Dollar Tree 2011 Annual Report Download - page 7

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Corporate Governance and Shareholder Value
Dollar Tree has a long-standing commitment to responsible corporate governance and to building value for our long-
term shareholders.
Our Board of Directors is active, involved, and committed to responsible corporate governance. e majority of Board
is comprised of independent directors, we have a lead independent director and all of the standing committees of the Board
consist entirely of independent directors. e Board regularly reviews the Company’s governance practices and has made
several changes in recent years. We maintain an open dialogue with shareholders on governance matters and we continue
increasing our understanding of industry standards in corporate governance as they evolve.
Above all, we believe in strict adherence to our core values of honesty, integrity and transparency in all aspects of
our business. ese values are reflected in the strength of our financial controls and in our relationships with customers,
suppliers, associates, and our shareholders.
For 2011, 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
2012, as I have stated in previous years, you can be assured that we will continue to operate Dollar Tree with an unwavering
commitment to financial integrity and the related financial controls as a foundation for building long-term shareholder value.
Dollar Tree has consistently generated significant cash flow and has been a prudent manager of capital for the benefit
of long-term shareholders. e best use of capital, in our view, is to support continued growth of the business at a sustain-
able 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 2011, we repurchased 8.7 million shares for $645.9 million. Altogether, since
2004, the Company has invested approximately $2.2 billion for share repurchase without increasing long-term debt.
Summary
Dollar Tree associates can take pride in the fact that 2011 was another outstanding year for our Company and we are
singularly positioned to do even better in the future. I see great opportunity ahead for Dollar Tree.
U Our stores, merchants and support teams are guided by a strategic vision that involves every element of the business
revolving around the customer.
U e business model is powerful and flexible—tested by time and validated by results. We have proven that Dollar Tree
can adapt to a changing environment. rough good and bad economic times the Company has consistently increased
sales and earnings and we have never been better positioned for continued growth and improvement.
U e balanced mix of high value consumer basics and the unique assortment of fun, seasonally-correct discretionary
products positions Dollar Tree Stores to be relevant to customers in all economic circumstances.
U We have a solid and scalable infrastructure that we are leveraging for better inventory management, increasingly
efficient supply chain logistics, more productive stores, and crisper overall execution.
U And there is more to come. ere are plenty of opportunities to grow our business, through New Dollar Tree Stores,
More productive Stores and Category expansion. We are developing New formats and New channels with Deal$ and
Dollar Tree Direct, and we are expanding geographically, as Canada provides an opportunity for substantial growth.
All of this provides a roadmap for sustained profitable growth.
Moreover, we understand that our people—more than 70,000 strong—are the key to everything the Company strives to
accomplish. We make a concerted effort to attract and retain great people throughout the organization. e Company’s
continued expansion challenges all associates to grow and develop new skills and provides additional employment oppor-
tunities for new associates.
Dollar Tree is strong, growing and our values have never been higher. We have a vision of what we want to become, and
the infrastructure, capital and people to make it happen. As I have said before, I truly believe that the best is yet to come!
Bob Sasser
President and Chief Executive Officer
2011 Annual Report 5