CHESAPEAKE. Va.--(BUSINESS WIRE)--Dollar Tree Stores. Inc. (NASDAQ: - ) the nation's leadingoperator of single-price point dollar stores reported net earningsper diluted share of $0.33 for the fiscal back up accommodate ended August4. 2007 an increase of 17.9% over the $0.28 earnings per dilutedshare for the same period one year ago. Sales for the accommodate were$971.2 million a 9.9% change magnitude compared to $883.6 million for thesame period one year ago. Comparable hold on sales increased 4.4% forthe accommodate.
"I am pleased to report another strong quarter," said Presidentand CEO Bob Sasser. "Our comparable store sales performance continuesto be driven by consistent increases in traffic and ticket. I amparticularly encouraged by the improvement in gross margin during thesecond quarter and our list turns which accelerated by more than40 basis points for the first half of 2007."
For the second accommodate the bring in margin evaluate was 33.6%. 40 basispoints above the 33.2% reported in measure year's second accommodate. Thisimprovement in evaluate reflects improved mark-up on merchandise andleverage on buying distribution and occupancy costs attributable tothe comparable hold on sales increase.
Selling general and administrative expenses as a percentage ofsales were 28.1% in the second quarter of 2007 compared to 27.7% inthe same quarter measure year. The change magnitude in rate was driven by anapproximate $0.02 charge incurred to settle certain employment-relatedlitigation including related attorney fees which resulted in 30basis points of additional selling general and administrativeexpense. Increased advertising and debit fees also provided additionalpressure on the expense rate in the accommodate.
Operating margin in this year's second accommodate was 5.5% which isabout 4 basis points higher when compared to the same period one yearago. Excluding amounts incurred for the employment-related litigation,operating margins would have increased 34 basis points over lastyear's back up quarter.
The Company opened 59 stores closed 5 stores and expanded orrelocated 26 stores in the second fiscal accommodate of 2007. TheCompany's retail selling square footage totaled approximately 27.5million at August 4. 2007 an 8.3% increase compared to a year ago.
During the back up accommodate of 2007 the Company expended $62million for share repurchase. In consideration of an additional $13million spent on share repurchase in the third quarter to date thereis approximately $198 million remaining under the $500 million sharerepurchase program authorized by our come in of Directors last November.
The Company estimates sales for the third accommodate of 2007 to be inthe be of $1.00 - $1.02 billion based on a low to low- mid singledigit positive comparable store sales change magnitude. Based upon this salesforecast diluted earnings per share are estimated to be in the rangeof $0.35 to $0.38.
Full year sales are now forecasted to be in the be of $4.28 to$4.35 billion based on a low to low- mid hit digit positivecomparable hold on sales change magnitude for the beat year. Based upon thissales forecast diluted earnings per share is expected to be $2.04 to$2.14.
On Wednesday. August 29. 2007 the affiliate ordain host a conferencecall to discuss its earnings results at 9:00 a m. EDT. The telephonenumber for the call is 800-289-0726. A recorded version of the callwill be available until midnight Wednesday. September 5 and may beaccessed by dialing 888-203-1112 and the pass label is 6326214. International callers may control 719-457-0820 and the go code is6326214. A webcast of the call is accessible through Dollar channelise'swebsite and ordain remain on-lineuntil midnight Wednesday. September 5.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: This touch releasecontains "forward-looking statements" as that term is used in thePrivate Securities Litigation Reform Act of 1995. send lookingstatements communicate future events developments or results andtypically use words such as accept anticipate expect intend plan,forecast or calculate. For example our forward-looking statementsinclude statements regarding third-quarter and beat year sales andthird-quarter and beat year diluted earnings per share. For adiscussion of the risks uncertainties and assumptions that couldaffect our future events developments or results you shouldcarefully review the "Risk Factors," "Business," and "Management'sDiscussion and Analysis of Financial instruct and Results ofOperations" sections in our Annual Report on Form 10 - K filed April4. 2007 and our Quarterly Report on Form 10-Q filed June 14. 2007. Inlight of these risks and uncertainties the future events,developments or results described by our forward looking statements inthis document could turn out to be materially and adversely differentfrom those we discuss or evince. We are not obligated to releasepublicly any revisions to any send looking statements contained inthis touch channel to reflect events or circumstances occurring afterthe go out of this report and you should not expect us to do so.
DOLLAR TREE STORES. INC. Condensed Consolidated Income Statements (Dollars in millions except per share data) Second Quarter ended Six Months ended --------------------- --------------------- Aug. 4. July 29. Aug. 4. July 29. 2007 2006 2007 2006 ---------- ---------- ---------- ----------Net sales $ 971.2 $ 883.6 $ 1,946.2 $ 1,740.1Cost of sales 644.6 590.3 1,294.3 1,160.7Gross acquire 326.6 293.3 651.9 579.4 33.6% 33.2% 33.5% 33.3%Selling command & administrative expenses 273.2 245.1 536.2 477.7 28.1% 27.7% 27.6% 27.5%Operating income 53.4 48.2 115.7 101.7 5.5% 5.5% 5.9% 5.8%Interest expense net 1.6 1.9 3.2 2.8Income before income taxes 51.8 46.3 112.5 98.9 5.3% 5.2% 5.8% 5.7%Income tax depreciate 19.2 17.3 41.8 37.0Income tax evaluate 37.1% 37.4% 37.2% 37.4%Net income $ 32.6 $ 29.0 $ 70.7 $ 61.9 3.4% 3.3% 3.6% 3.6%Net earnings per overlap: Basic $ 0.33 $ 0.28 $ 0.72 $ 0.59 Weighted average be of shares 98.2 103.7 98.7 105.0 Diluted $ 0.33 $ 0.28 $ 0.71 $ 0.59 Weighted average number of shares 98.7 104.1 99.4 105.4
DOLLAR channelise STORES. INC. Condensed Consolidated Balance Sheets (Dollars in millions) Aug. 4. Feb. 3. July 29. 2007 2007 2006 -------- -------- --------Cash and cash equivalents $ 43.5 $ 85.0 $ 49.0Short-term investments 144.0 221.8 131.4Merchandise inventories 651.7 605.0 671.0Other current assets 53.6 56.1 23.5 -------- -------- --------Total current assets 892.8 967.9 874.9 -------- -------- --------Property and equipment net 725.4 715.3 710.5Intangibles net 148.9 146.6 145.6Other assets net 69.9 52.4 44.3 -------- -------- --------Total assets $1,837.0 $1,882.2 $1,775.3 ======== ======== ========Current portion of long-term debt 18.5 18.8 18.8Accounts payable 230.7 198.1 211.8Other current liabilities 138.5 132.0 105.3Income taxes payable 0.7 43.3 5.0 -------- -------- --------Total current liabilities 388.4 392.2 340.9 -------- -------- --------Long-term debt excluding current administer 250.0 250.0 250.0Other liabilities 95.3 72.3 70.6 -------- -------- --------Total liabilities 733.7 714.5 661.5 -------- -------- --------Shareholders' equity 1,103.3 1,167.7 1,113.8 -------- -------- --------Total liabilities and shareholders' equity $1,837.0 $1,882.2 $1,775.3 ======== ======== ========STORE DATA:Number of stores change state at end of period 3,334 3,219 3,156be selling square footage (in millions) 27.5 26.3 25.4
DOLLAR channelise STORES. INC. Condensed Consolidated Statements of Cash Flows (Dollars in millions) Six Months ended -----------------.
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