Virginia
|
26-2018846
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
Securities
Registered Pursuant to Section 12(b) of the Act:
|
|
Title
of Each Class
|
Name
of Each Exchange on Which Registered
|
None
|
None
|
Yes
(X)
|
No
( )
|
Yes
( )
|
No
(X)
|
Yes
(X)
|
No
( )
|
Yes
( )
|
No
( )
|
Large
accelerated filer (X)
|
Accelerated
filer ( )
|
Non-accelerated
filer ( )
|
Smaller
reporting company ( )
|
Yes
( )
|
No
(X)
|
DOLLAR TREE,
INC.
|
Page
|
||
PART
I
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6
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10
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13
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13
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14
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Item
4.
|
RESERVED
|
15
|
PART
II
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15
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||
16
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18
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27
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28
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51
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51
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52
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PART
III
|
||
52
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||
52
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||
53
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||
53
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||
53
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||
PART
IV
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||
53
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||
54
|
·
|
our
anticipated sales, including comparable store net sales, net sales growth
and earnings growth;
|
·
|
costs
of pending and possible future legal claims;
|
·
|
our
growth plans, including our plans to add, expand or relocate stores, our
anticipated square footage increase, and our ability to renew leases at
existing store locations;
|
·
|
the
average size of our stores to be added in 2010 and
beyond;
|
·
|
the
effect of a slight shift in merchandise mix to consumables and the
increase in the number of our stores with freezers and coolers on gross
profit margin and sales;
|
·
|
the
effect that expanding tender types accepted by our stores will have on
sales;
|
·
|
the
net sales per square foot, net sales and operating income attributable to
smaller and larger stores and store-level cash payback
metrics;
|
·
|
the
possible effect of the current economic downturn, inflation and other
economic changes on our costs and profitability, including the possible
effect of future changes in minimum wage rates, shipping rates, domestic
and import freight costs, fuel costs and wage and benefit
costs;
|
·
|
our
gross profit margin, earnings, inventory levels and ability to leverage
selling, general and administrative and other fixed
costs;
|
·
|
our
seasonal sales patterns including those relating to the length of the
holiday selling seasons and the effect of an earlier Easter in
2010;
|
·
|
the
capabilities of our inventory supply chain technology and other new
systems;
|
·
|
the
future reliability of, and cost associated with, our sources of supply,
particularly imported goods such as those sourced from
China;
|
·
|
the
capacity, performance and cost of our distribution
centers;
|
·
|
our
cash needs, including our ability to fund our future capital expenditures
and working capital requirements;
|
·
|
our
expectations regarding competition and growth in our retail sector;
and
|
·
|
management's
estimates associated with our critical accounting policies, including
inventory valuation, accrued expenses, income taxes and the anticipated
non-cash charge to gross profit in the first quarter of
2010.
|
·
|
consumable
merchandise, which includes candy and food, basic health and beauty care,
and household consumables such as paper, plastics and household chemicals
and in select stores, frozen and refrigerated food;
|
·
|
variety
merchandise, which includes toys, durable housewares, gifts, fashion
health and beauty care, party goods, greeting cards, apparel, and other
items; and
|
·
|
seasonal
goods, which include Easter, Halloween and Christmas merchandise, along
with summer toys and lawn and garden
merchandise.
|
January
30,
|
January
31,
|
|
Merchandise Type
|
2010
|
2009
|
Consumable
|
48.1%
|
45.7%
|
Variety
categories
|
46.9%
|
48.8%
|
Seasonal
|
5.0%
|
5.5%
|
Year
|
Number
of Stores
|
Average
Selling Square Footage Per Store
|
Average
Selling Square Footage Per New Store Opened
|
2005
|
2,914
|
7,900
|
9,756
|
2006
|
3,219
|
8,160
|
8,780
|
2007
|
3,411
|
8,300
|
8,480
|
2008
|
3,591
|
8,440
|
8,100
|
2009
|
3,806
|
8,480
|
8,150
|
§ Economic conditions.
Suppliers may encounter financial or other
difficulties.
|
§ Shipping. Our
oceanic shipping schedules may be disrupted or delayed from time to
time. We have experienced volatility in shipping rates over the
past few years and the outlook for shipping rates in 2010 is
uncertain.
|
§ Diesel fuel
costs. We have experienced significant volatility in
diesel fuel costs over the past few years and with the current economic
situation, the outlook for diesel prices in 2010 is
uncertain.
|
§ Vulnerability to natural or
man-made disasters. A fire, explosion or natural
disaster at ports or any of our distribution facilities could result in a
loss of merchandise and impair our ability to adequately stock our
stores. Some facilities are especially vulnerable to
earthquakes, hurricanes or tornadoes.
|
§ Labor
disagreement. Labor disagreements or disruptions may
result in delays in the delivery of merchandise to our stores and increase
costs.
|
§ War, terrorism and other
events. War and acts of terrorism in the United States,
or in China or other parts of Asia, where we buy a significant amount of
our imported merchandise, could disrupt our supply
chain.
|
§ disruptions
in the flow of imported goods because of factors such
as:
|
o raw
material shortages, work stoppages, strikes and political
unrest;
|
o problems
with oceanic shipping, including shipping container shortages;
and
|
o economic
crises and international disputes.
|
§ increases
in the cost of purchasing or shipping imported merchandise, resulting
from:
|
o increases
in shipping rates imposed by the trans-Pacific ocean
carriers;
|
o import
duties, import quotas and other trade sanctions;
|
o changes
in currency exchange rates or policies and local economic conditions,
including inflation in the country of origin; and
|
o failure
of the United States to maintain normal trade relations with
China.
|
· provide
that only the Board of Directors, chairman or president may call special
meetings of the shareholders;
|
· establish
certain advance notice procedures for nominations of candidates for
election as directors and for shareholder proposals to be considered at
shareholders' meetings;
|
· permit
the Board of Directors, without further action of the shareholders, to
issue and fix the terms of preferred stock, which may have rights senior
to those of the common stock.
|
Alabama
|
84
|
Maine
|
20
|
Oklahoma
|
52
|
||
Arizona
|
70
|
Maryland
|
87
|
Oregon
|
75
|
||
Arkansas
|
45
|
Massachusetts
|
64
|
Pennsylvania
|
208
|
||
California
|
287
|
Michigan
|
141
|
Rhode
Island
|
14
|
||
Colorado
|
59
|
Minnesota
|
63
|
South
Carolina
|
76
|
||
Connecticut
|
37
|
Mississippi
|
50
|
South
Dakota
|
7
|
||
Delaware
|
22
|
Missouri
|
85
|
Tennessee
|
96
|
||
District
of Columbia
|
1
|
Montana
|
9
|
Texas
|
242
|
||
Florida
|
245
|
Nebraska
|
16
|
Utah
|
38
|
||
Georgia
|
142
|
Nevada
|
33
|
Vermont
|
6
|
||
Idaho
|
23
|
New
Hampshire
|
26
|
Virginia
|
134
|
||
Illinois
|
162
|
New
Jersey
|
85
|
Washington
|
71
|
||
Indiana
|
98
|
New
Mexico
|
30
|
West
Virginia
|
33
|
||
Iowa
|
32
|
New
York
|
167
|
Wisconsin
|
70
|
||
Kansas
|
28
|
North
Carolina
|
159
|
Wyoming
|
11
|
||
Kentucky
|
70
|
North
Dakota
|
6
|
||||
Louisiana
|
63
|
Ohio
|
164
|
Location
|
Own/Lease
|
Lease
Expires
|
Size
in
Square
Feet
|
Chesapeake,
Virginia
|
Own
|
N/A
|
400,000
|
Olive
Branch, Mississippi
|
Own
|
N/A
|
425,000
|
Joliet,
Illinois
|
Own
|
N/A
|
1,200,000
|
Stockton,
California
|
Own
|
N/A
|
525,000
|
Briar
Creek, Pennsylvania
|
Own
|
N/A
|
1,003,000
|
Savannah,
Georgia
|
Own
|
N/A
|
603,000
|
Marietta,
Oklahoma
|
Own
|
N/A
|
603,000
|
Salt
Lake City, Utah
|
Lease
|
April
2010
|
385,000
|
San
Bernardino, California
|
Own
|
N/A
|
448,000
|
Ridgefield,
Washington
|
Own
|
N/A
|
665,000
|
·
|
employment
related matters;
|
·
|
infringement
of intellectual property rights;
|
·
|
product
safety matters, which may include product recalls in cooperation with the
Consumer Products Safety Commission or other
jurisdictions;
|
·
|
personal
injury/wrongful death claims; and
|
·
|
real
estate matters related to store
leases.
|
High
|
Low
|
|||||||
Fiscal
year ended January 31, 2009:
|
||||||||
First
Quarter
|
$ | 32.45 | $ | 24.37 | ||||
Second
Quarter
|
40.00 | 30.14 | ||||||
Third
Quarter
|
42.20 | 30.17 | ||||||
Fourth
Quarter
|
44.11 | 32.97 | ||||||
Fiscal
year ended January 30, 2010:
|
||||||||
First
Quarter
|
$ | 45.33 | $ | 32.94 | ||||
Second
Quarter
|
47.28 | 40.58 | ||||||
Third
Quarter
|
51.72 | 44.00 | ||||||
Fourth
Quarter
|
52.20 | 45.76 |
Approximate
|
||||||||||||||||
Total
number
|
dollar
value of
|
|||||||||||||||
of
shares
|
shares
that may
|
|||||||||||||||
purchased
as
|
yet
be purchased
|
|||||||||||||||
Total
number
|
Average
|
part
of publicly
|
under
the plans
|
|||||||||||||
of
shares
|
price
paid
|
announced
plans
|
or
programs
|
|||||||||||||
Period
|
purchased
|
per
share
|
or
programs
|
(in
millions)
|
||||||||||||
October
31, 2009 to November 27, 2009
|
- | $ | - | - | $ | 299.1 | ||||||||||
November
28, 2009 to January 1, 2010
|
536,700 | 48.38 | 536,700 | 273.1 | ||||||||||||
January
1, 2010 to January 30, 2010
|
258,828 | 48.35 | 258,828 | 260.6 | ||||||||||||
Total
|
795,528 | $ | 48.38 | 795,528 | $ | 260.6 |
Years
Ended
|
||||||||||||||||||||
January
30,
|
January
31,
|
February
2,
|
February
3,
|
January
28,
|
||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
Income
Statement Data:
|
||||||||||||||||||||
Net
sales
|
$ | 5,231.2 | $ | 4,644.9 | $ | 4,242.6 | $ | 3,969.4 | $ | 3,393.9 | ||||||||||
Gross
profit
|
1,856.8 | 1,592.2 | 1,461.1 | 1,357.2 | 1,172.4 | |||||||||||||||
Selling,
general and administrative expenses
|
1,344.0 | 1,226.4 | 1,130.8 | 1,046.4 | 888.5 | |||||||||||||||
Operating
income
|
512.8 | 365.8 | 330.3 | 310.8 | 283.9 | |||||||||||||||
Net
income
|
320.5 | 229.5 | 201.3 | 192.0 | 173.9 | |||||||||||||||
Margin
Data (as a percentage of net sales):
|
||||||||||||||||||||
Gross
profit
|
35.5 | % | 34.3 | % | 34.4 | % | 34.2 | % | 34.5 | % | ||||||||||
Selling,
general and administrative expenses
|
25.7 | % | 26.4 | % | 26.6 | % | 26.4 | % | 26.2 | % | ||||||||||
Operating
income
|
9.8 | % | 7.9 | % | 7.8 | % | 7.8 | % | 8.4 | % | ||||||||||
Net
income
|
6.1 | % | 4.9 | % | 4.7 | % | 4.8 | % | 5.1 | % | ||||||||||
Per
Share Data:
|
||||||||||||||||||||
Diluted
net income per share
|
$ | 3.56 | $ | 2.53 | $ | 2.09 | $ | 1.85 | $ | 1.60 | ||||||||||
Diluted
net income per share increase
|
40.7 | % | 21.1 | % | 13.0 | % | 15.6 | % | 1.3 | % |
As
of
|
||||||||||||||||||||
January
30,
|
January
31,
|
February
2,
|
February
3,
|
January
28,
|
||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||||
Balance
Sheet Data:
|
||||||||||||||||||||
Cash
and cash equivalents
|
||||||||||||||||||||
and
short-term investments
|
$ | 599.4 | $ | 364.4 | $ | 81.1 | $ | 306.8 | $ | 339.8 | ||||||||||
Working
capital
|
829.7 | 663.3 | 382.9 | 575.7 | 648.2 | |||||||||||||||
Total
assets
|
2,289.7 | 2,035.7 | 1,787.7 | 1,882.2 | 1,798.4 | |||||||||||||||
Total
debt, including capital lease obligations
|
267.8 | 268.2 | 269.4 | 269.5 | 269.9 | |||||||||||||||
Shareholders'
equity
|
1,429.2 | 1,253.2 | 988.4 | 1,167.7 | 1,172.3 | |||||||||||||||
Years
Ended
|
||||||||||||||||||||
January
30,
|
January
31,
|
February
2,
|
February
3,
|
January
28,
|
||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Selected
Operating Data:
|
||||||||||||||||||||
Number
of stores open at end of period
|
3,806 | 3,591 | 3,411 | 3,219 | 2,914 | |||||||||||||||
Gross
square footage at end of period
|
41.1 | 38.5 | 36.1 | 33.3 | 29.2 | |||||||||||||||
Selling
square footage at end of period
|
32.3 | 30.3 | 28.4 | 26.3 | 23.0 | |||||||||||||||
Selling
square footage annual growth
|
6.6 | % | 6.7 | % | 8.0 | % | 14.3 | % | 12.6 | % | ||||||||||
Net
sales annual growth
|
12.6 | % | 9.5 | % | 6.9 | % | 16.9 | % | 8.6 | % | ||||||||||
Comparable
store net sales increase (decrease)
|
7.2 | % | 4.1 | % | 2.7 | % | 4.6 | % | (0.8 | %) | ||||||||||
Net
sales per selling square foot
|
$ | 167 | $ | 158 | $ | 155 | $ | 161 | $ | 156 | ||||||||||
Net
sales per store
|
$ | 1.4 | $ | 1.3 | $ | 1.3 | $ | 1.3 | $ | 1.2 | ||||||||||
Selected
Financial Ratios:
|
||||||||||||||||||||
Return
on assets
|
14.8 | % | 12.0 | % | 11.0 | % | 10.4 | % | 9.7 | % | ||||||||||
Return
on equity
|
23.9 | % | 20.5 | % | 18.7 | % | 16.4 | % | 14.9 | % | ||||||||||
Inventory
turns
|
4.1 | 3.8 | 3.7 | 3.5 | 3.1 | |||||||||||||||
·
|
what
factors affect our business;
|
·
|
what
our net sales, earnings, gross margins and costs were in 2009, 2008 and
2007;
|
·
|
why
those net sales, earnings, gross margins and costs were different from the
year before;
|
·
|
how
all of this affects our overall financial condition;
|
·
|
what
our expenditures for capital projects were in 2009 and 2008 and what we
expect them to be in 2010; and
|
·
|
where
funds will come from to pay for future
expenditures.
|
·
|
We
assign cost to store inventories using the retail inventory method,
determined on a weighted average cost basis. Since inception through
fiscal 2009, we have used one inventory pool for this
calculation. Over the years, we have invested in our retail
technology systems, which has allowed us to refine our estimate of
inventory cost under the retail method. On January, 31, 2010,
the first day of fiscal 2010, we will use approximately 30 inventory pools
in our retail inventory calculation. As a result of this
change, we will record a non-cash charge to gross profit and a
corresponding reduction in inventory, at cost, of approximately $26
million in the first quarter of 2010. This is a prospective change and
will not have any effect on prior periods.
|
·
|
On
November 2, 2009, we purchased a new distribution center in San
Bernardino, California. We have spent approximately $31.0
million in capital expenditures for this new distribution center through
fiscal 2009. We plan to spend an additional $6.0 million in the
first quarter of 2010 to finish the project before the building starts
receiving merchandise. This new distribution center will
replace our Salt Lake City, Utah leased facility when its lease ends in
April 2010.
|
·
|
On
February 20, 2008, we entered into a five-year $550.0 million unsecured
Credit Agreement (the Agreement). The Agreement provides for a
$300.0 million revolving line of credit, including up to $150.0 million in
available letters of credit, and a $250.0 million term
loan. The interest rate on the facility is based, at our
option, on a LIBOR rate, plus a margin, or an alternate base rate, plus a
margin.
|
·
|
On
March 20, 2008, we entered into two $75.0 million interest rate swap
agreements. These interest rate swaps are used to manage the
risk associated with interest rate fluctuations on a portion of our $250.0
million variable-rate term loan.
|
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
Net
sales
|
100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost
of sales
|
64.5 | % | 65.7 | % | 65.6 | % | ||||||
Gross
profit
|
35.5 | % | 34.3 | % | 34.4 | % | ||||||
Selling,
general and administrative
|
||||||||||||
expenses
|
25.7 | % | 26.4 | % | 26.6 | % | ||||||
Operating
income
|
9.8 | % | 7.9 | % | 7.8 | % | ||||||
Interest
income
|
0.0 | % | 0.0 | % | 0.1 | % | ||||||
Interest
expense
|
(0.1 | %) | (0.2 | %) | (0.4 | %) | ||||||
Income
before income taxes
|
9.7 | % | 7.7 | % | 7.5 | % | ||||||
Provision
for income taxes
|
(3.6 | %) | (2.8 | %) | (2.8 | %) | ||||||
Net
income
|
6.1 | % | 4.9 | % | 4.7 | % | ||||||
January 30, 2010
|
January 31, 2009
|
|||||||
New
stores
|
240 | 227 | ||||||
Acquired
leases
|
- | 4 | ||||||
Expanded
or relocated stores
|
75 | 86 | ||||||
Closed
stores
|
(25 | ) | (51 | ) |
·
|
Merchandise
costs, including inbound freight, decreased 80 basis points due primarily
to lower fuel costs and lower ocean freight rates compared to the prior
year. Improved initial mark-up in many categories during the
year was partially offset by an increase in the mix of higher cost
consumer product merchandise during fiscal 2009 compared to fiscal
2008.
|
·
|
Outbound
freight costs decreased 20 basis points in the current year due primarily
to decreased fuel costs.
|
·
|
Occupancy
and distribution costs decreased 30 basis points in the current year
resulting from the leveraging of the comparable store sales
increase.
|
·
|
Depreciation
decreased 40 basis points primarily due to the leveraging associated with
the increase in comparable store net sales in the current
year.
|
·
|
Store
operating costs decreased 30 basis points primarily as a result of lower
utility costs as a percentage of sales, due to lower rates in the current
year and the leveraging from the comparable store net sales increase in
2009.
|
January 31, 2009
|
February 2, 2008
|
|||||||
New
stores
|
227 | 208 | ||||||
Acquired
leases
|
4 | 32 | ||||||
Expanded
or relocated stores
|
86 | 102 | ||||||
Closed
stores
|
(51 | ) | (48 | ) |
·
|
Depreciation
expense decreased 25 basis points primarily due to the leveraging
associated with the comparable store net sales increase for the
year.
|
·
|
Payroll-related
expenses decreased 10 basis points primarily as a result of lower field
payroll costs as a percentage of sales, due to the leveraging from the
comparable store net sales increase in 2008.
|
·
|
Partially offsetting these decreases was an approximate 10 basis point
increase in store operating costs due to increases in repairs and
maintenance and utility costs in the current year.
|
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
(in
millions)
|
2010
|
2009
|
2008
|
|||||||||
Net
cash provided by (used in):
|
||||||||||||
Operating
activities
|
$ | 581.0 | $ | 403.1 | $ | 367.3 | ||||||
Investing
activities
|
(212.5 | ) | (102.0 | ) | (22.7 | ) | ||||||
Financing
activities
|
(161.3 | ) | 22.7 | (389.0 | ) |
Contractual
Obligations
|
Total
|
2010
|
2011
|
2012
|
2013
|
2014
|
Thereafter
|
|||||||||||||||||||||
Lease
Financing
|
||||||||||||||||||||||||||||
Operating
lease obligations
|
$ | 1,518.7 | $ | 372.8 | $ | 326.9 | $ | 269.3 | $ | 202.7 | $ | 140.2 | $ | 206.8 | ||||||||||||||
Capital
lease obligations
|
0.3 | 0.1 | 0.1 | 0.1 | -- | -- | -- | |||||||||||||||||||||
Long-term
Borrowings
|
||||||||||||||||||||||||||||
Credit
Agreement
|
250.0 | -- | -- | -- | 250.0 | -- | -- | |||||||||||||||||||||
Revenue
bond financing
|
17.5 | 17.5 | -- | -- | -- | -- | -- | |||||||||||||||||||||
Interest
on long-term borrowings
|
10.2 | 5.6 | 2.5 | 1.9 | 0.2 | -- | -- | |||||||||||||||||||||
Total
obligations
|
$ | 1,796.7 | $ | 396.0 | $ | 329.5 | $ | 271.3 | $ | 452.9 | $ | 140.2 | $ | 206.8 |
Commitments
|
Total
|
Expiring
in 2010
|
Expiring
in 2011
|
Expiring
in 2012
|
Expiring
in 2013
|
Expiring
in 2014
|
Thereafter
|
|||||||||||||||||||||
Letters
of credit and surety bonds
|
$ | 119.2 | $ | 119.0 | $ | 0.2 | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||
Freight
contracts
|
296.2 | 99.2 | 85.8 | 84.3 | 26.9 | -- | -- | |||||||||||||||||||||
Technology
assets
|
2.4 | 2.4 | -- | -- | -- | -- | -- | |||||||||||||||||||||
Total
commitments
|
$ | 417.8 | $ | 220.6 | $ | 86.0 | $ | 84.3 | $ | 26.9 | $ | -- | $ | -- |
·
|
shifts
in the timing of certain holidays, especially Easter;
|
·
|
the
timing of new store openings;
|
·
|
the
net sales contributed by new stores;
|
·
|
changes
in our merchandise mix; and
|
·
|
competition.
|
Hedging
Instrument
|
Receive
Variable
|
Pay
Fixed
|
Knock-out
Rate
|
Expiration
|
Fair
Value
(Liability)
|
Two
$75.0 million interest rate swaps
|
LIBOR
|
2.80%
|
N/A
|
3/31/11
|
($4.1
million)
|
Index
to Consolidated Financial Statements
|
Page
|
29
|
|
Consolidated Statements of Operations for the years
ended
|
|
January
30, 2010, January 31, 2009 and February 2, 2008
|
30
|
Consolidated Balance Sheets as of January 30, 2010
and
|
|
January
31, 2009
|
31
|
for
the years ended January 30, 2010, January 31, 2009 and
|
|
February
2, 2008
|
32
|
Consolidated Statements of Cash Flows for the years
ended
|
|
January
30, 2010, January 31, 2009 and February 2, 2008
|
33
|
34
|
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
(in
millions, except per share data)
|
2010
|
2009
|
2008
|
|||||||||
Net
sales
|
$ | 5,231.2 | $ | 4,644.9 | $ | 4,242.6 | ||||||
Cost
of sales (Note 4)
|
3,374.4 | 3,052.7 | 2,781.5 | |||||||||
Gross
profit
|
1,856.8 | 1,592.2 | 1,461.1 | |||||||||
Selling,
general and administrative
|
||||||||||||
1,344.0 | 1,226.4 | 1,130.8 | ||||||||||
Operating
income
|
512.8 | 365.8 | 330.3 | |||||||||
Interest
income
|
1.9 | 2.6 | 6.7 | |||||||||
(7.1 | ) | (9.3 | ) | (17.2 | ) | |||||||
Income
before income taxes
|
507.6 | 359.1 | 319.8 | |||||||||
Provision
for income taxes (Note 3)
|
187.1 | 129.6 | 118.5 | |||||||||
Net
income
|
$ | 320.5 | $ | 229.5 | $ | 201.3 | ||||||
Basic
net income per share (Note 7)
|
$ | 3.59 | $ | 2.54 | $ | 2.10 | ||||||
Diluted
net income per share (Note 7)
|
$ | 3.56 | $ | 2.53 | $ | 2.09 |
(in
millions, except share and per share data)
|
January
30, 2010
|
January
31, 2009
|
||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 571.6 | $ | 364.4 | ||||
Short-term
investments
|
27.8 | - | ||||||
Merchandise
inventories
|
679.8 | 675.8 | ||||||
Deferred
tax assets (Note 3)
|
6.2 | 7.7 | ||||||
Prepaid
expenses and other current assets
|
20.2 | 25.3 | ||||||
Total
current assets
|
1,305.6 | 1,073.2 | ||||||
Property,
plant and equipment, net (Note 2)
|
714.3 | 710.3 | ||||||
Goodwill
|
133.3 | 133.3 | ||||||
Deferred
tax assets (Note 3)
|
35.0 | 33.0 | ||||||
Other
assets, net (Note 8)
|
101.5 | 85.9 | ||||||
TOTAL
ASSETS
|
$ | 2,289.7 | $ | 2,035.7 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Current
portion of long-term debt (Note 5)
|
$ | 17.5 | $ | 17.6 | ||||
Accounts
payable
|
219.9 | 192.9 | ||||||
Other
current liabilities (Note 2)
|
189.9 | 152.5 | ||||||
Income
taxes payable (Note 3)
|
48.6 | 46.9 | ||||||
Total
current liabilities
|
475.9 | 409.9 | ||||||
Long-term
debt, excluding current portion (Note 5)
|
250.0 | 250.0 | ||||||
Income
taxes payable, long-term (Note 3)
|
14.4 | 14.7 | ||||||
120.2 | 107.9 | |||||||
Total
liabilities
|
860.5 | 782.5 | ||||||
Common
stock, par value $0.01. 300,000,000 shares
|
||||||||
authorized,
87,522,970 and 90,771,397 shares
|
||||||||
issued
and outstanding at January 30, 2010
|
||||||||
and
January 31, 2009, respectively
|
0.9 | 0.9 | ||||||
Additional
paid-in capital
|
- | 38.0 | ||||||
Accumulated
other comprehensive income (loss)
|
(2.4 | ) | (2.6 | ) | ||||
Retained
earnings
|
1,430.7 | 1,216.9 | ||||||
Total
shareholders' equity
|
1,429.2 | 1,253.2 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 2,289.7 | $ | 2,035.7 |
Accumulated
|
||||||||||||||||||||||||
Common
|
Additional
|
Other
|
Share-
|
|||||||||||||||||||||
Stock
|
Common
|
Paid-in
|
Comprehensive
|
Retained
|
holders'
|
|||||||||||||||||||
(in
millions)
|
Shares
|
Stock
|
Capital
|
Income
(Loss)
|
Earnings
|
Equity
|
||||||||||||||||||
Balance
at February 3, 2007
|
99.6 | $ | 1.0 | $ | - | $ | 0.1 | $ | 1,166.6 | $ | 1,167.7 | |||||||||||||
Net
income for the year ended
|
||||||||||||||||||||||||
February
2, 2008
|
- | - | - | - | 201.3 | 201.3 | ||||||||||||||||||
Other
comprehensive income
|
- | - | - | - | - | - | ||||||||||||||||||
Total
comprehensive income
|
201.3 | |||||||||||||||||||||||
Adoption
of tax uncertainty standard
|
- | - | - | - | (0.6 | ) | (0.6 | ) | ||||||||||||||||
Issuance
of stock under Employee Stock
|
||||||||||||||||||||||||
Purchase
Plan (Note 9)
|
0.1 | - | - | - | 3.5 | 3.5 | ||||||||||||||||||
Exercise
of stock options, including
|
||||||||||||||||||||||||
2.7 | - | - | - | 81.1 | 81.1 | |||||||||||||||||||
Repurchase
and retirement of shares (Note 7)
|
(12.8 | ) | (0.1 | ) | (472.9 | ) | (473.0 | ) | ||||||||||||||||
0.2 | - | - | - | 8.4 | 8.4 | |||||||||||||||||||
Balance
at February 2, 2008
|
89.8 | 0.9 | - | 0.1 | 987.4 | 988.4 | ||||||||||||||||||
Net
income for the year ended
|
||||||||||||||||||||||||
January
31, 2009
|
- | - | - | - | 229.5 | 229.5 | ||||||||||||||||||
Other
comprehensive loss, net of income tax
|
||||||||||||||||||||||||
benefit
of $1.7
|
- | - | - | (2.7 | ) | - | (2.7 | ) | ||||||||||||||||
Total
comprehensive income
|
226.8 | |||||||||||||||||||||||
Issuance
of stock under Employee Stock
|
||||||||||||||||||||||||
Purchase
Plan (Note 9)
|
0.1 | - | 3.6 | - | - | 3.6 | ||||||||||||||||||
Exercise
of stock options, including
|
||||||||||||||||||||||||
0.7 | - | 20.3 | - | - | 20.3 | |||||||||||||||||||
0.2 | - | 14.1 | - | - | 14.1 | |||||||||||||||||||
Balance
at January 31, 2009
|
90.8 | 0.9 | 38.0 | (2.6 | ) | 1,216.9 | 1,253.2 | |||||||||||||||||
Net
income for the year ended
|
||||||||||||||||||||||||
January
30, 2010
|
- | - | - | - | 320.5 | 320.5 | ||||||||||||||||||
Other
comprehensive income
|
- | - | - | 0.2 | - | 0.2 | ||||||||||||||||||
Total
comprehensive income
|
320.7 | |||||||||||||||||||||||
Issuance
of stock under Employee Stock
|
||||||||||||||||||||||||
Purchase
Plan (Note 9)
|
0.1 | 1.4 | 3.1 | 4.5 | ||||||||||||||||||||
Exercise
of stock options, including
|
||||||||||||||||||||||||
0.7 | - | 8.7 | - | 14.8 | 23.5 | |||||||||||||||||||
Repurchase
and retirement of shares (Note 7)
|
(4.3 | ) | - | (48.9 | ) | - | (144.2 | ) | (193.1 | ) | ||||||||||||||
Stock-based
compensation, net, including
|
||||||||||||||||||||||||
0.2 | - | 0.8 | - | 19.6 | 20.4 | |||||||||||||||||||
Balance
at January 30, 2010
|
87.5 | $ | 0.9 | $ | - | $ | (2.4 | ) | $ | 1,430.7 | $ | 1,429.2 |
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
(In
millions)
|
2010
|
2009
|
2008
|
|||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$ | 320.5 | $ | 229.5 | $ | 201.3 | ||||||
Adjustments
to reconcile net income to net cash
|
||||||||||||
provided
by operating activities:
|
||||||||||||
Depreciation
and amortization
|
157.8 | 161.7 | 159.3 | |||||||||
Provision
for deferred income taxes
|
(0.6 | ) | 17.0 | (46.8 | ) | |||||||
Stock
based compensation expense
|
21.7 | 16.7 | 11.3 | |||||||||
Other
non-cash adjustments to net income
|
6.8 | 7.9 | 8.0 | |||||||||
Changes
in assets and liabilities increasing
|
||||||||||||
(decreasing)
cash and cash equivalents:
|
||||||||||||
Merchandise
inventories
|
(4.0 | ) | (34.6 | ) | (36.2 | ) | ||||||
Other
assets
|
5.8 | 27.3 | (4.4 | ) | ||||||||
Accounts
payable
|
27.0 | (7.5 | ) | 2.3 | ||||||||
Income
taxes payable
|
2.0 | (36.8 | ) | 46.9 | ||||||||
Other
current liabilities
|
30.5 | 6.1 | 8.7 | |||||||||
Other
liabilities
|
13.5 | 15.8 | 16.9 | |||||||||
Net
cash provided by operating activities
|
581.0 | 403.1 | 367.3 | |||||||||
Cash
flows from investing activities:
|
||||||||||||
Capital
expenditures
|
(164.8 | ) | (131.3 | ) | (189.0 | ) | ||||||
Purchase
of short-term investments
|
(27.8 | ) | (34.7 | ) | (1,119.2 | ) | ||||||
Proceeds
from sale of short-term investments
|
- | 75.2 | 1,300.5 | |||||||||
Purchase
of restricted investments
|
(37.3 | ) | (29.0 | ) | (99.3 | ) | ||||||
Proceeds
from sale of restricted investments
|
17.4 | 18.2 | 90.9 | |||||||||
Acquisition
of favorable lease rights
|
- | (0.4 | ) | (6.6 | ) | |||||||
Net
cash used in investing activities
|
(212.5 | ) | (102.0 | ) | (22.7 | ) | ||||||
Cash
flows from financing activities:
|
||||||||||||
Principal
payments under long-term debt and capital lease
obligations
|
(0.4 | ) | (1.2 | ) | (0.6 | ) | ||||||
Borrowings
from revolving credit facility
|
- | - | 362.4 | |||||||||
Repayments
of revolving credit facility
|
- | - | (362.4 | ) | ||||||||
Payments
for share repurchases
|
(190.7 | ) | - | (473.0 | ) | |||||||
Proceeds
from stock issued pursuant to stock-based
|
||||||||||||
compensation
plans
|
25.9 | 21.6 | 71.6 | |||||||||
Tax
benefit of exercises/vesting of equity based compensation
|
3.9 | 2.3 | 13.0 | |||||||||
Net
cash provided by (used in) financing activities
|
(161.3 | ) | 22.7 | (389.0 | ) | |||||||
Net
increase (decrease) in cash and cash equivalents
|
207.2 | 323.8 | (44.4 | ) | ||||||||
Cash
and cash equivalents at beginning of year
|
364.4 | 40.6 | 85.0 | |||||||||
Cash
and cash equivalents at end of year
|
$ | 571.6 | $ | 364.4 | $ | 40.6 | ||||||
Supplemental
disclosure of cash flow information:
|
||||||||||||
Cash
paid for:
|
||||||||||||
Interest
|
$ | 7.1 | $ | 9.7 | $ | 18.7 | ||||||
Income
taxes
|
$ | 183.5 | $ | 140.4 | $ | 109.5 |
Buildings
|
39
to 40 years
|
Furniture,
fixtures and equipment
|
3
to 15 years
|
January
30,
|
January
31,
|
|||||||
(in
millions)
|
2010
|
2009
|
||||||
Land
|
$ | 29.4 | $ | 29.4 | ||||
Buildings
|
180.2 | 181.9 | ||||||
Leasehold
improvements
|
634.2 | 590.9 | ||||||
Furniture,
fixtures and equipment
|
895.5 | 856.0 | ||||||
Construction
in progress
|
55.5 | 22.4 | ||||||
Total
property, plant and equipment
|
1,794.8 | 1,680.6 | ||||||
Less: accumulated
depreciation
|
1,080.5 | 970.3 | ||||||
Total
property, plant and equipment, net
|
$ | 714.3 | $ | 710.3 |
January
30,
|
January
31,
|
|||||||
(in
millions)
|
2010
|
2009
|
||||||
Compensation
and benefits
|
$ | 71.3 | $ | 49.9 | ||||
Taxes
(other than income taxes)
|
26.7 | 22.3 | ||||||
Insurance
|
27.4 | 30.3 | ||||||
Other
|
64.5 | 50.0 | ||||||
Total
other current liabilities
|
$ | 189.9 | $ | 152.5 |
January
30,
|
January
31,
|
|||||||
(in
millions)
|
2010
|
2009
|
||||||
Deferred
rent
|
$ | 69.3 | $ | 62.3 | ||||
Insurance
|
38.5 | 31.1 | ||||||
Other
|
12.4 | 14.5 | ||||||
Total
other long-term liabilities
|
$ | 120.2 | $ | 107.9 |
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
(in
millions)
|
||||||||||||
Income
from continuing operations
|
$ | 187.1 | $ | 129.6 | $ | 118.5 | ||||||
Accumulated
other comprehensive income(loss)
|
||||||||||||
marking
derivative financial instruments
|
||||||||||||
to
fair value
|
0.1 | (1.7 | ) | - | ||||||||
Stockholders'
equity, tax benefit on
|
||||||||||||
exercises/vesting
of equity based
|
||||||||||||
compensation
|
(3.9 | ) | (2.3 | ) | (13.0 | ) | ||||||
$ | 183.3 | $ | 125.6 | $ | 105.5 |
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
(in
millions)
|
2010
|
2009
|
2008
|
|||||||||
Federal
- current
|
$ | 160.2 | $ | 91.9 | $ | 147.5 | ||||||
State
- current
|
27.5 | 20.7 | 17.8 | |||||||||
Total
current
|
187.7 | 112.6 | 165.3 | |||||||||
Federal
- deferred
|
(0.4 | ) | 15.4 | (39.4 | ) | |||||||
State
- deferred
|
(0.2 | ) | 1.6 | (7.4 | ) | |||||||
Total
deferred
|
(0.6 | ) | 17.0 | (46.8 | ) | |||||||
Provision
for income taxes
|
$ | 187.1 | $ | 129.6 | $ | 118.5 |
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
2010
|
2009
|
2008
|
||||||||||
Statutory
tax rate
|
35.0 | % | 35.0 | % | 35.0 | % | ||||||
Effect
of:
|
||||||||||||
State
and local income taxes,
|
||||||||||||
net
of federal income tax
|
||||||||||||
benefit
|
3.3 | 3.0 | 2.9 | |||||||||
Other,
net
|
(1.4 | ) | (1.9 | ) | (0.8 | ) | ||||||
Effective
tax rate
|
36.9 | % | 36.1 | % | 37.1 | % |
January
30,
|
January
31,
|
|||||||
2010
|
2009
|
|||||||
(in
millions)
|
||||||||
Deferred
tax assets:
|
||||||||
Accrued
expenses
|
$ | 41.3 | $ | 39.2 | ||||
Property
and equipment
|
11.3 | 12.3 | ||||||
State
tax net operating losses and credit
|
||||||||
carryforwards,
net of federal benefit
|
6.7 | 5.4 | ||||||
Accrued
compensation expense
|
22.1 | 14.9 | ||||||
Other
|
1.6 | 1.7 | ||||||
Total
deferred tax assets
|
83.0 | 73.5 | ||||||
Valuation
allowance
|
(6.1 | ) | (4.9 | ) | ||||
Deferred
tax assets, net
|
76.9 | 68.6 | ||||||
Deferred
tax liabilities:
|
||||||||
Goodwill
|
(15.1 | ) | (13.5 | ) | ||||
Prepaid
expenses
|
(7.0 | ) | (10.4 | ) | ||||
Inventory
|
(13.6 | ) | (4.0 | ) | ||||
Total
deferred tax liabilities
|
(35.7 | ) | (27.9 | ) | ||||
Net
deferred tax asset
|
$ | 41.2 | $ | 40.7 |
(in
millions)
|
||||
Balance
at January 31, 2009
|
$ | 14.7 | ||
Additions,
based on tax positions related to current year
|
0.2 | |||
Additions
for tax positions of prior years
|
1.4 | |||
Reductions
for tax positions of prior years
|
(1.0 | ) | ||
Settlements
|
(0.4 | ) | ||
Lapses
in statute of limitations
|
(0.5 | ) | ||
Balance
at January 30, 2010
|
$ | 14.4 |
(in
millions)
|
||||
2010
|
$ | 372.8 | ||
2011
|
326.9 | |||
2012
|
269.3 | |||
2013
|
202.7 | |||
2014
|
140.2 | |||
Thereafter
|
206.8 | |||
Total
minimum lease payments
|
$ | 1,518.7 |
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
(in
millions)
|
2010
|
2009
|
2008
|
|||||||||
Minimum
rentals
|
$ | 349.9 | $ | 323.9 | $ | 295.4 | ||||||
Contingent
rentals
|
1.0 | (0.3 | ) | 1.2 |
January
30,
|
January
31,
|
|||||||
(in
millions)
|
2010
|
2009
|
||||||
$550.0
million Unsecured Credit Agreement,
|
||||||||
interest
payable monthly at LIBOR,
|
||||||||
plus
0.50%, which was 0.74% at
|
||||||||
January
30, 2010, principal payable upon
|
||||||||
expiration
of the facility in February 2013
|
$ | 250.0 | $ | 250.0 | ||||
Demand
Revenue Bonds, interest payable monthly
|
||||||||
at
a variable rate which was 0.25% at
|
||||||||
January
30, 2010, principal payable on
|
||||||||
demand,
maturing June 2018
|
17.5 | 17.6 | ||||||
Total
long-term debt
|
$ | 267.5 | $ | 267.6 | ||||
Less
current portion
|
17.5 | 17.6 | ||||||
Long-term
debt, excluding current portion
|
$ | 250.0 | $ | 250.0 |
Year
Ended
|
Year
Ended
|
Year
Ended
|
||||||||||
January
30,
|
January
31,
|
February
2,
|
||||||||||
(in millions, except per share
data)
|
2010
|
2009
|
2008
|
|||||||||
Basic
net income per share:
|
||||||||||||
Net
income
|
$ | 320.5 | $ | 229.5 | $ | 201.3 | ||||||
Weighted
average number of shares
|
||||||||||||
outstanding
|
89.4 | 90.3 | 95.9 | |||||||||
Basic
net income per share
|
$ | 3.59 | $ | 2.54 | $ | 2.10 | ||||||
Diluted
net income per share:
|
||||||||||||
Net
income
|
$ | 320.5 | $ | 229.5 | $ | 201.3 | ||||||
Weighted
average number of shares
|
||||||||||||
outstanding
|
89.4 | 90.3 | 95.9 | |||||||||
Dilutive
effect of stock options and
|
||||||||||||
restricted
stock (as determined by
|
||||||||||||
applying
the treasury stock method)
|
0.6 | 0.5 | 0.5 | |||||||||
Weighted
average number of shares and
|
||||||||||||
dilutive
potential shares outstanding
|
90.0 | 90.8 | 96.4 | |||||||||
Diluted
net income per share
|
$ | 3.56 | $ | 2.53 | $ | 2.09 |
Year
Ended January 30, 2010
|
$30.4
million
|
Year
Ended January 31, 2009
|
21.6
million
|
Year
Ended February 2, 2008
|
19.0
million
|
· 20%
after two years of service
|
· 40%
after three years of service
|
· 60%
after four years of service
|
· 100%
after five years of service
|
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
||||||||||
Expected
term in years
|
6.0 | 6.0 | 6.0 | |||||||||
Expected
volatility
|
43.6 | % | 45.7 | % | 28.4 | % | ||||||
Annual
dividend yield
|
- | - | - | |||||||||
Risk
free interest rate
|
2.0 | % | 2.8 | % | 4.5 | % | ||||||
Weighted
average fair value of options
|
||||||||||||
granted
during the period
|
$ | 20.76 | $ | 13.45 | $ | 14.33 | ||||||
Options
granted
|
15,939 | 558,293 | 386,490 |
Stock
Option Activity
|
||||||||||||||||
January
30, 2010
|
||||||||||||||||
Weighted
|
||||||||||||||||
Average
|
Weighted
|
Aggregate
|
||||||||||||||
Per
Share
|
Average
|
Intrinsic
|
||||||||||||||
Exercise
|
Remaining
|
Value
(in
|
||||||||||||||
Shares
|
Price
|
Term
|
millions)
|
|||||||||||||
Outstanding,
beginning of period
|
1,942,616 | $ | 29.41 | |||||||||||||
Granted
|
15,939 | 43.97 | ||||||||||||||
Exercised
|
(700,803 | ) | 30.68 | |||||||||||||
Forfeited
|
(30,913 | ) | 25.50 | |||||||||||||
Outstanding,
end of period
|
1,226,839 | $ | 29.00 | 5.6 | $ | 25.1 | ||||||||||
Options
vested and expected to vest
|
||||||||||||||||
at
January 30, 2010
|
1,199,882 | $ | 29.05 | 5.6 | $ | 24.6 | ||||||||||
Options
exercisable at end of period
|
741,484 | $ | 28.06 | 4.1 | $ | 15.9 |
Options
Outstanding
|
Options
Exercisable
|
|||||||
Options
|
Options
|
|||||||
Range
of
|
Outstanding
|
Weighted
Avg.
|
Weighted
Avg.
|
Exercisable
|
Weighted
Avg.
|
|||
Exercise
|
at
January 30,
|
Remaining
|
Exercise
|
at
January 30,
|
Exercise
|
|||
Prices
|
2010
|
Contractual
Life
|
Price
|
2010
|
Price
|
|||
$0.86
|
1,116
|
N/A
|
$ 0.86
|
1,116
|
$ 0.86
|
|||
$10.99
to $21.28
|
150,568
|
2.8
|
19.57
|
150,568
|
19.57
|
|||
$21.29
to $29.79
|
615,637
|
6.4
|
26.12
|
293,125
|
25.85
|
|||
$29.80
to $43.56
|
445,677
|
5.2
|
35.67
|
290,991
|
34.43
|
|||
$43.56
to $48.36
|
13,841
|
9.3
|
44.68
|
5,684
|
46.65
|
|||
$0.86
to $48.36
|
1,226,839
|
6.4
|
$ 29.00
|
741,484
|
$ 28.06
|
Weighted
|
||||||||
Average
|
||||||||
Grant
|
||||||||
Date
Fair
|
||||||||
Shares
|
Value
|
|||||||
Nonvested
at January 31, 2009
|
747,493 | $ | 30.13 | |||||
Granted
|
566,950 | 43.31 | ||||||
Vested
|
(308,744 | ) | 31.20 | |||||
Forfeited
|
(42,251 | ) | 36.19 | |||||
Nonvested
at January 30, 2010
|
963,448 | $ | 37.29 |
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
||
Expected
term
|
3
months
|
3
months
|
3
months
|
|
Expected
volatility
|
17.4%
|
25.6%
|
16.3%
|
|
Annual
dividend yield
|
-
|
-
|
-
|
|
Risk
free interest rate
|
1.8%
|
3.8%
|
4.4%
|
First
|
Second
|
Third
|
Fourth
|
|||||||||||||
Quarter
(1)
|
Quarter
|
Quarter
|
Quarter
|
|||||||||||||
Fiscal
2009:
|
||||||||||||||||
Net
sales
|
$ | 1,201.1 | $ | 1,222.8 | $ | 1,248.7 | $ | 1,558.6 | ||||||||
Gross
profit
|
$ | 415.4 | $ | 421.8 | $ | 441.2 | $ | 578.4 | ||||||||
Operating
income
|
$ | 97.6 | $ | 89.2 | $ | 107.6 | $ | 218.4 | ||||||||
Net
income
|
$ | 60.4 | $ | 56.9 | $ | 68.2 | $ | 135.0 | ||||||||
Diluted
net income per share
|
$ | 0.66 | $ | 0.63 | $ | 0.76 | $ | 1.52 | ||||||||
Stores
open at end of quarter
|
3,667 | 3,717 | 3,803 | 3,806 | ||||||||||||
Comparable
store net sales change
|
9.2 | % | 6.8 | % | 6.5 | % | 6.6 | % | ||||||||
Fiscal
2008:
|
||||||||||||||||
Net
sales
|
$ | 1,051.3 | $ | 1,093.1 | $ | 1,114.0 | $ | 1,386.5 | ||||||||
Gross
profit
|
$ | 356.5 | $ | 363.1 | $ | 379.4 | $ | 493.2 | ||||||||
Operating
income
|
$ | 69.7 | $ | 61.6 | $ | 69.3 | $ | 165.2 | ||||||||
Net
income
|
$ | 43.6 | $ | 37.6 | $ | 43.1 | $ | 105.2 | ||||||||
Diluted
net income per share
|
$ | 0.48 | $ | 0.42 | $ | 0.47 | $ | 1.15 | ||||||||
Stores
open at end of quarter
|
3,474 | 3,517 | 3,572 | 3,591 | ||||||||||||
Comparable
store net sales change
|
2.1 | % | 6.5 | % | 6.2 | % | 2.2 | % | ||||||||
(1)
Easter was observed on April 12, 2009 and March 23, 2008
|
1.
|
Financial
Statements. Reference is made to the Index to the Consolidated
Financial Statements set forth under Part II, Item 8, on Page 28 of this
Form 10-K.
|
2.
|
Financial
Statement Schedules. All schedules for which provision is made
in the applicable accounting regulations of the Securities and Exchange
Commission are not required under the related instructions, are not
applicable, or the information is included in the Consolidated Financial
Statements, and therefore have been omitted.
|
3.
|
Exhibits. The
exhibits listed on the accompanying Index to Exhibits, on page 55 of this
Form 10-K, are filed as part of, or incorporated by reference into, this
report.
|
DOLLAR
TREE, INC.
|
|
DATE:
March 19, 2010
|
By: /s/ Bob
Sasser
|
Bob Sasser
|
|
President, Chief Executive
Officer
|
Signature
|
Title
|
Date
|
/s/ Macon F. Brock,
Jr.
|
||
Macon
F. Brock, Jr.
|
Chairman;
Director
|
March
19, 2010
|
/s/ Bob
Sasser
|
||
Bob
Sasser
|
Director,
President and
|
March
19, 2010
|
Chief
Executive Officer
|
||
(principal
executive officer)
|
||
/s/ Thomas A. Saunders, III
|
||
Thomas
A. Saunders, III
|
Lead
Director
|
March
19, 2010
|
/s/ J. Douglas
Perry
|
||
J.
Douglas Perry
|
Chairman
Emeritus; Director
|
March
19, 2010
|
/s/ Arnold S.
Barron
|
||
Arnold
S. Barron
|
Director
|
March
19, 2010
|
/s/ Mary Anne
Citrino
|
||
Mary
Anne Citrino
|
Director
|
March
19, 2010
|
/s/ H. Ray
Compton
|
||
H.
Ray Compton
|
Director
|
March
19, 2010
|
/s/ Conrad M.
Hall
|
March
19, 2010
|
|
Conrad
M. Hall
|
Director
|
|
/s/ Richard G.
Lesser
|
||
Richard
G. Lesser
|
Director
|
March
19, 2010
|
/s/ Lemuel E. Lewis
|
||
Lemuel
E. Lewis
|
Director
|
March
19, 2010
|
/s/ Kevin S.
Wampler
|
Chief
Financial Officer
|
|
Kevin
S. Wampler
|
(principal
financial and
|
March
19, 2010
|
accounting
officer)
|
||
/s/ Thomas E.
Whiddon
|
||
Thomas
E. Whiddon
|
Director
|
March
19, 2010
|
/s/ Dr. Carl P.
Zeithaml
|
||
Dr.
Carl P. Zeithaml
|
Director
|
March
19, 2010
|
3.1
|
Articles
of Incorporation of Dollar Tree, Inc. (as amended, effective June 23,
2008) (Exhibit 3.1 to the Company’s June 19, 2008 Current Report on Form
8-K, incorporated herein by this reference)
|
3.2
|
Bylaws
of Dollar Tree, Inc., as amended (Exhibit 3.1 to the Company’s January 14,
2010 Current Report on Form 8-K, incorporated herein by this
reference)
|
4.1
|
Form
of Common Stock Certificate (Exhibit 4.1 to the Company’s March 13, 2008
Current Report on Form 8-K, incorporated herein by this
reference)
|