What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-03-16 compared with 2020-03-20 · 48 added, 17 removed, 70 unchanged (48% of the section changed)

1 unchanged sentence

Our common stock is traded on The Nasdaq Global Select Market ® under the symbol “DLTR.” As of March 10, 2021, we had 2,288 shareholders of record.

During fiscal 2019 , we repurchased 1,967,355 shares of common stock on the open market at an average cost of $101.66 per share and a total cost of approximately $200.0 million .

None of such repurchases occurred in the fourth quarter of fiscal 2019.

We did not repurchase any shares of common stock on the open market in fiscal 2018 or fiscal 2017 .

At February 1, 2020 , we had $800.0 million remaining under Board repurchase authorization.

Issuer Purchases of Equity Securities

The following table presents our share repurchase activity during the fourth quarter of 2020:

Fiscal Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions)

November 1, 2020 - November 28, 2020 — $ — — $ 600.0

November 29, 2020 - January 2, 2021 896,698 109.23 896,698 502.1

January 3, 2021 - January 30, 2021 931,476 109.56 931,476 400.0

Total 1,828,174 $ 109.40 1,828,174 $ 400.0

During fiscal 2020 and 2019, we repurchased 3,982,478 and 1,967,355 shares of common stock, respectively, on the open market at a total cost of $400.0 million and $200.0 million, respectively.

We did not repurchase any shares of common stock in fiscal 2018.

As of January 30, 2021, we had $400.0 million remaining under the Board repurchase authorization.

Subsequently, on March 2, 2021, the Board increased the share repurchase authorization by $2.0 billion resulting in a total share repurchase authorization of $2.4 billion.

The repurchase authorization does not have an expiration date.

Stockholder Matters

We anticipate that substantially all of our cash flow from operations in the foreseeable future will be retained for the development and expansion of our business, the repayment of indebtedness and, as authorized by our Board of Directors, the repurchase of stock.

Management does not anticipate paying dividends on our common stock in the foreseeable future.

We do not anticipate paying cash dividends on our common stock in the foreseeable future.

Stock Performance Graph

The following graph sets forth the yearly percentage change in the cumulative total shareholder return on our common stock during the five fiscal years ended February 1, 2020 , compared with the cumulative total returns of the S&P 500 Index and the S&P Retailing Index.

The following graph sets forth the yearly percentage change in the cumulative total shareholder return on our common stock during the five fiscal years ended January 30, 2021, compared with the cumulative total returns of the S&P 500 Index and the S&P Retailing Index.

The comparison assumes that $100 was invested in our common stock on January 30, 2016, and, in each of the foregoing indices on January 30, 2016, and that dividends were reinvested.

The stock price performance shown in the graph is not necessarily indicative of future price performance.

January 31, 2015

January 30, 2016

January 28, 2017

February 3, 2018

February 2, 2019

February 1, 2020

January 30, 2016 January 28, 2017 February 3, 2018 February 2, 2019 February 1, 2020 January 30, 2021

Dollar Tree, Inc.

$ 100.00 $ 91.06 $ 133.83 $ 118.90 $ 107.07 $ 125.01

S&P 500 Index 100.00 120.04 151.74 148.23 180.37 211.48

1 unchanged sentence

Selected Financial Data

The following table presents a summary of our selected financial data for the fiscal years ended February 1, 2020 , February 2, 2019 , February 3, 2018 , January 28, 2017 , and January 30, 2016 .

The following table presents a summary of our selected financial data for the fiscal years ended January 30, 2021, February 1, 2020, February 2, 2019, February 3, 2018, and January 28, 2017.

Fiscal 2017 included 53 weeks, commensurate with the retail calendar, while all other fiscal years reported in the table contain 52 weeks.

1 unchanged sentence

This information should be read in conjunction with the consolidated financial statements and related notes, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial information found elsewhere in this report.

As a result of the acquisition of Family Dollar on July 6, 2015, the statement of operations data below for the year ended January 30, 2016 includes the results of operations of Family Dollar since that date.

Our net sales are derived from the sale of merchandise.

Two major factors tend to affect our net sales trends.

First is our success at opening new stores or adding new stores through mergers or acquisitions.

First is our success at opening new stores.

Second is the performance of stores once they are open.

20 unchanged sentences

Amounts in the following tables are in millions, except per share data, number of stores data, net sales per selling square foot data and inventory turns.

2021 February 1,

2020 February 2,

2019 February 3,

2018 January 28,

Statement of Operations Data:

Net sales $ 25,509.3 $ 23,610.8 $ 22,823.3 $ 22,245.5 $ 20,719.2

Gross profit 7,788.3 7,040.7 6,947.5 7,021.9 6,394.7

Selling, general and administrative expenses 5,900.4 5,778.5 7,887.0 5,022.8 4,689.9

2 unchanged sentences

Margin Data (as a percentage of net sales):

Gross profit 30.5 % 29.8 % 30.4 % 31.6 % 30.8 %

Selling, general and administrative expenses 23.1 % 24.5 % 34.5 % 22.6 % 22.6 %

Operating income (loss) 7.4 % 5.3 % (4.1) % 9.0 % 8.2 %

2021 February 1,

2020 February 2,

2019 February 3,

2018 January 28,

Net income (loss) 5.3 % 3.5 % (7.0) % 7.7 % 4.3 %

2 unchanged sentences

Diluted net income (loss) per share increase

(decrease) 62.8 % 151.9 % (192.8) % 90.7 % 200.0 %

2021 February 1,

2020 February 2,

2019 February 3,

2018 January 28,

Balance Sheet Data:

Cash and cash equivalents and short-term investments

$ 1,416.7 $ 539.2 $ 422.1 $ 1,097.8 $ 870.4

Working capital 1,320.5 722.9 2,197.6 1,717.2 1,832.1

Total assets 20,696.0 19,574.6 13,501.2 16,332.8 15,701.6

Total debt 3,250.0 3,800.0 4,300.0 5,732.7 6,391.8

Total operating lease liabilities 6,413.7 6,258.8 — — —

Shareholders’ equity 7,285.3 6,254.8 5,642.9 7,182.3 5,389.5

2021 February 1,

2020 February 2,

2019 February 3,

2018 January 28,

Selected Operating Data:

Number of stores open at end of period 15,685 15,288 15,237 14,835 14,334

Dollar Tree 7,805 7,505 7,001 6,650 6,360

Family Dollar 7,880 7,783 8,236 8,185 7,974

Gross square footage at end of period 154.5 149.8 148.3 143.9 138.8

Dollar Tree 84.0 80.6 75.4 71.6 68.5

Family Dollar 70.5 69.2 72.9 72.3 70.3

Selling square footage at end of period 125.1 121.3 120.1 116.6 112.4

Dollar Tree 67.4 64.6 60.3 57.3 54.7

Family Dollar 57.7 56.7 59.8 59.3 57.7

1 unchanged sentence

Net sales annual growth 1

8.0 % 3.5 % 2.6 % 7.4 % 8.6 %

Comparable store net sales increase 1

6.1 % 1.8 % 1.7 % 1.9 % 1.8 %

Net sales per selling square foot $ 207 $ 196 $ 193 $ 194 $ 188

4 unchanged sentences

Inventory turns 4.4 4.0 4.1 4.4 4.1

(1) Diluted net income (loss) per share for the year ended February 2, 2019 has been revised to reflect the immaterial correction of an error.

______________

1 Family Dollar was included in the determination of these items for the years ended February 3, 2018 and forward.

(3) Family Dollar was included in the determination of these items for the years ended January 28, 2017 and forward

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity