| Segments and Disaggregated Revenue |
Segments and Disaggregated Revenue We operate more than 16,300 retail discount stores in 48 states and five Canadian provinces. Our operations are conducted in two reporting business segments: Dollar Tree and Family Dollar. We define our segments as those operations whose results our CODM regularly reviews to analyze performance and allocate resources.
We measure the results of our segments using, among other measures, each segment’s net sales, gross profit and operating income. The CODM reviews these metrics for each of our reporting segments. We may revise the measurement of each segment’s operating income, as determined by the information regularly reviewed by the CODM. If the measurement of a segment changes, prior period amounts and balances are reclassified to be comparable to the current period’s presentation. Corporate, support and Other consists primarily of store support center costs that are considered shared services and therefore these selling, general and administrative costs are excluded from our two reporting business segments. These costs include operating expenses for our store support center and the results of operations for our Summit Pointe property in Chesapeake, Virginia. The Family Dollar segment Operating income includes advertising revenue, which is a component of Other revenue in the accompanying consolidated income statements.
Information for our segments, as well as for Corporate, support and Other, including the reconciliation to Income before income taxes, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
| |
|
January 28, |
|
January 29, |
|
January 30, |
| (in millions) |
|
2023 |
|
2022 |
|
2021 |
| Consolidated Income Statement Data: |
|
|
|
|
|
|
| Net sales: |
|
|
|
|
|
|
| Dollar Tree |
|
$ |
15,405.7 |
|
|
$ |
13,922.1 |
|
|
$ |
13,265.0 |
|
| Family Dollar |
|
12,912.5 |
|
|
12,387.7 |
|
|
12,243.4 |
|
| Consolidated Net sales |
|
$ |
28,318.2 |
|
|
$ |
26,309.8 |
|
|
$ |
25,508.4 |
|
|
|
|
|
|
|
|
| Gross profit: |
|
|
|
|
|
|
| Dollar Tree |
|
$ |
5,775.5 |
|
|
$ |
4,603.6 |
|
|
$ |
4,543.8 |
|
| Family Dollar |
|
3,146.4 |
|
|
3,122.3 |
|
|
3,243.6 |
|
| Consolidated Gross profit |
|
$ |
8,921.9 |
|
|
$ |
7,725.9 |
|
|
$ |
7,787.4 |
|
|
|
|
|
|
|
|
| Operating income (loss): |
|
|
|
|
|
|
| Dollar Tree |
|
$ |
2,536.0 |
|
|
$ |
1,607.0 |
|
|
$ |
1,598.0 |
|
| Family Dollar |
|
127.5 |
|
|
543.1 |
|
|
655.6 |
|
| Corporate, support and Other |
|
(427.2) |
|
|
(338.7) |
|
|
(365.7) |
|
| Consolidated Operating income |
|
2,236.3 |
|
|
1,811.4 |
|
|
1,887.9 |
|
| Interest expense, net |
|
125.3 |
|
|
178.9 |
|
|
147.3 |
|
| Other expense, net |
|
0.4 |
|
|
0.3 |
|
|
0.8 |
|
| Income before income taxes |
|
$ |
2,110.6 |
|
|
$ |
1,632.2 |
|
|
$ |
1,739.8 |
|
|
|
|
|
|
|
|
| Depreciation and amortization expense: |
|
|
|
|
|
|
| Dollar Tree |
|
$ |
338.8 |
|
|
$ |
316.0 |
|
|
$ |
302.3 |
|
| Family Dollar |
|
402.4 |
|
|
369.8 |
|
|
352.6 |
|
| Corporate, support and Other |
|
26.8 |
|
|
30.2 |
|
|
31.8 |
|
| Consolidated depreciation and amortization expense |
|
$ |
768.0 |
|
|
$ |
716.0 |
|
|
$ |
686.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of |
| |
|
January 28, |
|
January 29, |
| (in millions) |
|
2023 |
|
2022 |
| Consolidated Balance Sheet Data: |
|
|
|
|
| Goodwill: |
|
|
|
|
| Dollar Tree |
|
$ |
423.6 |
|
|
$ |
424.9 |
|
| Family Dollar |
|
1,559.5 |
|
|
1,559.5 |
|
| Consolidated Goodwill |
|
$ |
1,983.1 |
|
|
$ |
1,984.4 |
|
|
|
|
|
|
| Total assets: |
|
|
|
|
| Dollar Tree |
|
$ |
9,914.6 |
|
|
$ |
9,358.4 |
|
| Family Dollar |
|
12,562.2 |
|
|
11,871.8 |
|
| Corporate, support and Other |
|
545.3 |
|
|
491.6 |
|
| Consolidated Total assets |
|
$ |
23,022.1 |
|
|
$ |
21,721.8 |
|
|
|
|
|
|
| Additions to property, plant and equipment: |
|
|
|
|
| Dollar Tree |
|
$ |
548.7 |
|
|
$ |
477.1 |
|
| Family Dollar |
|
605.2 |
|
|
498.9 |
|
| Corporate, support and Other |
|
94.9 |
|
|
45.2 |
|
| Consolidated additions to property, plant and equipment |
|
$ |
1,248.8 |
|
|
$ |
1,021.2 |
|
Disaggregated Revenue
The following table summarizes net sales by merchandise category for our segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
| |
|
January 28, |
|
January 29, |
|
January 30, |
| (in millions) |
|
2023 |
|
2022 |
|
2021 |
Dollar Tree segment net sales by
merchandise category: |
|
|
|
|
|
|
|
|
|
|
|
|
| Consumable |
|
$ |
6,978.8 |
|
|
45.3 |
% |
|
$ |
6,334.5 |
|
|
45.5 |
% |
|
$ |
6,407.0 |
|
|
48.3 |
% |
| Variety |
|
7,456.3 |
|
|
48.4 |
% |
|
6,794.0 |
|
|
48.8 |
% |
|
6,194.8 |
|
|
46.7 |
% |
| Seasonal |
|
970.6 |
|
|
6.3 |
% |
|
793.6 |
|
|
5.7 |
% |
|
663.2 |
|
|
5.0 |
% |
| Total Dollar Tree segment net sales |
|
$ |
15,405.7 |
|
|
100.0 |
% |
|
$ |
13,922.1 |
|
|
100.0 |
% |
|
$ |
13,265.0 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Family Dollar segment net sales by
merchandise category: |
|
|
|
|
|
|
|
|
|
|
|
|
| Consumable |
|
$ |
10,036.2 |
|
|
77.7 |
% |
|
$ |
9,446.5 |
|
|
76.3 |
% |
|
$ |
9,367.8 |
|
|
76.5 |
% |
| Home products |
|
982.5 |
|
|
7.6 |
% |
|
1,033.9 |
|
|
8.3 |
% |
|
1,078.1 |
|
|
8.8 |
% |
| Apparel and accessories |
|
732.2 |
|
|
5.7 |
% |
|
781.5 |
|
|
6.3 |
% |
|
690.1 |
|
|
5.6 |
% |
| Seasonal and electronics |
|
1,161.6 |
|
|
9.0 |
% |
|
1,125.8 |
|
|
9.1 |
% |
|
1,107.4 |
|
|
9.1 |
% |
| Total Family Dollar segment net sales |
|
$ |
12,912.5 |
|
|
100.0 |
% |
|
$ |
12,387.7 |
|
|
100.0 |
% |
|
$ |
12,243.4 |
|
|
100.0 |
% |
|