategy | Agile Cost Management Playbook to Protect Margins and Manage Cost of Goods Sold Five Mitigation Levers Shifting Discontinuing Re-engineering Executing Re-negotiating Country of Origin Lower-Margin or Products for Targeted Retail Supplier Terms Where It Adds Underperforming Efficiency Pric
Slide 23: Managing Our SG&A with Discipline
Strategy | Agile Cost Management Managing Our SG&A with Discipline to Drive Operating Leverage and Profitability SG&A Discipline • Getting more from every hour: Smarter tools driving stronger productivity • Spending less to do more: Lower Capex and slower D&A growth creating room for profitable grow
Slide 24: Strategy | More Connected Customer Experience
Strategy | More Connected Customer Experience 24
Slide 25: A More Connected Customer Experience
Power of Customer Connection • Builds brand equity and customer loyalty A More Connected • Drives stronger traffic, fuller baskets, and repeat visits Customer Experience • Accelerates every other growth initiative • Expands reach with on demand e-commerce solutions 25
Slide 26: Dollar Tree's Broad Reach is Expanding
Dollar Tree's Broad Reach is Expanding Broad Reach Expanding Reach 100M+ 75% ~2M ~10M Net New Households Households Net New Households Shop with Visited Dollar Customers in Since Dollar Tree Tree in the the Past Year Multi-Price Each Year Past Year Launch 26
Slide 27: 100 Million U.S. Households Shop Dollar Tree
100 Million U.S. Households Shop Dollar Tree Passionates Monthly Occasional New % of sales 28% 43% 26% 2% # of households 6 Million 24 Million 62 Million 8 Million Avg. annual trips 75 25 6 3 Avg. basket size $13.03 $13.88 $14.12 $15.10 Income range Low Low to Medium Medium to High High Trip drivers
Slide 28: Earning Additional Trips with Low-Cost, Strategic Marketing
Earning Additional Trips with Low-Cost, Strategic Marketing Cost effective Marketing solutions to build equity and drive sales. Accelerate returns with Marketing solutions that are: • Low cost • Quick return • Data driven 28
Slide 29: Strategy | Open More New Stores & Improve Store Conditions
Strategy | Open More New Stores & Improve Store Conditions 29
Slide 30: Open More New Stores & Improve Store Conditions
• Milestone 9,000th Dollar Tree store opened in 2025 Open More New Stores & Improve • Significant runway Store Conditions for expansion in the Southwest, the West, and in dense urban corridors 30
Slide 31: Our Store Footprint
Our Store Footprint North American Store Fleet: 9,238 Stores 1 90% of US sales and 86% of US stores in Suburban and Urban areas 29% of Dollar Tree US sales come from three states: CA, TX, and FL 26% of fleet in areas with income >$80K; focus on servicing all income levels, as Dollar Tree performs we
Slide 32: Runway for Expansion
Runway for Expansion Expansion Drivers: Underpenetrated Markets, Population Tailwinds, and Growing Relevance with More Customers . Opened an average of Opened an additional 162 Dollar Tree has significant 335 new stores Sustainable pace of 99 Cents Only Stores room for expansion with per year since
Slide 33: Strategy | Raise the Bar on Store Standards
Strategy | Raise the Bar on Store Standards 33
Slide 34: Raising the Bar on Store Operations
Consistency Builds Trust Across 9,200+ Stores • Executing the G.O.L.D. Standard • Clean, bright, and inviting stores delivering a consistent customer experience • Strategically investing in labor, hours, training, Raising the Bar on and tools to strengthen store execution Store Operations • Fixing u
Slide 35: Supported By Excellence in Our Supply Chain
Supported By Excellence in Our Supply Chain 35
Slide 36: Optimized Supply Chain Network
Building a Smarter, More Efficient Network • Expanding and modernizing DCs to add capacity, improve flow, and reduce costs • Multi-year plan addressing rapid growth, multi-price rollout, and prior DC loss Optimized Supply • Replacing legacy systems with Chain Network modern, cloud-based platforms •
Slide 37: Supported by Disciplined Financial Management
Supported by Disciplined Financial Management 37
Slide 38: Strategy | Disciplined Growth and Returns
Strategy | Disciplined Growth and Returns • Growth fueled by Performance, not spend • Deploying capital with discipline • Providing predictability and confidence for shareholders 38
Slide 39: Key Takeaways
Key Takeaways • Dollar Tree has enormous opportunity for growth. • We are well-positioned to navigate today's unusually dynamic cost environment. • We are now a focused standalone business. • We have a new leadership team committed to our multi-year strategy. • Our strategy has very clear levers tha
Slide 40: Building an Ever-Changing, More Relevant Assortment
Building an Ever-Changing, More Relevant Assortment Brent Beebe Incoming Chief Merchandising Officer
Slide 41: Strategy | Merchandising
Strategy | Merchandising Expanded, More Relevant Assortment Stronger Customer Connection
Slide 42: A Diversified Product Mix Offering Compelling Value
A Diversified Product Mix Offering Compelling Value Net Sales ($B) Gross Profit ($B) Discretionary Consumable 19.4 7.0 Apparel Beverages Beauty Candy Books Disposables 17.6 6.3 Crafts Frozen 16.8 6.0 Electronics Healthcare Floral Gift Pantry Hardware Personal Care 2023 2024 2025E1 2023 2024 2025E1 H
Slide 43: Multi-Price – What Is It and Why It Works
Multi-Price – What Is It and Why It Works Maintain Value While Providing Convenience and “Thrill of the Hunt” Discovery Retail Sales by Price Tier 2023 2024 2025E 2% 3% 5% 9% Increase relevancy and price agility with customers 15% 25% 60% 93% 88% Gain share in key categories $1.25 and Under Above $1
Slide 44: Ability to Introduce Differentiated Value
Ability to Introduce Differentiated Value Engineered with vendor to Vendor designed Vendor built unique SKU: reduce size of ball to hit our custom 8-pack 2-pack, 150-count wipes price point Dollar Tree at $5 Dollar Tree at $5 Dollar Tree at $5 Competition at $6-$9 Exclusive Competition at $6-$8 Engi
Slide 45: Our Future: Optimizing Our Stores
Our Future: Optimizing Our Stores Move from space driven to demand driven assortment planning Leverage new and robust data lake to make decisions at scale PLACEHOLDER FOR A PHOTOGRAPH Drive growth and relevance at shelf Creates the pathway to accelerating multi-price Drive sales and margin per squar
Slide 46: Drive Results by Reallocating Space from Underperforming Categories
Drive Results by Reallocating Space from Underperforming Categories Sales $ Per Store Per Foot Per Week Median Categories 46
Slide 47: Space Optimization Drives Our Sales
Space Optimization Drives Our Sales Consumables Discretionary Reallocate 4-ft. from Shave to Skincare Reallocate 4-ft. from Apparel to Plastics Average Sales Per Store Per Week Average Sales Per Store Per Week $142 $125 $113 $85 Before After Before After Shave Skincare Apparel Household Plastics Wee
Slide 48: Consumables | Expanded Multi-Price Assortment
Consumables | Expanded Multi-Price Assortment in Categories Critical to Our Customers “Grab & Go” “Need It Now” “Fill-In” “Stock-Up” Description Fewer than 3 Convenience Customer has Often early in of trip items in focused; run out of key the month, basket; maximize speed items; repeat customer has
Slide 49: Grab & Go | Introducing National Brands
Grab & Go | Introducing National Brands $200M Annual Business with High Incrementality to Opening Price Point Assortment $1.25 Price Point $2.25 – $3.00 Price Point Flavored Sparkling Energy Drink Craft Soda Coca-Cola Red Bull Doritos Water 12-oz. 16-oz. 20-oz. 12-oz. 2.625-oz. 18-oz. 49
Slide 50: Stock-Up | Introducing National Brands
Stock-Up | Introducing National Brands $1.25 Bleach SKU Has High Attach Rate to Complementary Multi-Price Items $1.25 Price Point $5.00 Price Point Bleach 64-oz. Paper Towel 6-ct. Laundry Detergent Bath Tissue 134-oz. 12-ct. 50
Slide 51: Consumables | Opportunity to Grow Market Share in $2 – $5 Price Band
Consumables | Opportunity to Grow Market Share in $2 – $5 Price Band $2.00 and below $2.01 – $5.00 Total Market Total Total Department Volume Market DT Market DT $ in B Volume $ Share Volume $ Share $ in B $ in B Beverage $146 $9.3 11% $41.0 0.1% Snacks & Cookie-Cracker $73 $4.4 25% $40.6 0.2% Perso
Slide 52: Everyday Discovery & Seasonal Missions
Everyday Discovery & Seasonal Missions • Discretionary & seasonal are 50% of our business • We own these missions at the opening price point • Multi-price assortment allows greater penetration of these missions • Mixed Baskets (customers who buy OPP and multi-price) are growing – this is new white s
Slide 53: Discovery | New Category More Relevant to Year-Round Consumer
Discovery | New Category More Relevant to Our Year- Round Discretionary Consumer Shift in Focus from Electronics to Hardware Offers Our Customers Better Value at Higher Price Points $5 Hammer $1.25 Phone Grip $5 $1.25 29-Piece Phone Case Screwdriver Set $1.25 $7 Phone Stand 40-Piece Ratchet Set Resu
Slide 54: Seasonal | Bigger Baskets Through Multi-Price
Seasonal | Bigger Baskets Through Multi-Price for Our Celebrators and Enthusiasts Halloween Results Demonstrate The Benefit of Offering a Broader Assortment Basket Size (Units) Basket Size ($) We still offer the best value for the Casual seasonal shopper Since the introduction of the multi- price se
Slide 55: Seasonal | Multi-Price Offer Completes the Shop
Seasonal | Multi-Price Offer Allows Us to Complete the Shop for Our Customers Basket Sales ($) FY2024 • $1.25 baskets are flat to down • Multi-price baskets have increased high single-digits • Mixed baskets of opening price point and multi-price are up double-digits Opening Multi-price only Mixed Pr
Slide 56: Seasonal | Multi-Price Candy
Seasonal | Multi-Price Candy Halloween • Large Variety bag offerings with high piece count • Individually wrapped treat sized offerings • Trick or Treat, Trunk or Treat, Classroom parties • Dollar Tree multi-price $5 offering 3x value of $1.25 assortment Christmas • Branded/Licensed Stocking Stuffer
Slide 57: Remaining Disciplined with Test and Learn Approach
Remaining Disciplined with Test and Learn Approach Methodical, Not Random We are taking Reduce Risk Avoid costly mistakes by refining Structured pilots to validate a deliberate, cross- approach in test markets and impact before broad rollout functional approach certain locations to ensure we roll ou
Slide 58: Key Takeaways
Key Takeaways • We’re optimizing store space – treating shelves like a real estate portfolio, engineered to drive higher sales and margin. • Multi-price is one of our most powerful tools. Unlocking market share and accelerating our ability to generate incremental value. • We’ll fuel innovation throu
Slide 59: Raising the Bar in Store Operations
Raising the Bar in Store Operations Jocy Konrad Chief of Dollar Tree Stores and Enterprise Operations
Slide 60: Our Strategy | Store Operations Drivers
Our Strategy | Store Operations Drivers 60
Slide 61: Raising the Bar | Large-Scale Communication
Raising the Bar | Large-Scale Communication 9,200+ Store Leaders 500+ District Leaders 50+ Regional and Zone Leaders 61
Slide 62: Raising the Bar | Operationalizing Business Changes
Raising the Bar | Operationalizing Business Changes Fiercely Protecting Our Promise of Great Value Through Price Evolution Pre-2019 2019 2021 2024 2025 Legacy Dollar Tree Plus $1.25 Rollout Multi-Price Expansion Price Evolution Unique merchandise Introduced $3 and $5 Increased entry price Expanded m
Slide 63: Raising the Bar | Our G.O.L.D. Journey
Raising the Bar | Our G.O.L.D. Journey Setting the Standard for All Stores with Consistent Conditions June 2023 Fall 2023 2024 November 2024 Mid-2025 Investor Day G.O.L.D. Launch Test and Learn Recalibration Race to G.O.L.D. Introduced Grand Began to teach, coach, Rolled out new During strategy Defi
Slide 64: Raising the Bar | G.O.L.D. Standard Stores
Raising the Bar | G.O.L.D. Standard Stores Setting the Standard for All Stores with Consistent Conditions Engaged Safe, Clean, Leaders Bright Stores Fully Staffed Full, Shoppable Team Shelves Consistently Superior Trained Associates Customer Service Standardized Shrink Results and Processes Risks ar
Slide 65: Raising the Bar | Unlocking Opportunity
Raising the Bar | Unlocking Opportunity Elevating Store Standards to Drive Long-Term Results Distribution of G.O.L.D. Stores by Store Count 2,000 1,500 1,000 500 0 1 2 3 4 5 6 7 8 9 10 Opportunities Good Great G.O.L.D. 1-4 5-6 7-8 9-10 Stores: 3,968 2,257 1,268 111 52% 30% 17% 1% Fish Finder: 18.1 1
Slide 66: Raising the Bar Through Our People
Raising the Bar Through Our People
Slide 67: Raising the Bar | Leading with a Consistent Direction
Raising the Bar | Leading with a Consistent Direction Building a Culture to Elevate the Magic of Dollar Tree Our Purpose Our People Our Process Care for Our Associates Teach, Coach, and Train Control the Controllables Serve Our Customers Build an Attractive Culture Reimagine the Store Experience Sup
Slide 68: Raising the Bar Through Culture Change
Raising the Bar Through Culture Change
Slide 69: Raising the Bar | Delivering a Consistent Experience
Raising the Bar | Delivering a Consistent Experience Associate Xperience Inspire accountability in a safe, engaging environment where associates are proud to go above and beyond for customers Customer Xperience Provide a safe and memorable “thrill of the hunt” shopping experience for customers in cl
Slide 70: Raising the Bar | Race to G.O.L.D.
Raising the Bar | Race to G.O.L.D. Achieving Shrink Goal Recovery G.E.T.: Greet. Price Clarity Exceed. Thank. 70
Slide 71: Our Strategy | New Store Growth and Improved Conditions
Our Strategy | New Store Growth and Improved Conditions 71
Slide 72: Raising the Bar | Introducing Refresh and Renovation
Raising the Bar | Introducing Refresh and Renovation Refresh Renovation Program: Program: • “Paint and Powder” • Renovation • ~$25k per store • ~$200k per store • 3,000 stores • 125 stores • $75M spend • $25M spend Total Annual Program Limited Scope: Expanded Scope: Capex Cost = • Fresh white paint
Slide 73: Our Strategy | Improved Store Operations
Our Strategy | Improved Store Operations 73
Slide 74: Raising the Bar | Simplifying Our Ways of Working
Raising the Bar | Simplifying Our Ways of Working Truck Day | The First 48 Hours • Urgently processing freight • Prioritizing safety and productivity Truck Day Work the Plan | Maintaining & Merchandising • Maintaining full, shoppable shelves • Executing merchandise initiatives • Creating seasonal di
Slide 75: Raising the Bar | Early Wins and Continued Innovation
Raising the Bar | Early Wins and Continued Innovation Investments in the Associate and Customer Experiences to Drive Results Early Wins Innovation Driving Comp Sales Continuous Test and Learn • 2% sales lift in select stores to • Reimagined Store Experience boost performance with labor New signage,
Slide 76: Raising the Bar | Path to Shrink Improvements
Raising the Bar | Path to Shrink Improvements Introduced Mitigation Tactics to Drive Sustainable Long-Term Reduction • Leadership and Accountability • Physical Security Initiatives • Internal Theft Tactics to Reduce Shrink, Increasing • External Theft Sales and Profitability • Audits • Teaching and
Slide 77: Raising the Bar | Unlocking Opportunity
Raising the Bar | Unlocking Opportunity Elevating Store Standards to Drive Long-Term Results Distribution of G.O.L.D. Stores by Store Count 2,000 1,500 1,000 500 0 1 2 3 4 5 6 7 8 9 10 Opportunities Good Great G.O.L.D. 1-4 5-6 7-8 9-10 Stores: 3,968 2,257 1,268 111 52% 30% 17% 1% Note: Results as of
Slide 78: Raising the Bar | Unlocking Opportunity
Raising the Bar | Unlocking Opportunity Elevating Store Standards to Drive Long-Term Results Distribution of G.O.L.D. Stores by Store Count 4,000 3,000 2,000 1,000 0 1 2 3 4 5 6 7 8 9 10 Opportunities Good Great G.O.L.D. 1-4 5-6 7-8 9-10 Stores: 397 5,007 1,611 589 5% 66% 21% 8% Dollar Tree has the
Slide 79: Key Takeaways
Key Takeaways • We remain committed to the Grand Opening Look Daily (G.O.L.D.) standard – in every aisle, every store, every day. • Building a culture of accountability requires clear associate expectations and consistent training. • Raising the bar in stores with consistent, measurable store standa
Slide 80: Break
Break
Slide 81: Evolving the Supply Chain for Store Growth
Evolving the Supply Chain for Store Growth Roxanne Weng Chief Supply Chain Officer
Slide 82: Strategy | Evolved Supply Chain for Store Growth
Strategy | Evolved Supply Chain for Store Growth 82
Slide 83: Our Distribution Network
Our Distribution Network 18 Operating DCs and 2 Under Construction 83
Slide 84: Key Criteria to Track Supply Chain Evolution
Key Criteria to Track Supply Chain Evolution Cost savings Improved throughput per facility Reduced cost-to-serve Enhanced service levels Multi-price readiness completed 84
Slide 85: Opportunities to Enhance Our Supply Chain
Opportunities to Enhance Our Supply Chain Improve Unlock Building an Strengthen Labor Transportation Productivity Optimal Network Management and and Inventory Through Strategic for Sustainable Drive Performance Management Investments Growth Capabilities 85
Slide 86: Strengthen Labor Management and Drive Performance
Strengthen Labor Management and Drive Performance Voluntary Turnover • Building out an operating framework • Removal of unproductive incentive plans 71% • Enhanced safety programs 65% 55% • Greater recognition and feedback • Driving a culture of continuous improvement centered on curiosity • Launchi
Slide 87: Unlock Productivity Through Strategic Investments
Unlock Productivity Through Strategic Investments Temperature control roll-out at all DC’s complete Allows shipping of OTC products direct to stores ending inefficient methods Rotacarts for store delivery Evolving into a more holistic Dollar Tree store-friendly supply chain initiative New warehouse
Slide 88: Building an Optimal Network for Sustainable Growth
Building an Optimal Network for Sustainable Growth Build – Add capacity through new DCs – and – Optimize – Improve current network with targeted actions 2026 2027 2028 2029 • Strategic approach to supporting • Litchfield Park • • Rebuild Marietta store growth Build • Planned DC • Arizona Oklahoma •
Slide 89: Improve Transportation and Inventory Management Capabilities
Improve Transportation and Inventory Management Capabilities • Lock in multi-year inbound/outbound contracts at • Balancing inventory needs with store demand cycle-low rates to buffer against cost volatility • Aggressively manage import process, including • Lower landed cost is primary objective var
Slide 90: Summary: A Cost-Effective, Scalable Network for Growth
Summary: A Cost-Effective, Key Takeaways Scalable Network for Growth • Multi-price now fully enabled across the network – unlocking broader assortment, higher margins, and greater customer reach. • Align supply chain costs with sales growth. • Flexible and resilient transportation to handle external
Slide 91: Building It to Last with Disciplined Growth and Returns
Building It to Last with Disciplined Growth and Returns Stewart Glendinning Chief Financial Officer
Slide 92: Dollar Tree Strategic Plan
Agile Cost Management + Use 5 mitigation levers to manage cost of goods + Leverage SG&A through disciplined expense management Expanded, More Relevant Assortment + Higher gross profit per multi-price item + Drive traffic, ticket, and discretionary mix Stronger Customer Connection + Boost customer en
Slide 93: Overview
Overview • Clear algorithm for future growth and margin expansion • New stores deliver meaningful growth with strong financial returns • Operating and merchandising strategies will drive higher sales and gross margin per store • Expense management will drive operating leverage near and longer term •
Slide 94: Reaffirming 3Q and Full-Year Fiscal 2025 Outlook
Reaffirming 3Q and Full-Year Fiscal 2025 Outlook • Reaffirming Full-Year Fiscal 2025 Adjusted Diluted Earnings per Share outlook of $5.32 to $5.72 provided on September 3, 2025 • Reaffirming 3Q 2025 Adjusted Diluted Earnings Per Share outlook of “similar to third quarter 2024” provided on September
Slide 95: Pathway to Earnings Growth
Pathway to Earnings Growth Expand Increase Drive Store Gross Earnings Footprint Improve Margin = Leverage Growth Store Costs Productivity 95
Slide 96: Expecting ~400 New Stores Openings Annually
Expecting ~400 New Stores Openings Annually Opened an average of Record high Average of Estimated 335 new stores 405 New Dollar Tree Stores 11,000 Gross SF per store2 75 store closures per year per year since 2014 expected to open in the US New square footage of reducing SF by 0.8M (excluding 99 Cen
Slide 97: New Store Financial Impacts
New Store Financial Impacts High Returns on Investment, Meaningful Impact to Top Line Growth New Store Key Points New Store Data • Adds approximately 2.5%+ to top line growth in first Annual New Store Count ~400 year1 Average initial Investment ($M) ~$375 • Each annual class of stores adds to the co
Slide 98: Average Store Size is Approximately 8,800 Square Feet
Average Store Size is Approximately 8,800 Square Feet Dollar Tree Store Size Average Selling Super FY 14,000 sq ft Square Footage Small 9% 6,600 sq ft 13% 2023 8,687 Larger 10,000 sq ft 27% 2024 8,828 Medium 2025E 8,830 8,000 sq ft 51% 98
Slide 99: Average Sales Per Square Foot Has Increased Steadily
Average Sales Per Square Foot Has Increased Steadily Sales per Selling Square Foot by Store Size Category Operating Costs Leveraged by Higher Sales per SF $241 $246 • Shrink $237 $232 $207 • Rent • Store and Field Management Labor • Repairs, maintenance and utilities Small Medium Average Large Super
Slide 100: Drive Leverage from Assortment and Multi-Price
Drive Leverage from Assortment and Multi-Price (Indexed 2020 =100) Sales Trend Merchandise Gross Profit1 Dollar Trend 295 332 171 169 130 125 2020 2021 2022 2023 2024 2025e 2020 2021 2022 2023 2024 2025e Electronics Hardware Easter Electronics Hardware Easter Unit Trend Merchandise Gross Margin1 Dol
Slide 101: Operations Has a Rigorous Process to Drive Results
Operations Has a Rigorous Process to Drive Results Grow Sales Grow Margin Leverage Costs Measure Act and Sustain Impact Comprehensive Metrics Consistent Action Resulting P&L Impact
Slide 102: Dollar Tree Segment – Consistent Sales Growth and Margin
Dollar Tree Segment – Consistent Sales Growth and Margin Net Sales ($B) Gross Margin as % of Net Sales $17.6 $16.8 37.5% $15.4 $13.9 $13.3 $12.5 35.8% 35.8% 34.7% 34.3% 33.1% 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 102
Slide 103: SG&A Increases Have Led to Deleverage
SG&A Increases Have Led to Deleverage Dollar Tree Segment SG&A ($B) Adjusted Corporate SG&A as % of Total Revenue $4.2 $3.7 $3.2 $2.9 $3.0 3.1% $2.7 3.0% 2.9% 2019 2020 2021 2022 2023 2024 2022 2023 2024 103
Slide 104: Expecting Segment SG&A Leverage Going Forward
Expecting Segment SG&A Leverage Going Forward 2019-2024 Increase Select Expense Items on a per Store Basis ($K) Expected Changes in Future Store SG&A Total SG&A $116 • Store labor driven by rate increases expected to Store Labor $39 moderate in 2026 Depr & Amort $15 • Multi-Price creates labor effic
Slide 105: Corporate SG&A Achieves 2% of Sales Target by 2028
Corporate SG&A Achieves 2% of Sales Target by 2028 Corporate SG&A1 as % of Total Revenue Targeting 2% of revenue by 2028 2025 remains on target to reduce by $95M 3.1% 2026 reduction target is a further $95M 2.0% Pursue further cost reductions 2024 2028E and leverage to achieve 2% target by 2028 1 Ne
Slide 106: Three-Year Growth Algorithm
Three-Year Growth Algorithm Expanded and More Productive Footprint, Combined with Expense Discipline Discrete Items Growth Underlying Driver Algorithm + = Algorithm Impacting FY26 Impacting FY27 (FY26-FY28) New Store Openings ~400 per year - - ~400 per year Net Sales Growth 5% to 7% - - 5% to 7% ● C
Slide 107: Strong Underlying Growth Targets and Discrete Items Drive Expected EPS Growth
Strong Underlying Growth Targets and Discrete Items Drive Expected EPS Growth FY25E EPS Discrete Underlying FY2026E Discrete Underlying FY2027E Underlying FY2028E Items Growth Items Growth Growth Target Target Target 107
Slide 108: Ongoing Leverage in the P&L
Ongoing Leverage in the P&L Line Item Looking Ahead Opportunity Risk Gross Margin Purchasing managed to target GM% Shrink, Markdown Freight Expected hours efficiency, with rate Labor management system, Store Labor Higher inflation increase in line with wage inflation multi price unit reductions R&M
Slide 109: Focus on Dollar Tree Will Enable Stronger Free Cash Flow
Focus on Dollar Tree Will Enable Stronger Free Cash Flow Total Capital Expenditures1 ($M) Total Free Cash Flow1 ($M) $1,301 $1,818 $1,250 $1,194 $1,035 $1,021 $899 $1,207 $639 $893 $835 $779 $410 2 2019 2020 2021 2022 2023 2024 2025E 2019 2020 2021 2022 2023 2024 DT, FD, and Corporate DT and Corpora
Slide 110: Strong Balance Sheet with Increasing Liquidity
Strong Balance Sheet with Increasing Liquidity Leverage Ratio1 (Bank-Defined) Long-Term Debt Maturities2 ($M) 1,250 3.1x 2.6x 2.4x 2.4x 2.3x 2.1x 2.1x 800 400 2019 2020 2021 2022 2023 2024 2025 YTD 2028 2031 2051 (as of Q2) 1 Defined by the Company’s Revolving Credit Agreement dated March 21, 2025 2
Slide 111: Capital Allocation Priorities
Capital Allocation Priorities STRONG SHAREHOLDER INVEST IN GROWTH BALANCE SHEET RETURN Committed to an Strategic Business Return of Excess Investment Grade Investments with Cash Via Disciplined Rating Strong Returns Share Repurchases & Potential Dividend 111
Slide 112: Capex and Free Cash Flow
Capex and Free Cash Flow Other 1% Investment Consistent in New Stores and Store Maintenance; Supply Chain and IT Slightly Lower IT 7% Capex to average 4% to 5% of sales for next 5 years • Maintenance and remodels • Supply chain and IT spending decelerates from recent levels New Stores 34% Supply Cha
Slide 113: Excess Cash to Shareholders via Share Repurchases
Excess Cash to Shareholders via Share Repurchases $1,200 Total Stock Repurchases ($M) $950 $650 $500 $400 $400 $200 2019 2020 2021 2022 2023 2024 YTD 2025 (as of October 2025) 113
Slide 114: Path to Earnings Growth
Path to Earnings Growth • Open approximately 400 • Improve store operations • Drive leverage on store costs • 3% to 4% comp growth new stores per year • Enhance assortment to • Lower corporate costs to 2% of revenue • 5% to 7% revenue growth • Accelerate revenue increase shelf volume and • 12% to 15
Slide 115: Q&A
Q&A
Slide 116: Management Team
Mike Creedon Brent Beebe Jocelyn Konrad Chief Executive Officer Incoming Chief Merchandising Officer Chief of Stores and Enterprise Operations Roxanne Weng Chief Supply Chain Officer Stewart Glendinning Chief Financial Officer
Slide 117: Slide 117
Slide 118: Closing Remarks
Closing Remarks Mike Creedon Chief Executive Officer
Slide 119: Dollar Tree Strategic Plan
Stronger Customer Connection New Store Agile Cost Growth and Management Improved Conditions Expanded, Improved More Relevant Store Assortment Operations Supported by Supply Chain Excellence and Disciplined Financial Management Fueled by the power of 150,000+ associates Dollar Tree Strategic Plan
Slide 120: Investor Day
Investor Day October 15, 2025 New York, NY
Slide 121: Non-GAAP Financial Measures
Non-GAAP Financial Measures From time-to-time, the Company discloses certain financial measures not derived in accordance with GAAP. These non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purposes of analyzing operating p
Slide 122: Non-GAAP Financial Measures
Non-GAAP Financial Measures DOLLAR TREE, INC. Reconciliation of Non-GAAP Financial Measures Corporate, Support and Other (In millions) (Unaudited) 52 Weeks Ended 53 Weeks Ended 52 Weeks Ended February 1, 2025 February 3, 2024 January 28, 2023 Reconciliation of Adjusted Selling, General and Administr
Slide 123: Non-GAAP Financial Measures
Non-GAAP Financial Measures DOLLAR TREE, INC. Reconciliation of Non-GAAP Financial Measures Corporate, Support and Other (In millions) (Unaudited) 52 Weeks Ended 53 Weeks Ended 52 Weeks Ended February 1, 2025 February 3, 2024 January 28, 2023 Reconciliation of Adjusted Operating Loss - Corporate, Su
Slide 124: Non-GAAP Financial Measures
Non-GAAP Financial Measures DOLLAR TREE, INC. Reconciliation of Non-GAAP Financial Measures (In millions, except per share data) (Unaudited) Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow (a) 52 Weeks Ended 53 Weeks Ended 52 Weeks Ended 52 Weeks Ended 52 Week