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Dollar Tree Inc. (DLTR-12.09%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports a 3.5% increase in net sales to $7,561.7 million, driven by a 1.8% increase in comparable store net sales. The Dollar Tree segment saw an 8.3% rise in net sales, while Family Dollar experienced a 2.5% decline due to store closures.
Gross profit margin improved to 30.9% from 29.7% in the same period last year, attributed to lower freight costs and improved shrink results.
Selling, general, and administrative expenses rose to 26.6% of total revenues, up from 25.7% in the prior year, due to higher depreciation, professional fees, and utilities costs.
Operating income increased by 10.5% to $333.4 million, with a margin of 4.4%, compared to 4.1% in the previous year.
Net income for the quarter was $233.3 million, or $1.08 per diluted share, up from $212.0 million, or $0.97 per diluted share, in the prior year.
The company reported cash provided by operating activities of $1,788.2 million, with cash used in investing and financing activities of $1,359.1 million and $412.9 million, respectively.
Dollar Tree continues to focus on strategic initiatives, including the expansion of its multi-price product assortment and a review of strategic alternatives for the Family Dollar segment.
The company is addressing the impact of a tornado that destroyed its Marietta, Oklahoma distribution center, with insurance recoveries expected to offset losses.
Dollar Tree has repurchased 3,283,837 shares of common stock during the 39 weeks ended November 2, 2024, with $952.4 million remaining under its repurchase authorization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dollar Tree Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.