Dollar Tree (DLTR) FY2025 results: revenue $19.4 billion, up 10.4% on the year

Dollar Tree operates retail discount stores under the Dollar Tree and Dollar Tree Canada brands. At 31 January 2026 it ran approximately 9,000 stores across 48 states and the District of Columbia and approximately 275 stores across seven Canadian provinces. The stores serve customers across a broad range of income levels, mainly in suburban locations, and predominantly run 8,000 to 10,000 selling square feet. On 5 July 2025 the company completed the sale of the Family Dollar business to 1959 Holdings, which is reported as a discontinued operation for every period shown, so the annual report covers only the continuing business.

What the stores carry

A store holds approximately 8,400 items, balancing everyday basic products with seasonal, closeout and promotional merchandise, and approximately 40% of items are automatically replenished while the rest are allocated to the store or managed by direct store delivery vendors, so each store can tailor to its own customers. Consumable merchandise covers household paper and chemicals, food, candy, health and personal care products and, in most stores, frozen and refrigerated food. Discretionary merchandise splits into variety goods such as toys, durable housewares, gifts, stationery, party goods, greeting cards, softlines and arts and crafts, and seasonal goods for Christmas, Easter, Halloween and Valentine's Day. Closeout and promotional merchandise is bought opportunistically and accounts for less than 10% of purchases. Alongside the 1.25 dollar price point the company has been widening a multi-price offering, and its private-label range now runs across both consumable and discretionary categories. Canadian stores generally sell items at 1.75 Canadian dollars or less.

Ordering from home

A partnership with Instacart lets customers shop online and take same-day delivery from more than 8,400 Dollar Tree stores. In August 2025 the company announced a nationwide partnership with Uber to bring the Uber Eats platform to its stores, and over 8,800 stores were serviceable through Uber Eats at 31 January 2026.

Buying and imports

Products are bought mainly order by order, with no material long-term purchase contracts or guaranteed product cost, and no vendor accounted for more than 10% of merchandise bought in fiscal 2025. Direct relationships with manufacturers let the company choose from a broad range of products and customise packaging, product sizes and pack quantities. Merchandise imported directly typically accounts for approximately 40% of total retail value purchases, with China the source of a vast majority of direct imports, and the filing states that a significant portion of goods bought from domestic vendors is imported too. Against tariffs and cost inflation the company is renegotiating supplier terms, re-engineering products, shifting country of origin, dropping weaker items and making targeted retail price changes.

Distribution

There are 16 distribution centres in the United States, with Canadian distribution handled by a third party from facilities in British Columbia and Ontario. Stores receive approximately 90% of their inventory from those centres, the remainder, mainly perishable consumables and vendor-maintained display items, arriving straight from vendors or third-party distributors. A multi-year plan is underway to expand and modernise the centres, add capacity, automate existing buildings and upgrade warehouse management systems. In April 2025 the company announced a return to Marietta, Oklahoma, with a rebuilt centre able to serve approximately 700 stores across the West and Southwest, reconstruction having started in September 2025, and in October 2025 it announced the purchase of a 1.25 million square foot centre outside Phoenix, Arizona.

Competition and people

The value retail sector is described as highly competitive on price, store location, merchandise quality, product assortment and presentation, shopping experience and customer service, with competitors running from dollar stores, mass merchandisers and warehouse clubs to online retailers, drug stores, convenience stores and grocery stores. There were 153,032 associates at 31 January 2026, of whom 151,606 worked in stores and distribution centres and 1,426 at the store support centre. Part-time associates numbered 117,851, working on average less than 30 hours a week, with the count moving on seasonal need. The company considers its relationship with associates good and reports no interruptions of operations from labour disagreements.

From Dollar Tree's annual report on Form 10-K for the year ended 31 January 2026. The filing

Written from the 10-K filed 16 March 2026: read the full 10-K.