Summary by Moomoo AI
Dollar Tree reported Q2 fiscal 2024 results with consolidated net sales up 0.7% to $7.37 billion and enterprise same-store sales increasing 0.7%. Diluted EPS fell 31.9% to $0.62, impacted by a $0.30 per share charge related to general liability claims.Gross profit rose 3.7% to $2.21 billion with margin expanding 80 basis points to 30.0%. However, selling, general and administrative expenses increased to 27.3% of revenue from 25.3% last year. The company repurchased 0.75 million shares for $90.8 million during the quarter.For fiscal 2024, Dollar Tree revised its outlook, now projecting net sales of $30.6-$30.9 billion and adjusted EPS of $5.20-$5.60. The updated guidance reflects Q2 results, a more conservative sales outlook, costs for converting acquired 99 Cents Only stores, and higher depreciation expenses.
