Dollar Tree 2010 Annual Report Download - page 7

Above all, we believe in strict adherence to our core values of honesty, integrity and transparency in
all aspects of our business. These values are refl ected in the strength of our fi nancial controls and in our
relationships with customers, suppliers, associates, and our shareholders.
For 2010, we once again earned a “clean bill of health” with no material weakness noted in our
assessment of controls supporting the accounting and reporting processes in compliance with the
requirements of Sarbanes-Oxley legislation. In 2011, as I have stated in previous years, you can be assured
that we will continue to operate Dollar Tree with an unwavering commitment to fi nancial integrity and the related
fi nancial controls as a foundation for building long-term shareholder value.
Dollar Tree has consistently generated signifi cant cash fl ow and has been a prudent manager of capital for the benefi t
of long-term shareholders. The best use of capital, in our view, is to support continued growth of the business at a
sustainable pace. Beyond this, we have long believed that share repurchase is an effective use of excess free cash to create
additional value for shareholders over the long-term.
In 2010, we repurchased 9.3 million shares for $414.7 million. Altogether, since 2003, the Company has invested
approximately $1.6 billion for share repurchase without increasing long-term debt.
Summary
Dollar Tree is now in its 25th year and at Dollar Tree stores, everything is still $1! No other retailer can say that.
Moreover, the Company has a long history of growth and exemplary fi nancial performance. Our success has been built
on a solid foundation, guided by a long-term strategy and sustained by the fl exibility to re-invent ourselves continuously
to thrive in changing environments. Our growth has been measured, disciplined and strategic. We continuously examine
and refi ne our store model and assortments to maximize our relevance to customers and our fi nancial returns for
shareholders.
By any measure, 2010 was an outstanding year, and we can do even better. Dollar Tree has plenty of opportunities to
grow our business, a vision of where we want to go and the infrastructure and capital to make it happen. We have a strong
and fl exible business model that can adapt to a changing environment. With our balanced mix of high value consumer
basics and unique assortment of fun, compelling, seasonally-correct discretionary products, Dollar Tree is positioned to
be relevant to customers in all economic circumstances.
Dollar Tree stores are strategically located to serve middle-America; they’re bright, convenient and fun to shop. We
have a solid and scalable infrastructure that we are leveraging for better inventory management, increasingly effi cient
supply chain logistics, more productive stores, and crisper overall execution. We generate substantial free cash, and we use
our capital for the long-term benefi t of shareholders.
We have a series of initiatives in place to drive our business to higher levels in 2011 and beyond. We are focused
on expanding our store base, improving store productivity, developing new retail formats, expanding into new markets
and adding new channels of distribution. These investments bring greater opportunities for our associates to grow and
develop their skills, while expanding overall employment opportunities.
Dollar Tree’s values have never been better and our future has never been brighter. As I said last year, thanks and
congratulations to every Dollar Tree associate for making 2010 our best year ever – so far!
Bob Sasser
President and Chief Executive Offi cer
DOLLAR TREE, INC. ♦ 2010 Annual Report 5
As Dollar Tree celebrates its Silver Anniversary, I am
pleased to report that the Company is strong, growing,
and our values have never been better.