DOLLAR TREE, INC. | ||||||||
Condensed Consolidated Income Statements | ||||||||
(In millions, except per share data) | ||||||||
(Unaudited) | ||||||||
13 Weeks Ended | ||||||||
May 4, 2019 | May 5, 2018 | |||||||
Net sales | $ | 5,808.7 | $ | 5,553.7 | ||||
Cost of sales | 4,081.5 | 3,854.1 | ||||||
Gross profit | 1,727.2 | 1,699.6 | ||||||
29.7 | % | 30.6 | % | |||||
Selling, general & administrative expenses | 1,341.7 | 1,262.0 | ||||||
23.1 | % | 22.7 | % | |||||
Operating income | 385.5 | 437.6 | ||||||
6.6 | % | 7.9 | % | |||||
Interest expense, net | 41.4 | 230.0 | ||||||
Other expense, net | 0.2 | 0.2 | ||||||
Income before income taxes | 343.9 | 207.4 | ||||||
5.9 | % | 3.7 | % | |||||
Provision for income taxes | 76.0 | 46.9 | ||||||
Income tax rate | 22.1 | % | 22.6 | % | ||||
Net income | $ | 267.9 | $ | 160.5 | ||||
4.6 | % | 2.9 | % | |||||
Net earnings per share: | ||||||||
Basic | $ | 1.13 | $ | 0.68 | ||||
Weighted average number of shares | 238.0 | 237.5 | ||||||
Diluted | $ | 1.12 | $ | 0.67 | ||||
Weighted average number of shares | 239.1 | 238.5 | ||||||
DOLLAR TREE, INC. | ||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
May 4, | February 2, | May 5, | ||||||||||
2019 | 2019 | 2018 | ||||||||||
Cash and cash equivalents | $ | 725.8 | $ | 422.1 | $ | 475.2 | ||||||
Merchandise inventories | 3,325.5 | 3,536.0 | 3,248.2 | |||||||||
Other current assets | 194.8 | 335.2 | 318.6 | |||||||||
Total current assets | 4,246.1 | 4,293.3 | 4,042.0 | |||||||||
Property, plant and equipment, net | 3,525.0 | 3,445.3 | 3,249.7 | |||||||||
Restricted cash | 24.7 | 24.6 | — | |||||||||
Operating lease right-of-use assets | 6,111.0 | — | — | |||||||||
Goodwill | 2,295.9 | 2,296.6 | 5,024.2 | |||||||||
Favorable lease rights, net | — | 288.7 | 354.9 | |||||||||
Trade name intangible asset | 3,100.0 | 3,100.0 | 3,100.0 | |||||||||
Other assets | 51.6 | 52.7 | 56.3 | |||||||||
Total assets | $ | 19,354.3 | $ | 13,501.2 | $ | 15,827.1 | ||||||
Current portion of long-term debt | $ | 750.0 | $ | — | $ | — | ||||||
Current portion of operating lease liabilities | 1,215.9 | — | — | |||||||||
Accounts payable | 1,186.5 | 1,416.4 | 1,181.5 | |||||||||
Income taxes payable | 125.2 | 60.0 | 81.7 | |||||||||
Other current liabilities | 701.7 | 619.3 | 654.0 | |||||||||
Total current liabilities | 3,979.3 | 2,095.7 | 1,917.2 | |||||||||
Long-term debt, net, excluding current portion | 3,516.9 | 4,265.3 | 5,040.1 | |||||||||
Operating lease liabilities, long-term | 4,849.5 | — | — | |||||||||
Unfavorable lease rights, net | — | 78.8 | 94.5 | |||||||||
Deferred income taxes, net | 954.2 | 973.2 | 976.2 | |||||||||
Income taxes payable, long-term | 35.8 | 35.4 | 42.5 | |||||||||
Other liabilities | 262.7 | 409.9 | 400.9 | |||||||||
Total liabilities | 13,598.4 | 7,858.3 | 8,471.4 | |||||||||
Shareholders' equity | 5,755.9 | 5,642.9 | 7,355.7 | |||||||||
Total liabilities and shareholders' equity | $ | 19,354.3 | $ | 13,501.2 | $ | 15,827.1 | ||||||
The February 2, 2019 information was derived from the audited consolidated financial statements as of that date. | ||||||||||||
DOLLAR TREE, INC. | ||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
13 Weeks Ended | ||||||||||||
May 4, | May 5, | |||||||||||
2019 | 2018 | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 267.9 | $ | 160.5 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 151.2 | 151.5 | ||||||||||
Provision for deferred income taxes | 3.0 | (9.0 | ) | |||||||||
Amortization of debt discount and debt-issuance costs | 1.6 | 49.7 | ||||||||||
Other non-cash adjustments to net income | 33.4 | 33.6 | ||||||||||
Loss on debt extinguishment | — | 114.7 | ||||||||||
Changes in operating assets and liabilities | 157.0 | (113.4 | ) | |||||||||
Total adjustments | 346.2 | 227.1 | ||||||||||
Net cash provided by operating activities | 614.1 | 387.6 | ||||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (209.2 | ) | (180.9 | ) | ||||||||
Proceeds from governmental grant | 16.5 | — | ||||||||||
Proceeds from (payments for) fixed asset disposition | 0.3 | (0.2 | ) | |||||||||
Net cash used in investing activities | (192.4 | ) | (181.1 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from long-term debt, net of discount | — | 4,775.8 | ||||||||||
Principal payments for long-term debt | — | (5,432.7 | ) | |||||||||
Debt-issuance and debt extinguishment costs | — | (155.3 | ) | |||||||||
Proceeds from revolving credit facility | — | 50.0 | ||||||||||
Repayments of revolving credit facility | — | (50.0 | ) | |||||||||
Proceeds from stock issued pursuant to stock-based compensation plans | 5.8 | 4.6 | ||||||||||
Cash paid for taxes on exercises/vesting of stock-based compensation | (23.3 | ) | (21.2 | ) | ||||||||
Payments for repurchase of stock | (100.0 | ) | — | |||||||||
Net cash used in financing activities | (117.5 | ) | (828.8 | ) | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.4 | ) | (0.3 | ) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 303.8 | (622.6 | ) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 446.7 | 1,097.8 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 750.5 | $ | 475.2 | ||||||||