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$DLTR General Update: At its Annual Meeting held on June 18, 2015, DLTR shareholders reelected all serving Board of Directors, ratified selection of KPMG as Independent Registered Public Accounting Firm; and approved the adoption of DLTR's 2015 Employee Stock Purchase Plan. Each of these proposals received a majority of votes cast at the Meeting.
With increased consumer spending in its stores, $DLTR posted its fifteenth consecutive quarterly increase in sales during the third quarter of 2017. Total sales grew 6.3% to $5.32Bil. Sales from the Dollar Tree banner jumped 9% to $2.68Bil.
Bob Sasser, $DLTR's CEO since 2004, will assume the role of Executive Chairman of the Board, effective Sept 18, 2017. Effective same day, Gary Philbin, Enterprise President, was promoted to President and CEO of Dollar Tree, Inc. and appointed its Board.
$DLTR's net sales for FY17 are now expected to range from $22.07Bil to $22.28Bil, vs its previously expected range of $21.95Bil to $22.25Bil. This estimate is based on a low single-digit increase in same-store sales and 3.9% square footage growth. $DLTR now sees EPS for FY17 to range between $4.44 and $4.60, vs its previous guidance of $4.17-4.43.
$DLTR's enterprise same-store sales increased 2.4% in 2Q17, driven by increases in comparable transaction count and average ticket. Same-store sales for the Dollar Tree banner increased 3.9%, what that for the Family Dollar banner rose 1%.
Defying the retail jinx, discount store chain $DLTR reported a 5.7% growth in sales in 2Q17 to $5.28Bil. Net income for the quarter jumped to $233.8MM, or $0.98 per share, from $170MM, or $0.72 per share in the same period last year. During the quarter, the company opened 133 stores, expanded or relocated 31, and closed 34 stores.
Store operator $DLTR has promoted Michael A Witynski to the post of President and COO of the Dollar Tree segment. Witynski will continue to report to Enterprise President Gary Philbin. Witynski served as SVP, Stores, since joining Dollar Tree in 2010, has served as COO since July 2015.
During 1Q17, $DLTR Enterprise same-store sales rose 0.5%. Same-store sales for the Dollar Tree banner increased 2.5%, while that for the Family Dollar banner fell 1.2%. $DLTR opened 164 stores, expanded or relocated 51 stores, and closed 16 stores. Retail selling square footage at quarter-end was approximately 113.7MM square feet.