Name: Dollar Tree Inc. (NASDAQ:DLTR) | Income Statement
Creator: Stock Analysis on Net

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.

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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).

A consistent upward trajectory in net sales is observed from January 28, 2017, to January 29, 2022, with revenue increasing from US$ 20.7 billion to US$ 26.3 billion. This steady growth is mirrored by a corresponding increase in the cost of sales, though gross profit generally followed a positive trend, rising from US$ 6.39 billion in 2017 to US$ 7.73 billion in 2022.

Operational Profitability and Non-Recurring Events: Operating income exhibited significant volatility primarily due to a substantial non-cash charge in the fiscal year ending February 2, 2019. A goodwill impairment of US$ 2.73 billion led to an operating loss of US$ 939.5 million for that period. Excluding this impairment, selling, general, and administrative expenses grew at a more moderate pace, from US$ 4.69 billion in 2017 to US$ 5.93 billion in 2022. Following the 2019 impairment, operating income recovered and stabilized, reaching US$ 1.81 billion by 2022.
Financial Expenses and Tax Impact: A notable reduction in net interest expense is evident over the six-year period. Interest costs decreased from US$ 375.5 million in 2017 to US$ 178.9 million in 2022, indicating an improvement in the company's debt profile or a reduction in total leverage. Provision for income taxes fluctuated significantly, coinciding with the net loss in 2019, but returned to a standard range of US$ 300 million to US$ 400 million in subsequent years.
Bottom Line Performance: Net income demonstrates a pattern of recovery and growth, notwithstanding the anomaly in 2019. After the net loss of US$ 1.59 billion in 2019, net income rebounded to US$ 827 million in 2020 and peaked at US$ 1.34 billion in 2021. The final recorded period shows a slight normalization to US$ 1.33 billion, representing a significant increase over the 2017 baseline of US$ 896.2 million.

The overall financial performance indicates a business with stable top-line growth and improving interest efficiency, where the primary disruption to profitability was a one-time asset impairment rather than a systemic decline in operational margins.

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