8-KOther Events

DOLLAR TREE, INC. 8-K Report (Jan 7, 2003)

Filed January 7, 2003For Securities:DLTR

Summary

Dollar Tree Stores, Inc. (DLTR) filed an 8-K on January 7, 2003, reporting a significant change in its fiscal year and a new board appointment. Effective February 2, 2003, the company will transition from a calendar year to a retail fiscal year, ending on the Saturday closest to January 31. This change will impact how financial results are reported and may require investors to adjust their analysis of quarterly and annual performance, particularly concerning the transition period. In addition to the fiscal year shift, the company also announced the appointment of Eileen R. Scott, CEO of Pathmark Stores, Inc., to its Board of Directors. This expansion brings the board to nine members and adds valuable retail leadership experience. The filing also references an accompanying press release detailing fourth-quarter 2002 sales results and 2003 growth plans, as well as historical financial data presented on the new fiscal year basis.

Key Highlights

  • 1Dollar Tree Stores, Inc. is changing its fiscal year from a calendar year to a retail fiscal year ending on the Saturday closest to January 31, effective February 2, 2003.
  • 2This change will require a transition period, with unaudited information for January 1, 2003, through February 1, 2003, to be included in the May 3, 2003, 10-Q filing.
  • 3Eileen R. Scott, CEO of Pathmark Stores, Inc., has been appointed to the company's Board of Directors.
  • 4The addition of Ms. Scott expands the Board of Directors to nine members.
  • 5The filing references an attached press release (Exhibit 99.1) with Q4 2002 sales results and 2003 growth plans.
  • 6Historical financial data for the first three quarters of 2002, presented on the new fiscal year basis, is also attached as Exhibit 99.2.

Frequently Asked Questions

The primary purpose of this 8-K filing is to inform investors of two key corporate governance and operational changes: the shift in Dollar Tree's fiscal year end and the appointment of a new director to its Board.

The fiscal year will now end on the Saturday closest to January 31, instead of December 31. This will create a short transition period from January 1, 2003, to February 1, 2003, whose financial information will be reported in the Q1 2003 10-Q. Investors will need to adapt to this new reporting structure for year-over-year comparisons and understand the impact of this transition period.

The new board member is Eileen R. Scott, who currently serves as the CEO of Pathmark Stores, Inc. Her appointment brings significant retail industry experience and leadership to Dollar Tree's Board of Directors.

More details can be found in the accompanying press release (Exhibit 99.1) attached to this 8-K, which discusses fourth-quarter 2002 sales results and 2003 growth plans. Additionally, Exhibit 99.2 provides historical financial data for the first three quarters of 2002, restated on the new fiscal year basis.