Dollar Tree Continues to Execute Its Family Dollar Integration; Shares Slightly Overvalued
Dollar Tree continues to make progress on its integration of Family Dollar, evident by the banner’s 1.5% comparable-store sales and 190 basis points of operating margin expansion in the third quarter, both ahead of our 1% and 100-basis-point full-year estimate. This result, along with a healthy 5% comparable-store sales for the Dollar Tree banner, reinforces our narrow-moat rating, which assumes the firm will withstand competition by offering customers a strong value proposition. We plan to rais...Dollar Tree is an operator of discount variety stores. The company's stores operate under the names of Dollar Tree, Family Dollar and Dollar Tree Canada. The company's segments are: Dollar Tree, which is the operator of discount variety stores providing merchandise at the fixed price point of $1.00; and Family Dollar, which operates general merchandise discount retail stores. The merchandise mix in the company's Dollar Tree stores consists of consumable merchandise, variety merchandise, and seasonal goods. The merchandise mix in the company's Family Dollar stores consists of consumable merchandise, home products, apparel and accessories merchandise, and seasonal and electronics merchandise.
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