dltr-202306210000935703false00009357032023-06-212023-06-21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 21, 2023
DOLLAR TREE, INC.
(Exact name of registrant as specified in its charter)
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| Virginia | 0-25464 | 26-2018846 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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| 500 Volvo Parkway | |
| Chesapeake, | Virginia | 23320 |
| (Address of principal executive offices) | (Zip Code) |
(757) 321-5000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $.01 per share | DLTR | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
As previously announced, Dollar Tree, Inc. (the “Company”) will host an Investor Conference in Norfolk, Virginia, on Wednesday, June 21, 2023. In connection with the Investor Conference, the Company issued a press release on June 21, 2023 which, among other things, provides further details about the event and the information that will be presented and re-affirms the Company’s outlook for the second quarter and fiscal 2023. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by this reference.
The information contained in this item is being furnished to the Securities and Exchange Commission. Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | DOLLAR TREE, INC. |
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| Date: June 21, 2023 | By: | /s/ Jeffrey A. Davis |
| | Jeffrey A. Davis |
| | Chief Financial Officer |
Dollar Tree, Inc. 2023 Investor Conference to Outline Growth Strategies, Multi-Year Financial Outlook, and Expectations of Future Cash Available for Capital Allocation
CHESAPEAKE, Va. – Dollar Tree, Inc. (NASDAQ: DLTR) will host its 2023 Investor Conference in Norfolk, Va., today to discuss the Company’s strategy and financial outlook.
The event will feature presentations by Chairman & Chief Executive Officer Rick Dreiling, Chief Financial Officer Jeff Davis, and members of the Company’s executive management team. The presentations will provide an in-depth overview of the Company and its business segments, including growth strategies, financial objectives, multi-year outlook, and expectations of future cash available for capital allocation.
The executive team will share the Company’s strategy and execution plans for:
•Improving sales productivity and enhancing margins at Family Dollar
•Extending the multi-price journey at Dollar Tree
•Operating with excellence and store development throughout the enterprise
•Developing capabilities across supply chain, technology, and people
•Achieving $10+ Earnings per Share (EPS) in FY 2026
“Dollar Tree is on an exciting path of accelerating sales and profit. We have compelling plans in place to deliver expanded value assortment across multiple price points, enhance store standards for our customers, and add new technology and capabilities to accelerate progress with our supply chain and people development,” said Dreiling. “As we pursue these initiatives, we are confident in our ability to achieve mid-single-digit comparable-store sales growth, gain market share, and expand our footprint. Achieving these results should drive substantial operating profit improvement across both banners, deliver EPS of $10 or more in fiscal year 2026, and produce significant available cash for shareholders. As we embark on this path forward, I truly believe that we have the strongest and most experienced executive team in the industry leading this transformation.”
In addition to outlining its strategy and financial outlook at today’s Investor Conference, the Company is reaffirming its outlook for second quarter and fiscal 2023:
Second Quarter 2023:
•Consolidated net sales of $7.0 billion to $7.2 billion
•Mid-single-digit increases in same-store sales for the enterprise and for the Dollar Tree and Family Dollar segments.
•Diluted EPS of $0.79 to $0.89
Fiscal 2023:
•Consolidated net Sales of $30.0 billion to $30.5 billion
•Low- to mid-single-digit same-store sales increase for the enterprise, comprised of a low- to mid-single-digit increase in the Dollar Tree segment and a mid-single-digit increase in the Family Dollar segment.
•Selling square footage growth of 3.0 to 3.5 percent, with new store growth back-end weighted
•Diluted EPS of $5.73 to $6.13(1)
(1) Includes an expected benefit of $0.29 from the contribution of a 53rd week and the $0.12 legal reserve charge taken in the first quarter.
A live webcast of the entire event, including an executive question-and-answer session, will begin at 8:00 a.m. Eastern Time and will be accessible via the IR Calendar in the “News and Events” section of the Company’s investor relations website at https://corporate.dollartree.com/investors. The corresponding presentation slides and webcast replay will be posted in the same section of the company's investor relations website.
About Dollar Tree, Inc.
Dollar Tree, a Fortune 200 Company, operated 16,419 stores across 48 states and five Canadian provinces as of April 29, 2023. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. To learn more about the Company, visit www.DollarTree.com.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release 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, expectations, developments, or results and do not relate strictly to historical facts. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, statements preceded by, followed by, or including words such as: “believe”, “anticipate”, “expect”, “intend”, “plan”, “view”, “target” or “estimate”, “may”, “will”, “should”, “predict”, “possible”, “potential”, “continue”, “strategy” and similar expressions. For example, our forward-looking statements include statements relating to our business and financial outlook for fiscal 2023, including without limitation our expectations regarding net sales, comparable store sales and diluted earnings per share for the second fiscal quarter and full fiscal year 2023, and various factors that are expected to impact our outlook; our selling square footage for fiscal 2023; our earnings per share for fiscal year 2026; other plans and expectations regarding our business, including various initiatives and investments in multi-price assortments at Dollar Tree, product assortment generally, store standards and operations, supply chain, technology and workforce; the impact of these initiatives and investments on and expectations regarding the company’s performance, sales, margins, productivity, profitability, cashflow and prospects for long-term growth; and our other plans, objectives, expectations (financial and otherwise) and intentions. These statements are subject to risks and uncertainties, and our actual results may differ materially from those indicated in these statements. For a discussion of the risks, uncertainties and assumptions that could affect our future events, developments or results, you should carefully review the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in our Annual Report on Form 10-K filed March 10, 2023, our Form 10-Q for the most recently ended fiscal quarter and other filings we make from time to time with the Securities and Exchange Commission. We are not obligated to release publicly any revisions to any forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this press release and you should not expect us to do so.
Investors:
Robert A. LaFleur
Senior Vice President, Investor Relations
757-991-5645
Media:
Kristin Tetreault
Senior Vice President and Chief Communications Officer
757-910-6840
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