Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Dollar Tree Inc., consolidated income statement

US$ in thousands

12 months ended:	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Net sales	26,309,800)	25,508,400)	23,610,800)	22,823,300)	22,245,500)	20,719,200)
Cost of sales	(18,583,900)	(17,721,000)	(16,570,100)	(15,875,800)	(15,223,600)	(14,324,500)
Gross profit	7,725,900)	7,787,400)	7,040,700)	6,947,500)	7,021,900)	6,394,700)
Other revenue	11,400)	900)	—)	—)	—)	—)
Selling, general and administrative expenses, excluding Goodwill impairment and Receivable impairment	(5,925,900)	(5,900,400)	(5,465,500)	(5,160,000)	(5,004,300)	(4,689,900)
Goodwill impairment	—)	—)	(313,000)	(2,727,000)	—)	—)
Receivable impairment	—)	—)	—)	—)	(18,500)	—)
Selling, general and administrative expenses	(5,925,900)	(5,900,400)	(5,778,500)	(7,887,000)	(5,022,800)	(4,689,900)
Operating income (loss)	1,811,400)	1,887,900)	1,262,200)	(939,500)	1,999,100)	1,704,800)
Interest expense, net	(178,900)	(147,300)	(162,100)	(370,000)	(301,800)	(375,500)
Other income (expense), net	(300)	(800)	(1,400)	500)	6,700)	100)
Income (loss) before income taxes	1,632,200)	1,739,800)	1,098,700)	(1,309,000)	1,704,000)	1,329,400)
Provision for income taxes	(304,300)	(397,900)	(271,700)	(281,800)	10,300)	(433,200)
Net income (loss)	1,327,900)	1,341,900)	827,000)	(1,590,800)	1,714,300)	896,200)

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

The analysis of the financial data over the six-year period reveals several notable trends and fluctuations in key financial metrics.

Net Sales: There is a consistent upward trend in net sales, rising from approximately $20.7 billion in early 2017 to $26.3 billion by early 2022. This indicates steady revenue growth over the years.
Cost of Sales: Cost of sales has also increased steadily, from about $14.3 billion in 2017 to $18.6 billion in 2022. The increase follows a similar trajectory as net sales, suggesting that cost management remained proportionate to sales growth.
Gross Profit: Gross profit saw growth from roughly $6.4 billion in 2017, peaking near $7.8 billion in 2021, before a slight decline to $7.7 billion in 2022. While generally increasing, the gross profit margin may have experienced some compression in the most recent year.
Other Revenue: This category shows negligible or no reported amounts until 2021 and 2022, where it registers at $900 thousand and $11.4 million respectively, indicating a new or expanded revenue source during these years.
Selling, General and Administrative Expenses (SG&A): Excluding impairments, SG&A expenses steadily increased from about $4.7 billion in 2017 to $5.9 billion in 2022. The inclusion of goodwill and receivable impairments dramatically impacted total SG&A expenses in 2019 and 2020, with a peak of nearly $7.9 billion in 2019, driven mainly by a significant $2.7 billion goodwill impairment in 2019 and an additional impairment in preceding years.
Operating Income (Loss): Operating income rose from $1.7 billion in 2017 to a peak of about $2 billion in 2018, followed by a sharp loss of approximately $940 million in 2019 correlating with large impairments that year. It recovered strongly in 2020, reaching $1.3 billion, and continued improving slightly through 2021 and 2022, maintaining around $1.8 billion.
Interest Expense, Net: Interest expense fluctuated modestly, declining from $375 million in 2017 to a low of $147 million in 2021 before rising slightly to $179 million in 2022. This suggests manageable debt costs with some variability over the years.
Other Income (Expense), Net: Other income and expenses show small fluctuations with minor positive and negative values, peaking at $6.7 million in 2018 and slightly negative values in later years, indicating minimal impact on profitability.
Income Before Income Taxes: This metric follows a pattern similar to operating income—rising from $1.3 billion in 2017 to $1.7 billion in 2018, falling sharply to a loss of about $131 million in 2019, then recovering to approximately $1.7 billion by 2021 and slightly decreasing to $1.6 billion in 2022.
Provision for Income Taxes: The provision for income taxes shows an unusual positive value in 2018 ($10.3 million) amidst otherwise negative expenses, possibly reflecting tax benefits or adjustments. For other years, it generally increases in absolute terms up to $398 million in 2021 and then declines somewhat in 2022, consistent with the fluctuations in pre-tax income.
Net Income (Loss): Net income rose significantly from $896 million in 2017 to $1.7 billion in 2018, followed by a substantial loss of $1.6 billion in 2019 aligning with impairments recorded. Subsequently, net income returned to positive territory, reaching $1.3 billion in 2021 and remaining stable in 2022 at approximately $1.3 billion.

Overall, the data reflect steady revenue growth and generally increasing gross profits, tempered by significant one-time impairments in 2019 and some variability in operating profit and net income aligned with these non-recurring charges. Expenses excluding impairments grew steadily, indicating controlled operational spending relative to growth. The company returned to profitability after a challenging year in 2019, demonstrating resilience in its core operations.

Download chart

Dollar Tree Inc. (NASDAQ:DLTR)

Income Statement