On this page of StockholderLetter.com we present the latest annual shareholder letter from DOLLAR TREE, INC. — ticker symbol DLTR. Reading current and past DLTR letters to shareholders can bring important insights into the investment thesis.
A N N UA L R E P O R T 2 024
STORE COUNT STORE COUNT 9,000 8,881 8,628 DOLLAR TREE 6,600 $14.8 $13.2 7,622 FAMILY DOLLAR 2020 2021 2022 2023 Dollar Tree Family Dollar $16.4 DOLLAR TREE 7,622 8,415 253 8,359 8,206 8,134 8,061 8,016 7,880 7,805 7,800 6,000 (in billions per fiscal year) $18.0 8,400 7,200 NET SALES (at fiscal year end) (at fiscal year end) 2024 $11.6 $10.0 2020 2021 RETURNING TO OUR ROOTS Dollar Tree, Inc. is a leading operator of discount variety stores that has served North America for nearly forty years. Giving effect to the recently announced plans to divest Family Dollar, the Company operates approximately 8,900 Dollar Tree stores across the 48 contiguous states and five Canadian provinces, supported by a coast-to-coast logistics network and more than 145,000 associates. Dollar Tree is known for its thrill-of-the-hunt shopping experience where customers discover new treasures every week, all at a tremendous value. In 2024, the Company achieved a number of strategic milestones to optimize the Family Dollar store operations and subsequently agreed to divest Family Dollar to a consortium consisting of Brigade Capital Management, LP and Macellum Capital Management, LLC. We continue to focus on expanding our multi-price product assortment at Dollar Tree and modernizing our supply chain/technology infrastructure. The actions we re currently taking to optimize our store portfolio are intended to improve our profitability and to better serve the needs of all our key constituents. Our organization has the leadership team in place to drive transformational change and deliver meaningful, long-term improvements in our store operations and across the entire enterprise. 2022 2023 2024
Michael C. Creedon, Jr. Chief Executive Officer To Our Shareholders, Customers and Associates, Over the past year, Dollar Tree has achieved several important strategic milestones. In my first months as CEO, we made bold moves to unlock greater value for our shareholders. One of the most significant was the completion of a strategic review of Family Dollar, resulting in a definitive agreement to divest the business to Brigade Capital Management, LP, and Macellum Capital Management, LLC. This decision allows us to concentrate our efforts on strengthening the core Dollar Tree brand and creates the opportunity for both Dollar Tree and Family Dollar to thrive independently. We believe Dollar Tree s growth outlook remains strong, powered by the rapid expansion of our multi-price strategy. Even amid economic uncertainty, our brand continues to resonate across income levels due to the unique value, convenience, and discovery experience we offer. Refocusing on Our Core Strengths In March 2024, we concluded a comprehensive review of our store portfolio, resulting in the difficult but necessary decision to close 970 underperforming Family Dollar locations. This was part of a broader strategy to optimize our portfolio and ensure both banners had the appropriate structure for long-term success. With the divestiture of Family Dollar now in motion, we are in a strong position to fully unlock the growth potential of Dollar Tree. We re confident that Family Dollar, under new ownership, will also be better positioned to succeed as a private company. Leadership and Governance Enhancements Even amid economic uncertainty, our brand continues to resonate across income levels due to the unique value, convenience, and discovery experience we offer. In November 2024, Edward J. Kelly was appointed Chairman of the Board, and I was honored to be named CEO. In early 2025, I also joined the Board of Directors. We recently welcomed two outstanding new directors William W. Douglas and Timothy Johnson and added Stewart Glendinning as our new CFO. Stewart brings extensive experience in finance and operations. I am incredibly proud of what our leadership team has accomplished and remain confident in our ability to deliver sustained growth. With enhanced governance and a strong leadership team, we are wellpositioned to drive improved long-term operational and financial performance.
2024 Performance Highlights Beyond the resolution of our Family Dollar review, we delivered strong results in fiscal 2024 by executing on key growth strategies for the Dollar Tree brand: Net sales rose 4.7% to a record $17.6 billion Same-store sales grew 1.8%, building on a 5.8% increase in 2023 Opened 525 new stores (including 162 former 99 Cents Only locations), driving 7.3% square footage growth Converted 2,600 stores and opened 300 new locations in our new multi-price 3.0 format Generated $893 million in free cash flow, ending the year with $1.3 billion in cash Advancing Our Multi-Price Strategy We continue to expand our product offering through our multi-price strategy. By year-end, roughly one-third of our Dollar Tree store base had been converted or launched in the 3.0 format. These stores are consistently outperforming our legacy formats in both sales and traffic. We believe the momentum we re seeing validates our approach and signals further opportunity ahead. We believe the momentum we re seeing validates our approach and signals further opportunity ahead. Commitment to Our Associates As we refocus on the Dollar Tree brand, I want to thank all our associates across both banners. The past year brought tremendous change and challenges, including the devastating tornado that impacted our Marietta, Oklahoma distribution center. We ve recently announced plans to permanently replace that facility. Despite the adversity, our teams demonstrated incredible resilience. Associate engagement remains a top priority, and we are committed to providing meaningful career opportunities across the organization. Supporting our people will be essential to delivering great experiences to our customers and sustaining longterm growth. In closing, I d like to thank our Board for their trust in me, and our shareholders for their continued confidence. I look forward to sharing more about our long-term vision and growth strategy in the near future. With the right team and strategy in place, we are poised to deliver strong results for our customers and shareholders alike. Sincerely, Michael C. Creedon, Jr. Chief Executive Officer
 • shareholder letter icon 5/6/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/2/2023 DLTR Stockholder Letter
 • stockholder letter icon 5/7/2024 DLTR Stockholder Letter
 • stockholder letter icon More "Department Stores" Category Stockholder Letters
 • Benford's Law Stocks icon DLTR Benford's Law Stock Score = 70


DLTR Shareholder/Stockholder Letter Transcript:

A N N UA L R E P O R T
2 024

STORE COUNT
STORE COUNT
9,000
8,881
8,628
DOLLAR TREE
6,600
$14.8
$13.2
7,622
FAMILY DOLLAR
2020
2021
2022
2023
Dollar Tree
Family Dollar
$16.4
DOLLAR TREE
7,622
8,415
253
8,359
8,206
8,134
8,061
8,016
7,880
7,805
7,800
6,000
(in billions per fiscal year)
$18.0
8,400
7,200
NET SALES
(at fiscal year end)
(at fiscal year end)
2024
$11.6
$10.0
2020
2021
RETURNING TO OUR ROOTS
Dollar Tree, Inc. is a leading operator of discount variety stores that has served North America for
nearly forty years. Giving effect to the recently announced plans to divest Family Dollar, the
Company operates approximately 8,900 Dollar Tree stores across the 48 contiguous states and
five Canadian provinces, supported by a coast-to-coast logistics network and more than
145,000 associates. Dollar Tree is known for its    thrill-of-the-hunt    shopping experience where
customers discover new treasures every week, all at a tremendous value.
In 2024, the Company achieved a number of strategic milestones to optimize the Family Dollar
store operations and subsequently agreed to divest Family Dollar to a consortium consisting of
Brigade Capital Management, LP and Macellum Capital Management, LLC.
We continue to focus on expanding our multi-price product assortment at Dollar Tree and
modernizing our supply chain/technology infrastructure. The actions we   re currently taking to
optimize our store portfolio are intended to improve our profitability and to better serve the needs
of all our key constituents. Our organization has the leadership team in place to drive
transformational change and deliver meaningful, long-term improvements in our store operations
and across the entire enterprise.
2022
2023
2024

Michael C. Creedon, Jr.
Chief Executive Officer
To Our Shareholders, Customers and Associates,
Over the past year, Dollar Tree has achieved several important strategic milestones. In my first
months as CEO, we made bold moves to unlock greater value for our shareholders. One of
the most significant was the completion of a strategic review of Family Dollar, resulting in a
definitive agreement to divest the business to Brigade Capital Management, LP, and Macellum
Capital Management, LLC. This decision allows us to concentrate our efforts on strengthening
the core Dollar Tree brand and creates the opportunity for both Dollar Tree and Family Dollar
to thrive independently.
We believe Dollar Tree   s growth outlook remains strong, powered by the rapid expansion
of our multi-price strategy. Even amid economic uncertainty, our brand continues to resonate
across income levels due to the unique value, convenience, and discovery
experience we offer.
Refocusing on Our Core Strengths
In March 2024, we concluded a comprehensive review of our store portfolio,
resulting in the difficult but necessary decision to close 970 underperforming
Family Dollar locations. This was part of a broader strategy to optimize our
portfolio and ensure both banners had the appropriate structure for long-term
success. With the divestiture of Family Dollar now in motion, we are in a strong
position to fully unlock the growth potential of Dollar Tree. We   re confident that
Family Dollar, under new ownership, will also be better positioned to succeed
as a private company.
Leadership and Governance Enhancements
Even amid economic
uncertainty, our
brand continues
to resonate across
income levels due
to the unique value,
convenience, and
discovery experience
we offer.
In November 2024, Edward J. Kelly was appointed Chairman of the Board,
and I was honored to be named CEO. In early 2025, I also joined the Board of
Directors. We recently welcomed two outstanding new directors   William W.
Douglas and Timothy Johnson   and added Stewart Glendinning as our new
CFO. Stewart brings extensive experience in finance and operations. I am incredibly proud
of what our leadership team has accomplished and remain confident in our ability to deliver
sustained growth. With enhanced governance and a strong leadership team, we are wellpositioned to drive improved long-term operational and financial performance.

2024 Performance Highlights
Beyond the resolution of our Family Dollar review, we delivered strong results in fiscal 2024 by
executing on key growth strategies for the Dollar Tree brand:
    Net sales rose 4.7% to a record $17.6 billion
    Same-store sales grew 1.8%, building on a 5.8% increase in 2023
    Opened 525 new stores (including 162 former 99 Cents Only locations), driving 7.3%

square footage growth
Converted 2,600 stores and opened 300 new locations in our new
multi-price 3.0 format
Generated $893 million in free cash flow, ending the year with $1.3
billion in cash
Advancing Our Multi-Price Strategy
We continue to expand our product offering through our multi-price strategy. By
year-end, roughly one-third of our Dollar Tree store base had been converted
or launched in the 3.0 format. These stores are consistently outperforming our
legacy formats in both sales and traffic. We believe the momentum we   re seeing
validates our approach and signals further opportunity ahead.
We believe the
momentum we   re
seeing validates
our approach and
signals further
opportunity ahead.
Commitment to Our Associates
As we refocus on the Dollar Tree brand, I want to thank all our associates across
both banners. The past year brought tremendous change and challenges,
including the devastating tornado that impacted our Marietta, Oklahoma distribution center.
We   ve recently announced plans to permanently replace that facility. Despite the adversity, our
teams demonstrated incredible resilience. Associate engagement remains a top priority, and we
are committed to providing meaningful career opportunities across the organization. Supporting
our people will be essential to delivering great experiences to our customers and sustaining longterm growth.
In closing, I   d like to thank our Board for their trust in me, and our shareholders for their continued
confidence. I look forward to sharing more about our long-term vision and growth strategy in the
near future. With the right team and strategy in place, we are poised to deliver strong results for
our customers and shareholders alike.
Sincerely,
Michael C. Creedon, Jr.
Chief Executive Officer



shareholder letter icon 5/6/2025 Letter Continued (Full PDF)
 

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