DOLLAR TREE STORES, INC. REPORTS EARNINGS PER SHARE OF $1.19 FOR 1996 COMPARED TO $0.76 LAST YEAR.NORFOLK Norfolk, cities, United States Norfolk (1, 2 nôr`fək; 2 nôr`fôk'). 1 City (1990 pop. 21,476), Madison co., NE Nebr., on the Elkhorn River; inc. 1881. , Va.--(BUSINESS WIRE)--Jan. 22, 1997--Dollar Tree Stores, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : DLTR DLTR Duke Law and Technology Review ) reported net earnings for the year ended Dec. 31, 1996, of $33.8 million on sales of $493.0 million, compared to net earnings of $21.0 million on sales of $300.2 million in 1995. Earnings per share increased to $1.19 for the year from $0.76 for 1995. Sales increased 64.2% over 1995 sales, primarily due to the addition of 136 Dollar Bill$ stores, and sales in comparable stores rose 6.2% for the year, as previously reported. Gross margin for the year was 36.9% of sales compared to 37.5% for 1995. This change is largely due to a modest increase in landed merchandise costs resulting from increased sales of domestic products, which carry a lower margin, and a slight increase in inventory shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. , predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. at the Dollar Bills stores. These increases were offset by a decrease in occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal as a percentage of sales, primarily due to the comparative store net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increase. For 1996, operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased as a percentage of net sales to 24.7% from 25.3%, primarily as a result of hourly payroll cost savings due to controls instituted during the first quarter. These payroll savings counteracted the impact of the recent increase in minimum wage. For the fourth quarter, ended Dec. 31, 1996, net sales, earnings, and earnings per share in 1996 were $194.8 million, $23.2 million and $0.81 per share, respectively, compared to net sales, earnings, and earnings per share for the fourth quarter of 1995 of $121.2 million, $14.5 million, and $0.53 per share, respectively. Dollar Tree Stores, Inc., is a discount variety store chain offering a wide assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. of quality everyday general merchandise, in many traditional variety store categories, at the $1.00 price point. Dollar Tree Stores added 101 stores during 1996 and at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. operates 737 stores in 26 states, including 136 Dollar Bill$ stores added on January January: see month. 31, 1996. -0-
DOLLAR TREE STORES, INC.
Condensed Consolidated Income Statements
For the Three Months and Year Ended December 31
(Amounts in thousands, except per share data)
(Unaudited)
Fourth Quarter Year-To-Date
1996 1995 1996 1995
Net sales $194,785 $121,184 $493,037 $300,229
Cost of Sales 119,268 73,373 310,901 187,552
Gross Profit 75,517 47,811 182,136 112,677
38.8% 39.5% 36.9% 37.5%
SGA expenses 33,558 21,949 111,401 70,504
17.2% 18.1% 22.6% 23.5%
Depr./amort. 3,040 1,557 10,526 5,468
1.6% 1.3% 2.1% 1.8%
Interest 1,161 680 5,193 2,617
0.6% 0.6% 1.1% 0.9%
Earnings before
income taxes 37,758 23,625 55,016 34,088
19.4% 19.5% 11.1% 11.3%
Income tax expense 14,535 9,096 21,181 13,125
Net earnings 23,223 14,529 33,835 20,963
11.9% 12.0% 6.9% 7.0%
Earnings per share $ 0.81 $ 0.53 $ 1.19 $ 0.76
Weighted average
number of shares 28,736 27,648 28,327 27,589
DOLLAR TREE STORES, INC.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
Dec. 31, Dec. 31,
1996 1995
Cash and cash equivalents $ 2,987 $22,415
Merchandise inventories 75,081 40,113
Other current assets 7,885 3,492
Total current assets 85,953 66,020
Net property and equipment 36,035 23,091
Goodwill, net 46,405 0
Other assets, net 2,706 2,510
Total assets 171,099 91,621
Short-term portion of
bank facilities 0 0
Accounts payable and
accrued expenses 49,556 28,542
Income taxes payable 12,607 8,244
Capital leases, current 302 101
Total current liabilities 62,465 36,887
Subordinated notes 0 14,000
Capital leases, long-term 1,051 417
Revolving credit facility 3,000 0
Other liabilities 2,993 1,230
Total liabilities 69,509 52,534
Shareholders' equity 101,590 39,087
Total liabilities and
shareholders' equity 171,099 91,621
CONTACT: Dollar Tree Stores, Inc. H. Ray Compton Compton, city (1990 pop. 90,454), Los Angeles co., S Calif., a suburb between Los Angeles and Long Beach; inc. 1888. It has aircraft, electronic, and steel industries. Largely African American, Compton is a noted center for rap music. or Eric Coble Eric Coble is a playwright and screenwriter. He is a member of the Playwrights' Unit of the Cleveland Play House. Eric Coble was born in Edinburgh, Scotland and bred on the Navajo and Ute reservations in New Mexico and Colorado. , 757/857-4600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion