Dollar Tree 2012 Annual Report Download - page 50

Notes to Consolidated Financial Statements
First
Quarter(1)
Second
Quarter
ird
Quarter
Fourth
Quarter(2)
Fiscal 2012:
Netsales $ 1,723.6 $ 1,704.6 $ 1,720.5 $ 2,245.8
Grossprot $ 602.7 $ 599.6 $ 599.6 $ 850.7
Operating income $ 188.0 $ 184.4 $ 184.2 $ 363.5
Netincome $ 116.1 $ 119.2 $ 155.4 $ 228.6
Diluted net income per share $ 0.50 $ 0.51 $ 0.68 $ 1.01
Stores open at end of quarter 4,451 4,523 4,630 4,671
Comparable store net sales change 5.6% 4.5% 1.6% 2.4%
Fiscal2011:
Netsales  $ 1,545.9  $ 1,542.4  $ 1,596.6  $ 1,945.6
Grossprot  $ 540.8  $ 542.4  $ 560.6  $ 734.5
Operating income  $ 161.7  $ 153.5  $ 164.9  $ 302.0
Netincome  $ 101.0  $ 94.9  $ 104.5  $ 187.9
Diluted net income per share  $ 0.41  $ 0.39  $ 0.43  $ 0.80
Stores open at end of quarter   4,177   4,242   4,335   4,351
Comparable store net sales change   7.1%   4.7%   4.8%   7.3%
(1) Easter was observed on April 8, 2012 and April 24, 2011
(2) Fiscal 2012 contains 14 weeks ended February 2, 2013 while Fiscal 2011 contains 13 weeks ended January 28, 2012
Company’snancialstatementssincetheaquisitiondate
anddidnothaveasignicantimpactontheCompany’s
operatingresultsin2012,2011or2010.isacquisition
isimmaterialtotheCompany’soperationsasawholeand
thereforenoproformadisclosureofnancialinformation
hasbeenpresented.efollowingtablesummarizesthe
nalallocationofthepurchasepricetothefairvalueof
the assets acquired and liabilities assumed based on the
exchangerateineectatthedateofpurchase.
(in millions)
Cash  $ 1.9
Inventory   22.8
Other current assets   3.4
Property and equipment   10.1
Goodwill   39.9
Other intangibles   3.9
Debt   (13.8)
Ac counts payable and accrued liabilities   (16.9)
 $ 51.3
Goodwill related to this acquisition is presented in
the consolidated balance sheet at the exchange rates in
eectatFebruary2,2013andJanuary28,2012,respec-
tively; however, the opening balance sheet and resulting
goodwill and acquired intangible assets were recorded
basedontheexchangerateineectattheacquisitiondate.
NOTE 11 – SALE OF INVESTMENT
OnSeptember28,2012,theCompanysolditsowner-
shipinterestinOllie’sHoldings,Inc.,whichitoriginally
acquiredin2003.Asaresultofthesale,theCompany
recordedapre-taxgainof$60.8millionin2012which
is included in “Other income, net” on the accompanying
Consolidated Statements of Operations. e gain, net of
tax,was$38.1millionandincreasedearningsperdiluted
sharefor2012by$0.16.
NOTE 12—QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
efollowingtablesetsforthcertainitemsfromtheCompany’sunauditedconsolidatedstatementsofoperations
foreachquarterofscalyear2012and2011.eunauditedinformationhasbeenpreparedonthesamebasisasthe
auditedconsolidatednancialstatementsappearingelsewhereinthisreportandincludesalladjustments,consisting
onlyofnormalrecurringadjustments,whichmanagementconsidersnecessaryforafairpresentationofthenancial
data shown. e operating results for any quarter are not necessarily indicative of results for a full year or for any
future period.
48 Dollar Tree, Inc.