Cover Page
Cover Page - shares | 3 Months Ended | |
May 04, 2024 | Jun. 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 04, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-25464 | |
Entity Registrant Name | DOLLAR TREE, INC. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 26-2018846 | |
Entity Address, Address Line One | 500 Volvo Parkway | |
Entity Address, City or Town | Chesapeake, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23320 | |
City Area Code | 757 | |
Local Phone Number | 321-5000 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | DLTR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 214,944,000 | |
Entity Central Index Key | 0000935703 | |
Current Fiscal Year End Date | --02-01 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 7,626.4 | $ 7,319.5 |
Other revenue | 6.4 | 4.3 |
Total revenue | 7,632.8 | 7,323.8 |
Cost of sales | 5,278.7 | 5,089.1 |
Selling, general and administrative expenses | 1,933.5 | 1,815 |
Operating income | 420.6 | 419.7 |
Interest expense, net | 24.4 | 25.9 |
Other expense, net | 0.1 | 0.1 |
Income before income taxes | 396.1 | 393.7 |
Provision for income taxes | 96 | 94.7 |
Net income | $ 300.1 | $ 299 |
Basic net income per share (USD per share) | $ 1.38 | $ 1.35 |
Diluted net income per share (USD per share) | $ 1.38 | $ 1.35 |
Weighted average common shares outstanding: | ||
Weighted average number of shares outstanding, Basic (in shares) | 217.8 | 221.1 |
Weighted average common shares outstanding, Diluted (in shares) | 218.1 | 221.7 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 300.1 | $ 299 |
Foreign currency translation adjustments | (2) | (2.8) |
Total comprehensive income | $ 298.1 | $ 296.2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 618.5 | $ 684.9 | $ 872.8 |
Merchandise inventories | 5,009 | 5,112.8 | 5,112 |
Other current assets | 454.7 | 335 | 282.8 |
Total current assets | 6,082.2 | 6,132.7 | 6,267.6 |
Restricted cash | 73.2 | 72.3 | 69.2 |
Property, plant and equipment, net of accumulated depreciation of $6,652.5, $6,631.4 and $6,176.4, respectively | 6,301.7 | 6,144.1 | 5,111.8 |
Operating lease right-of-use assets | 6,469.3 | 6,488.3 | 6,503.4 |
Goodwill | 913.3 | 913.8 | 1,982.6 |
Trade name intangible asset | 2,150 | 2,150 | 3,100 |
Deferred tax asset | 8.7 | 9 | 13.9 |
Other assets | 111.8 | 113.3 | 60.1 |
Total assets | 22,110.2 | 22,023.5 | 23,108.6 |
Current liabilities: | |||
Current portion of operating lease liabilities | 1,509.6 | 1,513 | 1,456.9 |
Accounts payable | 2,266.8 | 2,063.8 | 1,597.6 |
Income taxes payable | 82.9 | 52.7 | 144.1 |
Other current liabilities | 897 | 1,067.2 | 942.9 |
Total current liabilities | 4,756.3 | 4,696.7 | 4,141.5 |
Long-term debt, net | 3,427.5 | 3,426.3 | 3,422.7 |
Operating lease liabilities, long-term | 5,412.1 | 5,447.6 | 5,269 |
Deferred income taxes, net | 902.4 | 841.1 | 1,107.8 |
Income taxes payable, long-term | 22.4 | 22 | 17.6 |
Other liabilities | 277.1 | 276.7 | 250.3 |
Total liabilities | 14,797.8 | 14,710.4 | 14,208.9 |
Contingencies (Note 3) | |||
Shareholders’ equity: | |||
Common stock, par value $0.01; 600,000,000 shares authorized, 216,165,909, 217,907,206 and 220,648,374 shares issued and outstanding, respectively | 2.2 | 2.2 | 2.2 |
Additional paid-in capital | 0 | 229.9 | 519.5 |
Accumulated other comprehensive loss | (45.6) | (43.6) | (44) |
Retained earnings | 7,355.8 | 7,124.6 | 8,422 |
Total shareholders’ equity | 7,312.4 | 7,313.1 | 8,899.7 |
Total liabilities and shareholders’ equity | $ 22,110.2 | $ 22,023.5 | $ 23,108.6 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Statement of Financial Position [Abstract] | |||
Accumulated depreciation, property, plant and equipment | $ 6,652.5 | $ 6,631.4 | $ 6,176.4 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 216,165,909 | 217,907,206 | 220,648,374 |
Common shares outstanding (in shares) | 216,165,909 | 217,907,206 | 220,648,374 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance (in shares) at Jan. 28, 2023 | 221,200 | ||||
Beginning balance at Jan. 28, 2023 | $ 8,751.5 | $ 2.2 | $ 667.5 | $ (41.2) | $ 8,123 |
Statement of Stockholders' Equity [Roll Forward] | |||||
Net income | 299 | 299 | |||
Total other comprehensive income (loss) | (2.8) | (2.8) | |||
Issuance of stock under Employee Stock Purchase Plan (in shares) | 0 | ||||
Issuance of stock under Employee Stock Purchase Plan | 2.9 | 2.9 | |||
Exercise of stock options (in shares) | 0 | ||||
Exercise of stock options | 0.1 | 0.1 | |||
Stock-based compensation, net (in shares) | 400 | ||||
Stock-based compensation, net | 1.1 | 1.1 | |||
Repurchase of stock (in shares) | (1,000) | ||||
Repurchase of stock | (151.1) | (151.1) | |||
Excise tax on repurchases of stock | (1) | (1) | |||
Ending balance (in shares) at Apr. 29, 2023 | 220,600 | ||||
Ending balance at Apr. 29, 2023 | 8,899.7 | $ 2.2 | 519.5 | (44) | 8,422 |
Beginning balance (in shares) at Feb. 03, 2024 | 217,900 | ||||
Beginning balance at Feb. 03, 2024 | 7,313.1 | $ 2.2 | 229.9 | (43.6) | 7,124.6 |
Statement of Stockholders' Equity [Roll Forward] | |||||
Net income | 300.1 | 300.1 | |||
Total other comprehensive income (loss) | (2) | (2) | |||
Issuance of stock under Employee Stock Purchase Plan | 3.8 | 3.8 | |||
Exercise of stock options | 0.1 | 0.1 | |||
Stock-based compensation, net (in shares) | 300 | ||||
Stock-based compensation, net | 10.1 | 10.1 | |||
Repurchase of stock (in shares) | (2,500) | ||||
Repurchase of stock | (310) | (241.1) | (68.9) | ||
Excise tax on repurchases of stock | (2.8) | (2.8) | |||
Ending balance (in shares) at May. 04, 2024 | 215,700 | ||||
Ending balance at May. 04, 2024 | $ 7,312.4 | $ 2.2 | $ 0 | $ (45.6) | $ 7,355.8 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 300,100 | $ 299,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 234,000 | 196,400 |
Provision for deferred income taxes | 61,400 | 3,000 |
Stock-based compensation expense | 29,600 | 28,300 |
Impairments | 0 | 800 |
Other non-cash adjustments to net income | 2,500 | 35,500 |
Changes in operating assets and liabilities: | ||
Merchandise inventories | 32,400 | 335,900 |
Other current assets | 2,800 | 7,900 |
Other assets | (1,500) | 1,800 |
Accounts payable | 203,400 | (301,800) |
Income taxes payable | 30,300 | 86,000 |
Other current liabilities | (175,900) | 104,500 |
Other liabilities | 900 | 5,200 |
Operating lease right-of-use assets and liabilities, net | (21,700) | (31,100) |
Net cash provided by operating activities | 695,700 | 752,000 |
Cash flows from investing activities: | ||
Capital expenditures | (472,200) | (350,400) |
Payments for fixed asset disposition | (800) | (2,300) |
Net cash used in investing activities | (473,000) | (352,700) |
Cash flows from financing activities: | ||
Proceeds from stock issued pursuant to stock-based compensation plans | 3,900 | 2,900 |
Cash paid for taxes on exercises/vesting of stock-based compensation | (19,500) | (27,100) |
Payments for repurchase of stock | (272,200) | (143,400) |
Net cash used in financing activities | (287,800) | (167,600) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (400) | (1,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (65,500) | 230,700 |
Cash, cash equivalents and restricted cash at beginning of period | 757,200 | 711,300 |
Cash, cash equivalents and restricted cash at end of period | 691,700 | 942,000 |
Cash paid for: | ||
Interest, net of amounts capitalized | 400 | 400 |
Income taxes | 5,300 | 5,600 |
Non-cash transactions: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 346,800 | 416,800 |
Accrued capital expenditures | 103,900 | 68,600 |
Losses on property, plant and equipment recorded in insurance receivables | $ 47,000 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Unless otherwise stated, references to “we,” “us,” and “our” in this quarterly report on Form 10-Q refer to Dollar Tree, Inc. and its direct and indirect subsidiaries on a consolidated basis. We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 20, 2024. The results of operations for the 13 weeks ended May 4, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year ending February 1, 2025. In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (including those of a normal recurring nature) considered necessary for a fair presentation of our financial position as of May 4, 2024 and April 29, 2023 and the results of our operations and cash flows for the periods presented. The February 3, 2024 balance sheet information was derived from the audited consolidated financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation. All amounts stated herein are in U.S. Dollars. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
May 04, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. We adopted ASU 2022-04 in fiscal 2023 on a retrospective basis, except for the amendments relating to the rollforward requirement, which are effective on a prospective basis beginning in fiscal 2024 within the Annual Report on Form 10-K. Refer to Note 8 for a discussion of our supply chain finance program. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) which requires disclosure of incremental segment information on an annual and interim basis, including enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. ASU 2023-07 also requires entities to disclose the title and position of the CODM and explain how the CODM uses the reported measures of segment profit or loss in assessing performance and allocating resources. Further, it requires that all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 be provided in interim periods. ASU 2023-07 is effective on a retrospective basis for annual periods beginning in fiscal 2024 and for interim periods beginning in fiscal 2025. We are currently evaluating the impact of this standard to our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) which requires entities to disclose specific categories and greater disaggregation of information in the effective tax rate reconciliation, as well as disaggregated disclosure of income taxes paid, pretax income and income tax expense by jurisdiction. The standard also removes certain disclosure requirements that currently exist under Topic 740. ASU 2023-09 is effective on a prospective basis for annual periods beginning in fiscal 2025, with retrospective application permitted. We are currently evaluating the impact of this standard to our consolidated financial statements. |
Contingencies
Contingencies | 3 Months Ended |
May 04, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies On April 28, 2024, a tornado destroyed our Dollar Tree distribution center in Marietta, Oklahoma. Based on the significant damage sustained by the facility, the inventory contained in the facility and the facility itself are not salvageable. We incurred losses totaling $117.0 million as of May 4, 2024, consisting of $70.0 million related to damaged inventory and $47.0 million related to property and equipment. Our distribution center insurance policies include significant property and inventory coverage and we believe the aforementioned, incurred losses will be fully offset by insurance recoveries. As the insurance receivables recorded fully offset the losses incurred, there was no net impact to the accompanying unaudited Condensed Consolidated Income Statements for the 13 weeks ended May 4, 2024. Expected insurance recoveries for business interruption and redevelopment costs greater than the losses recognized cannot be estimated at this time. The foregoing losses and expected insurance recoveries are based on information currently available to us. We continue to assess these estimates and will recognize any changes to these estimates in the period(s) in which they are determined. The final losses, insurance recoveries and net charges could vary from these estimates. Legal Proceedings We are defendants in ordinary, routine litigation or proceedings incidental to our business, including employment-related matters; infringement of intellectual property rights; personal injury/wrongful death claims; real estate matters; environmental and safety issues; and product safety matters. Legal proceedings may also include class, collective, representative and large cases and arbitrations, including those described below. We will vigorously defend ourselves in these matters. We do not believe that any of these matters will, individually or in the aggregate, have a material effect on our business, financial condition, or liquidity. We cannot give assurance, however, that one or more of these matters will not have a material effect on our results of operations for the quarter or year in which they are reserved or resolved. We assess our legal proceedings monthly and reserves are established if a loss is probable and the amount of such loss can be reasonably estimated. Many, if not substantially all, of our legal proceedings are subject to significant uncertainties and, therefore, determining the likelihood of a loss and the measurement of any loss can be complex and subject to judgment. With respect to the matters noted below where we have determined that a loss is reasonably possible but not probable, we are unable to reasonably estimate the amount or range of the possible loss at this time due to the inherent difficulty of predicting the outcome of and uncertainties regarding legal proceedings. Our assessments are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Management’s assessment of legal proceedings could change because of future determinations or the discovery of facts which are not presently known. Accordingly, the ultimate costs of resolving these proceedings may be substantially higher or lower than currently estimated. Active Matters DC 202-Related Matters As previously reported by the company on its Current Report on Form 8-K filed February 26, 2024, Family Dollar Stores, LLC (“Family Dollar”), a wholly-owned subsidiary of the company, entered into a Plea Agreement (the “Plea Agreement”) resolving the U.S. Department of Justice (“DOJ”) investigation regarding rodent infestation at Family Dollar’s West Memphis, Arkansas distribution center (“DC 202”) and the related distribution of adulterated product. Subject to the terms and conditions of the Plea Agreement, Family Dollar pled guilty to a one count misdemeanor violation of the Food, Drug and Cosmetics Act for causing FDA-regulated products to become adulterated while such articles were held in DC 202. Under the Plea Agreement, Family Dollar agreed to pay $200,000 in fines and a forfeiture money judgment in the amount of $41,475,000, which relates to the value of the adulterated FDA-regulated products that were held in DC 202. The Plea Agreement was approved by the United States District Court for the Eastern District of Arkansas at a hearing on February 26, 2024. No criminal charges were brought against Dollar Tree in connection with this matter. As part of the Plea Agreement, Dollar Tree and Family Dollar agreed to certain terms relating to its compliance program including submitting certain reports to the DOJ for a three-year term. The company previously reported a preliminary settlement of a multi-district litigation proceeding in federal court in Tennessee covering 14 putative class actions filed against us primarily related to issues associated with DC 202 described above. The claims made settlement, which received preliminary approval from the court in October 2023, provided that one class member per household may receive a $25 Family Dollar gift certificate. The period for filing a claim, opting out of the settlement or filing an objection to the settlement ended on January 9, 2024, and on April 5, 2024, the court granted final approval on the settlement. A lawsuit brought by the Attorney General for the State of Arkansas related to the sale of products from DC 202 remains pending, and the court is expected to hold a hearing on our motion to dismiss the State's claims on July 2, 2024. As previously disclosed, we recorded charges of $56.7 million in fiscal 2023 with respect to DC 202-related matters which included the final resolution of the DOJ investigation and the now-approved settlement of the 14 putative consumer class actions. At the present time, we are unable to estimate the amount of additional incremental loss, if any, which may result when the State of Arkansas complaint is finally resolved, but we do not believe it will have a material adverse effect on our business, financial condition, or liquidity. Talc Product Matters Multiple personal injury lawsuits are pending in state court in Illinois, New York, Texas, and New Jersey against Dollar Tree, Family Dollar or both alleging that certain talc products that we sold caused cancer. The plaintiffs seek compensatory, punitive and exemplary damages, damages for loss of consortium, and attorneys’ fees and costs. Although we have been able to resolve previous talc lawsuits against us without material loss, given the inherent uncertainties of litigation there can be no assurances regarding the outcome of pending or future cases. Future costs to litigate these cases are not known but may be material, and it is uncertain whether our costs will be covered by insurance. In addition, although we have indemnification rights against our vendors in several of these cases, it is uncertain whether the vendors will have the financial ability to fulfill their obligations to us. Acetaminophen Matters Since August 2022, more than 50 personal injury cases have been filed in federal court against Dollar Tree, Family Dollar, or both, on behalf of minors alleging that their mothers took acetaminophen while pregnant, that the acetaminophen interfered with fetal development such that plaintiffs were born with autism and/or ADHD, and that we knew or should have known of the danger, had a duty to warn and failed to include appropriate warnings on the product labels. The plaintiffs seek compensatory, punitive and/or exemplary damages, restitution and disgorgement, economic damages, and attorneys’ fees and costs. These cases, which originated in Alabama, California, Florida, Georgia, Louisiana, Minnesota, Missouri, North Carolina, Kentucky, Tennessee and Texas, along with other cases against many other defendants, were consolidated into multi-district court litigation in the Southern District of New York. The court disqualified plaintiffs’ experts and, on that basis dismissed all the cases which had been filed at the time of that decision, including all cases currently filed against us. The dismissal has been appealed to the Second Circuit by plaintiffs. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 04, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are classified in the fair value hierarchy in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). We did not record any material impairment charges during the 13 weeks ended May 4, 2024 or April 29, 2023. Fair Value of Financial Instruments The carrying amounts of “Cash and cash equivalents,” “Restricted cash” and “Accounts payable” as reported in the accompanying unaudited Condensed Consolidated Balance Sheets approximate fair value due to their short-term maturities. The carrying values of our Revolving Credit Facility and borrowings under our commercial paper program approximate their fair values. The aggregate fair values and carrying values of our long-term borrowings were as follows: May 4, 2024 February 3, 2024 April 29, 2023 (in millions) Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Level 1 Senior Notes $ 3,093.9 $ 3,430.9 $ 3,140.0 $ 3,430.1 $ 3,140.1 $ 3,427.5 |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The following table sets forth the calculations of basic and diluted net income per share: 13 Weeks Ended (in millions, except per share data) May 4, 2024 April 29, 2023 Basic net income per share: Net income $ 300.1 $ 299.0 Weighted average number of shares outstanding 217.8 221.1 Basic net income per share $ 1.38 $ 1.35 Diluted net income per share: Net income $ 300.1 $ 299.0 Weighted average number of shares outstanding 217.8 221.1 Dilutive impact of share-based awards (as determined by applying the treasury stock method) 0.3 0.6 Weighted average number of shares and dilutive potential 218.1 221.7 Diluted net income per share $ 1.38 $ 1.35 Share-based awards of 3.1 million shares and 2.9 million shares were excluded from the calculation of diluted net income per share for the 13 weeks ended May 4, 2024 and April 29, 2023, respectively, because their inclusion would be anti-dilutive. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
May 04, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ EquityWe repurchased 2,537,302 and 1,025,000 shares of common stock on the open market at a cost of $312.8 million and $152.1 million, including applicable excise tax, during the 13 weeks ended May 4, 2024 and April 29, 2023, respectively. Of the shares repurchased during the 13 weeks ended May 4, 2024 and April 29, 2023, $37.8 million and $7.7 million, respectively, settled subsequent to May 4, 2024 and April 29, 2023, respectively, and these amounts were accrued in the accompanying unaudited Condensed Consolidated Balance Sheets. At May 4, 2024, we had $1.04 billion remaining under our existing $2.5 billion Board repurchase authorization. |
Segments and Disaggregated Reve
Segments and Disaggregated Revenue | 3 Months Ended |
May 04, 2024 | |
Segment Reporting [Abstract] | |
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. The Dollar Tree segment is the leading operator of discount variety stores offering merchandise predominantly at the opening price point of $1.25, with additional offerings at $3, $4 and $5 price points. The Dollar Tree segment includes our operations under the “Dollar Tree” and “Dollar Tree Canada” brands, 15 distribution centers in the United States and two distribution centers in Canada. The Family Dollar segment operates a chain of general merchandise retail discount stores providing consumers with a selection of competitively-priced merchandise in convenient neighborhood stores. The Family Dollar segment consists of our operations under the “Family Dollar” brand and ten distribution centers. The Family Dollar segment operating income includes advertising revenue, which is a component of “Other revenue” in the accompanying unaudited Condensed Consolidated Income Statements. 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 and the results of operations for our Summit Pointe property in Chesapeake, Virginia that are considered shared services and therefore, these selling, general and administrative costs are excluded from our two reporting business segments. Information for our segments, as well as for corporate, support and other, including the reconciliation to income before income taxes, is as follows: 13 Weeks Ended (in millions) May 4, 2024 April 29, 2023 Condensed Consolidated Income Statement Data (Unaudited): Net sales: Dollar Tree $ 4,165.6 $ 3,931.7 Family Dollar 3,460.8 3,387.8 Consolidated net sales $ 7,626.4 $ 7,319.5 Gross profit: Dollar Tree $ 1,476.5 $ 1,388.6 Family Dollar 871.2 841.8 Consolidated gross profit $ 2,347.7 $ 2,230.4 Operating income (loss): Dollar Tree $ 522.3 $ 535.7 Family Dollar 36.9 8.8 Corporate, support and other (138.6) (124.8) Consolidated operating income 420.6 419.7 Interest expense, net 24.4 25.9 Other expense, net 0.1 0.1 Income before income taxes $ 396.1 $ 393.7 As of (in millions) May 4, 2024 February 3, 2024 April 29, 2023 Condensed Consolidated Balance Sheet Data (Unaudited): Goodwill: Dollar Tree $ 422.8 $ 423.3 $ 423.1 Family Dollar 490.5 490.5 1,559.5 Consolidated goodwill $ 913.3 $ 913.8 $ 1,982.6 Total assets: Dollar Tree $ 10,368.1 $ 10,315.9 $ 9,799.6 Family Dollar 10,928.5 11,037.0 12,746.8 Corporate, support and other 813.6 670.6 562.2 Consolidated total assets $ 22,110.2 $ 22,023.5 $ 23,108.6 Disaggregated Revenue The following table summarizes net sales by merchandise category for our segments: 13 Weeks Ended (in millions) May 4, 2024 April 29, 2023 Dollar Tree segment net sales by Consumable $ 2,092.0 50.2 % $ 1,887.2 48.0 % Variety 1,908.0 45.8 % 1,863.6 47.4 % Seasonal 165.6 4.0 % 180.9 4.6 % Total Dollar Tree segment net sales $ 4,165.6 100.0 % $ 3,931.7 100.0 % Family Dollar segment net sales by Consumable $ 2,794.7 80.8 % $ 2,713.5 80.1 % Home products 227.2 6.6 % 239.5 7.1 % Apparel and accessories 164.3 4.7 % 163.2 4.8 % Seasonal and electronics 274.6 7.9 % 271.6 8.0 % Total Family Dollar segment net sales $ 3,460.8 100.0 % $ 3,387.8 100.0 % |
Supply Chain Finance Program
Supply Chain Finance Program | 3 Months Ended |
May 04, 2024 | |
Payables and Accruals [Abstract] | |
Supply Chain Finance Program | Supply Chain Finance Program During the third quarter of fiscal 2023, we implemented a supply chain finance program, administered through a financial institution, which provides participating suppliers with the opportunity to finance payments due from us. Participating suppliers may, at their sole discretion, elect to finance one or more invoices of ours prior to their scheduled due dates at a discounted price with the financial institution. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. As such, the outstanding payment obligations under our supply chain financing program are included within “Accounts payable” in the accompanying unaudited Condensed Consolidated Balance Sheets and within “Cash flows from operating activities” in the accompanying unaudited Condensed Consolidated Statements of Cash Flows. Our outstanding payment obligations under this program were $60.4 million and $11.8 million as of May 4, 2024 and February 3, 2024, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 04, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to the quarter ended May 4, 2024, we announced that we had initiated a formal review of strategic alternatives for the Family Dollar business segment, which could include among others, a potential sale, spin-off or other disposition of the business. There is not a set deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any transaction or particular outcome. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 300.1 | $ 299 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. We adopted ASU 2022-04 in fiscal 2023 on a retrospective basis, except for the amendments relating to the rollforward requirement, which are effective on a prospective basis beginning in fiscal 2024 within the Annual Report on Form 10-K. Refer to Note 8 for a discussion of our supply chain finance program. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) which requires disclosure of incremental segment information on an annual and interim basis, including enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. ASU 2023-07 also requires entities to disclose the title and position of the CODM and explain how the CODM uses the reported measures of segment profit or loss in assessing performance and allocating resources. Further, it requires that all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 be provided in interim periods. ASU 2023-07 is effective on a retrospective basis for annual periods beginning in fiscal 2024 and for interim periods beginning in fiscal 2025. We are currently evaluating the impact of this standard to our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) which requires entities to disclose specific categories and greater disaggregation of information in the effective tax rate reconciliation, as well as disaggregated disclosure of income taxes paid, pretax income and income tax expense by jurisdiction. The standard also removes certain disclosure requirements that currently exist under Topic 740. ASU 2023-09 is effective on a prospective basis for annual periods beginning in fiscal 2025, with retrospective application permitted. We are currently evaluating the impact of this standard to our consolidated financial statements. |
Legal Proceedings | On April 28, 2024, a tornado destroyed our Dollar Tree distribution center in Marietta, Oklahoma. Based on the significant damage sustained by the facility, the inventory contained in the facility and the facility itself are not salvageable. We incurred losses totaling $117.0 million as of May 4, 2024, consisting of $70.0 million related to damaged inventory and $47.0 million related to property and equipment. Our distribution center insurance policies include significant property and inventory coverage and we believe the aforementioned, incurred losses will be fully offset by insurance recoveries. As the insurance receivables recorded fully offset the losses incurred, there was no net impact to the accompanying unaudited Condensed Consolidated Income Statements for the 13 weeks ended May 4, 2024. Expected insurance recoveries for business interruption and redevelopment costs greater than the losses recognized cannot be estimated at this time. The foregoing losses and expected insurance recoveries are based on information currently available to us. We continue to assess these estimates and will recognize any changes to these estimates in the period(s) in which they are determined. The final losses, insurance recoveries and net charges could vary from these estimates. Legal Proceedings We are defendants in ordinary, routine litigation or proceedings incidental to our business, including employment-related matters; infringement of intellectual property rights; personal injury/wrongful death claims; real estate matters; environmental and safety issues; and product safety matters. Legal proceedings may also include class, collective, representative and large cases and arbitrations, including those described below. We will vigorously defend ourselves in these matters. We do not believe that any of these matters will, individually or in the aggregate, have a material effect on our business, financial condition, or liquidity. We cannot give assurance, however, that one or more of these matters will not have a material effect on our results of operations for the quarter or year in which they are reserved or resolved. We assess our legal proceedings monthly and reserves are established if a loss is probable and the amount of such loss can be reasonably estimated. Many, if not substantially all, of our legal proceedings are subject to significant uncertainties and, therefore, determining the likelihood of a loss and the measurement of any loss can be complex and subject to judgment. With respect to the matters noted below where we have determined that a loss is reasonably possible but not probable, we are unable to reasonably estimate the amount or range of the possible loss at this time due to the inherent difficulty of predicting the outcome of and uncertainties regarding legal proceedings. Our assessments are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Management’s assessment of legal proceedings could change because of future determinations or the discovery of facts which are not presently known. Accordingly, the ultimate costs of resolving these proceedings may be substantially higher or lower than currently estimated. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 04, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair values and carrying values of long-term borrowings | The aggregate fair values and carrying values of our long-term borrowings were as follows: May 4, 2024 February 3, 2024 April 29, 2023 (in millions) Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Level 1 Senior Notes $ 3,093.9 $ 3,430.9 $ 3,140.0 $ 3,430.1 $ 3,140.1 $ 3,427.5 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net income per share | The following table sets forth the calculations of basic and diluted net income per share: 13 Weeks Ended (in millions, except per share data) May 4, 2024 April 29, 2023 Basic net income per share: Net income $ 300.1 $ 299.0 Weighted average number of shares outstanding 217.8 221.1 Basic net income per share $ 1.38 $ 1.35 Diluted net income per share: Net income $ 300.1 $ 299.0 Weighted average number of shares outstanding 217.8 221.1 Dilutive impact of share-based awards (as determined by applying the treasury stock method) 0.3 0.6 Weighted average number of shares and dilutive potential 218.1 221.7 Diluted net income per share $ 1.38 $ 1.35 |
Segments and Disaggregated Re_2
Segments and Disaggregated Revenue (Tables) | 3 Months Ended |
May 04, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information for our segments, as well as for corporate, support and other, including the reconciliation to income before income taxes, is as follows: 13 Weeks Ended (in millions) May 4, 2024 April 29, 2023 Condensed Consolidated Income Statement Data (Unaudited): Net sales: Dollar Tree $ 4,165.6 $ 3,931.7 Family Dollar 3,460.8 3,387.8 Consolidated net sales $ 7,626.4 $ 7,319.5 Gross profit: Dollar Tree $ 1,476.5 $ 1,388.6 Family Dollar 871.2 841.8 Consolidated gross profit $ 2,347.7 $ 2,230.4 Operating income (loss): Dollar Tree $ 522.3 $ 535.7 Family Dollar 36.9 8.8 Corporate, support and other (138.6) (124.8) Consolidated operating income 420.6 419.7 Interest expense, net 24.4 25.9 Other expense, net 0.1 0.1 Income before income taxes $ 396.1 $ 393.7 As of (in millions) May 4, 2024 February 3, 2024 April 29, 2023 Condensed Consolidated Balance Sheet Data (Unaudited): Goodwill: Dollar Tree $ 422.8 $ 423.3 $ 423.1 Family Dollar 490.5 490.5 1,559.5 Consolidated goodwill $ 913.3 $ 913.8 $ 1,982.6 Total assets: Dollar Tree $ 10,368.1 $ 10,315.9 $ 9,799.6 Family Dollar 10,928.5 11,037.0 12,746.8 Corporate, support and other 813.6 670.6 562.2 Consolidated total assets $ 22,110.2 $ 22,023.5 $ 23,108.6 |
Disaggregation of Revenue | The following table summarizes net sales by merchandise category for our segments: 13 Weeks Ended (in millions) May 4, 2024 April 29, 2023 Dollar Tree segment net sales by Consumable $ 2,092.0 50.2 % $ 1,887.2 48.0 % Variety 1,908.0 45.8 % 1,863.6 47.4 % Seasonal 165.6 4.0 % 180.9 4.6 % Total Dollar Tree segment net sales $ 4,165.6 100.0 % $ 3,931.7 100.0 % Family Dollar segment net sales by Consumable $ 2,794.7 80.8 % $ 2,713.5 80.1 % Home products 227.2 6.6 % 239.5 7.1 % Apparel and accessories 164.3 4.7 % 163.2 4.8 % Seasonal and electronics 274.6 7.9 % 271.6 8.0 % Total Family Dollar segment net sales $ 3,460.8 100.0 % $ 3,387.8 100.0 % |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) | 3 Months Ended | 21 Months Ended | ||||
Feb. 26, 2024 USD ($) | May 04, 2024 USD ($) lawsuit | Apr. 29, 2023 USD ($) | May 04, 2024 lawsuit personalInjuryCase | Feb. 03, 2024 USD ($) | Oct. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Losses on property, plant and equipment recorded in insurance receivables | $ 47,000,000 | $ 0 | ||||
Plea agreement, report submission term | 3 years | |||||
Number of class action lawsuits | lawsuit | 14 | 14 | ||||
Damages awarded, value per gift certificate | $ 25 | |||||
Loss contingency accrual | $ 56,700,000 | |||||
Number of personal injury cases | personalInjuryCase | 50 | |||||
Damage from tornado | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, loss in period | $ 117,000,000 | |||||
Loss in period related to damaged inventory | 70,000,000 | |||||
Losses on property, plant and equipment recorded in insurance receivables | $ 47,000,000 | |||||
Plea Agreement, Fines | DC 202 Related Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages paid | $ 200,000 | |||||
Plea Agreement, Forfeiture Money Judgement | DC 202 Related Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages paid | $ 41,475,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments (Details) - Fair value, inputs, level 1 - Senior Notes - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term borrowings | $ 3,093.9 | $ 3,140 | $ 3,140.1 |
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term borrowings | $ 3,430.9 | $ 3,430.1 | $ 3,427.5 |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Basic net income per share: | ||
Net income | $ 300.1 | $ 299 |
Weighted average number of shares outstanding (in shares) | 217.8 | 221.1 |
Basic net income per share (USD per share) | $ 1.38 | $ 1.35 |
Diluted net income per share: | ||
Net income | $ 300.1 | $ 299 |
Weighted average number of shares outstanding (in shares) | 217.8 | 221.1 |
Dilutive effect of stock options and restricted stock (as determined by applying the treasury stock method) (in shares) | 0.3 | 0.6 |
Weighted average number of shares and dilutive potential shares outstanding (in shares) | 218.1 | 221.7 |
Diluted net income per share (USD per share) | $ 1.38 | $ 1.35 |
Net Income Per Share - Narrativ
Net Income Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities (in shares) | 3.1 | 2.9 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Share Repurchase Program [Line Items] | ||
Repurchase of stock (in shares) | 2,537,302 | 1,025,000 |
Repurchase of stock | $ 312.8 | $ 152.1 |
Remaining repurchase remaining authorized amount | 1,040 | |
Share repurchase authorized amount | 2,500 | |
Share Repurchase Program, Settled Subsequent To Period End | ||
Share Repurchase Program [Line Items] | ||
Repurchase of stock | $ 37.8 | $ 7.7 |
Segments and Disaggregated Re_3
Segments and Disaggregated Revenue - Narrative (Details) | 3 Months Ended |
May 04, 2024 USD ($) province store segment distribution_center state | |
Segment Reporting Information [Line Items] | |
Number of retail discount stores | store | 16,300 |
Number of states/provinces the Company operates in | state | 48 |
Number of reporting business segments | segment | 2 |
Merchandise fixed price, price point two | $ 3 |
Merchandise fixed price, price point three | 4 |
Merchandise fixed price, price point four | 5 |
Dollar Tree | |
Segment Reporting Information [Line Items] | |
Merchandise fixed price, price point one | $ 1.25 |
Family Dollar | |
Segment Reporting Information [Line Items] | |
Number of distribution centers | distribution_center | 10 |
Canada | |
Segment Reporting Information [Line Items] | |
Number of states/provinces the Company operates in | province | 5 |
Canada | Dollar Tree | |
Segment Reporting Information [Line Items] | |
Number of distribution centers | distribution_center | 2 |
United States | Dollar Tree | |
Segment Reporting Information [Line Items] | |
Number of distribution centers | distribution_center | 15 |
Segments and Disaggregated Re_4
Segments and Disaggregated Revenue - Information For Segments and Corporate and Support (Details) - USD ($) $ in Millions | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | |
Condensed Consolidated Income Statement Data (Unaudited): | |||
Net sales | $ 7,626.4 | $ 7,319.5 | |
Gross profit | 2,347.7 | 2,230.4 | |
Operating income | 420.6 | 419.7 | |
Interest expense, net | 24.4 | 25.9 | |
Other expense, net | 0.1 | 0.1 | |
Income before income taxes | 396.1 | 393.7 | |
Condensed Consolidated Balance Sheet Data (Unaudited): | |||
Consolidated goodwill | 913.3 | 1,982.6 | $ 913.8 |
Consolidated total assets | 22,110.2 | 23,108.6 | 22,023.5 |
Corporate, support and other | |||
Condensed Consolidated Income Statement Data (Unaudited): | |||
Operating income | (138.6) | (124.8) | |
Condensed Consolidated Balance Sheet Data (Unaudited): | |||
Consolidated total assets | 813.6 | 562.2 | 670.6 |
Dollar Tree | |||
Condensed Consolidated Income Statement Data (Unaudited): | |||
Net sales | 4,165.6 | 3,931.7 | |
Dollar Tree | Operating segments | |||
Condensed Consolidated Income Statement Data (Unaudited): | |||
Net sales | 4,165.6 | 3,931.7 | |
Gross profit | 1,476.5 | 1,388.6 | |
Operating income | 522.3 | 535.7 | |
Condensed Consolidated Balance Sheet Data (Unaudited): | |||
Consolidated goodwill | 422.8 | 423.1 | 423.3 |
Consolidated total assets | 10,368.1 | 9,799.6 | 10,315.9 |
Family Dollar | |||
Condensed Consolidated Income Statement Data (Unaudited): | |||
Net sales | 3,460.8 | 3,387.8 | |
Family Dollar | Operating segments | |||
Condensed Consolidated Income Statement Data (Unaudited): | |||
Net sales | 3,460.8 | 3,387.8 | |
Gross profit | 871.2 | 841.8 | |
Operating income | 36.9 | 8.8 | |
Condensed Consolidated Balance Sheet Data (Unaudited): | |||
Consolidated goodwill | 490.5 | 1,559.5 | 490.5 |
Consolidated total assets | $ 10,928.5 | $ 12,746.8 | $ 11,037 |
Segments and Disaggregated Re_5
Segments and Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 7,626.4 | $ 7,319.5 |
Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 4,165.6 | 3,931.7 |
Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 3,460.8 | $ 3,387.8 |
Product Concentration Risk | Revenue, Segment Benchmark | Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Product Concentration Risk | Revenue, Segment Benchmark | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Consumable | Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,092 | $ 1,887.2 |
Consumable | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,794.7 | $ 2,713.5 |
Consumable | Product Concentration Risk | Revenue, Segment Benchmark | Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 50.20% | 48% |
Consumable | Product Concentration Risk | Revenue, Segment Benchmark | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 80.80% | 80.10% |
Variety | Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 1,908 | $ 1,863.6 |
Variety | Product Concentration Risk | Revenue, Segment Benchmark | Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 45.80% | 47.40% |
Seasonal | Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 165.6 | $ 180.9 |
Seasonal | Product Concentration Risk | Revenue, Segment Benchmark | Dollar Tree | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 4% | 4.60% |
Home Products | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 227.2 | $ 239.5 |
Home Products | Product Concentration Risk | Revenue, Segment Benchmark | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 6.60% | 7.10% |
Apparel And Accessories | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 164.3 | $ 163.2 |
Apparel And Accessories | Product Concentration Risk | Revenue, Segment Benchmark | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 4.70% | 4.80% |
Seasonal And Electronics | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 274.6 | $ 271.6 |
Seasonal And Electronics | Product Concentration Risk | Revenue, Segment Benchmark | Family Dollar | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 7.90% | 8% |
Supply Chain Finance Program (D
Supply Chain Finance Program (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 |
Payables and Accruals [Abstract] | ||
Outstanding payment obligations | $ 60.4 | $ 11.8 |