Dollar Tree 2010 Annual Report Download - page 16

Management’s Discussion And Analysis
Of Financial Condition And Results Of Operations
MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
In Management’s Discussion and Analysis, we explain
the general fi nancial condition and the results of
operations for our company, including:
• what factors affect our business;
• what our net sales, earnings, gross margins and
costs were in 2010, 2009 and 2008;
• why those net sales, earnings, gross margins and
costs were different from the year before;
• how all of this affects our overall fi nancial
condition;
• what our expenditures for capital projects were in
2010 and 2009 and what we expect them to be in
2011; and
• where funds will come from to pay for future
expenditures.
As you read Management’s Discussion and Analysis,
please refer to our consolidated fi nancial statements,
included in this Annual Report, which present the results
of operations for the fi scal years ended January 29, 2011,
January 30, 2010 and January 31, 2009. In Management’s
Discussion and Analysis, we analyze and explain the
annual changes in some specifi c line items in the
consolidated fi nancial statements for the fi scal year
2010 compared to the comparable fi scal year 2009
and the fi scal year 2009 compared to the comparable
fi scal year 2008.
Key Events and Recent Developments
Several key events have had or are expected to have a
signifi cant effect on our operations. You should keep in
mind that:
• On November 15, 2010, we completed our
acquisition of 86 Dollar Giant stores, located in the
Canadian provinces of British Columbia, Ontario,
Alberta and Saskatchewan. These stores offer a
wide assortment of quality general merchandise,
contemporary seasonal goods and everyday
consumables, all priced at $1.25 (CAD) or less.
This is our fi rst expansion of retail operations
outside of the United States.
Our forward-looking statements could be wrong
in light of these risks, uncertainties and assumptions.
The future events, developments or results described
in this report could turn out to be materially different.
We have no obligation to publicly update or revise
our forward-looking statements after the date of this
annual report and you should not expect us to do so.
Investors should also be aware that while we
do, from time to time, communicate with securities
analysts and others, we do not, by policy, selectively
disclose to them any material, nonpublic informa-
tion or other confi dential commercial information.
Accordingly, shareholders should not assume that we
agree with any statement or report issued by any secu-
rities analyst regardless of the content of the statement
or report. We do not issue detailed fi nancial forecasts
or projections and we do not, by policy, confi rm those
issued by others. Thus, to the extent that reports issued
by securities analysts contain any projections, forecasts
or opinions, such reports are not our responsibility.
INTRODUCTORY NOTE: Unless otherwise stated,
references to “we,” “our” and “Dollar Tree” generally
refer to Dollar Tree, Inc. and its direct and indirect
subsidiaries on a consolidated basis. Unless specifi -
cally indicated otherwise, any references to “2011” or
“fi scal 2011”, “2010” or “fi scal 2010”, “2009” or “fi scal
2009”, and “2008” or “fi scal 2008”, relate to as of or
for the years ended January 28, 2012, January 29, 2011,
January 30, 2010 and January 31, 2009, respectively.
Available Information
Our annual reports on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and
amendments to those reports fi led or furnished
pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act are available free of charge on our
website at www.dollartree.com as soon as reasonably
practicable after electronic fi ling of such reports with
the SEC.
14 DOLLAR TREE, INC. ♦ 2010 Annual Report