Dollar Tree 2013 Annual Report Download - page 7

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practices and has made several changes in recent years. We maintain an open
dialogue with shareholders on governance matters, and we continue to increase
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 2013, 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.
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
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 2013, we invested more than $1.1 billion for share repurchases,
including a $1 billion Accelerated Share Repurchase program entered into in
September. Altogether, since 2004 the Company has invested $3.7 billion for
share repurchase.
Summary
Over its 27-year history, Dollar Tree has built an exemplary record of
consistent, profitable growth. is performance has been the result of the
collaborative efforts of tens of thousands of Dollar Tree associates working
together to deliver value to every customer, at every store, every day.
As I look to the future, I see exciting opportunity. Our Company is strong.
We are positioned to continue growing profitably for many years ahead. e
Dollar Tree brand is a benchmark of value for our customers’ basic variety store
needs and wants. We are constantly searching for more and better ways to serve
an expanding base of customers, generate jobs and growth opportunities for our
associates and add value for our shareholders.
We remain committed to a concept that customers love. We have a vision
of where we want to go and the infrastructure, capital and most importantly, a
talented management team with a long history of retail success to lead us there.
As I have said for many years, I truly believe that the best is yet to come!
Bob Sasser
Chief Executive Officer
Over its 27-year history,
Dollar Tree has built an
exemplary record of
consistent, protable
growth. This performance
has been the result of the
collaborative eorts of
tens of thousands of
Dollar Tree associates
working together to deliver
value to every customer,
at every store, every day.
”
“
$2.01
$2.72
$1.19
$0.70
$0.53
$0.51
$0.36
Earnings Per Share
‘11
‘09‘07
‘05‘03‘01 ‘13
$6.6
$7.8
$5.2
$4.2
$3.4
$2.8
$2.0
‘11
‘09‘07
‘05‘03‘01 ‘13
Net Sales
($ in Billions)
2013 Annual Report 5