Dollar Tree, Inc.

Please stand by. We're about to begin. Good day, everyone. Welcome to the Dollar Tree Inc. first quarter of 2022 earnings call. Today's conference is being recorded. At this time, I'd like to turn the call over to Mr. Randy Geiler, Vice President, Investor Relations. Please go ahead, sir.

Thank you, Alan. Good morning, and welcome to our call to discuss results for Dollar Tree's first fiscal quarter of 2022. With me on today's call are Executive Chairman Rick Dreiling, President and CEO Mike Witinski, and CFO Kevin Watler. Before we begin, I would like to remind everyone that various remarks that we will make about our expectations, plans, and prospects for the company constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation and Reform Act of 1995. These statements are subject to risks and uncertainties, and our actual results may differ materially from those indicated in these forward-looking statements. For information on the risk and uncertainties that could affect our actual results, please refer to the Risk Factors, Business, and Management's Discussion and Analysis of Financial Condition and Results of Operations sections in our annual report filed March 15, 2022, our Form 10-Q for the most recently ended fiscal quarter, our most recent press release, and 8K, and other violence we make from time to time with the Securities and Exchange Commission. We caution against reliance on the forward-lifting statements made today, and we disclaim any obligation to update or revise these statements except as required by law. Following our prepared remarks, Mike and Kevin will take your questions. Please limit your questions to one and one related follow-up. And before I turn the call over to Rick, I want to make one quick clarification to our earnings release, as I've received a few questions this morning. Our original fiscal 2022 EPS outlook of $760 to $8 per share did not include the 43 cents per share of cost outlined in today's earnings release. 13 cents of the 43 cents per share was incurred in Q1 and reduced our Q1 earnings. Our updated outlook for EPS of 780 to 820 per share does include the 43 cents per share of cost. And I'll now turn the call over to Rick.

Thank you, Randy, and good morning, everyone. It's been an extremely busy 10 weeks since joining the Dollar Tree team. I've been actively meeting with the leaders throughout the organization to get to know them and their businesses and to discuss priorities and opportunities We see a massive opportunity ahead of us to drive long-term sustainable value creation through the combined Dollar Tree and Family Dollar brands. It's abundantly clear to us that to deliver this long-term opportunity, we're going to be going from a great company and that change is needed. We are fully committed to transform Dollar Tree from a good company today to a great company tomorrow. We have this unique opportunity to become a growth engine that delivers profitable growth with attractive returns on capital for many years to come. However, to get from here to there, we must build the foundation to fuel this engine. We need to invest in the areas that most positively impact the associate and shopper experience. These investments are intended to greatly improve the performance of the family dollar segment and our supply chain, as well as support the continued momentum at Dollar Tree. We'll be focusing on our people, most importantly our teams, from store and distribution center associates to field leadership through competitive wages improve store and DC conditions, and enhance safety. The distribution center network and supply chain presents us with a golden opportunity to amplify efficiencies and deliver greater support to our stores and elevated service to our shoppers through improved in-stock positions. Pricing at family dollar and the value proposition at both banners We need to be right on price at Family Dollar, on par with our primary competitors, and we will work directly with our suppliers to drive greater store productivity. Dollar Tree has a long history of exceeding customer expectations by offering extreme value. We will continue to place a great emphasis on the value proposition at Dollar Tree. And finally, technology. We are simply not where we need to be from a systems perspective to reach our potential. We have recently begun a comprehensive review of all of our systems and infrastructure to make the right decisions and investments to take Dollar Tree and Family Dollar to the next level. I felt great about the long-term opportunity for Dollar Tree and Family Dollar before I got here. Now that I've been inside the organization for two months, I feel better than ever. I have full confidence in the team and our board of directors as we embark on this much-needed transformational growth journey. The Dollar Tree banner is generating renewed momentum, and we will be taking the necessary steps to enable Family Dollar to seize the opportunity to deliver long-term operating performance improvements. We are in the midst of a very challenging time for consumers, as many are living paycheck to paycheck. They are facing the highest inflation since the early 1980s, record high gas prices, the effects from the pandemic, geopolitical uncertainty, and much more. In tough times, value retail can be part of the solution to help families stretch their dollars to meet their evolving needs. Dollar Tree and Family Dollar provide convenience as our 16,000 plus stores are located close to where millions of households live and work. Mike and I view our organization as a growth company. Now is the ideal time to shift gears for us to make change happen to unlock shareholder value and enable the next wave of profitable growth for Dollar Tree and Family Dollar. With that, I'd like to turn the call over to Mike.