I'll now turn the call back over to Mike. Hourly pay at Family Dollar Stores Inc ranges from an average of $8.56 to $14.32 an hour. But it's really early for us, but we do like the basket we're seeing and the mix of the product. And now we're rolling out to the chain and that took probably 18 months to two years. We plan to add Crafter's Square to the remainder of the Dollar Tree stores in early 2021. Enterprise same-store sales (comps) grew 5.1%. Thanks. How should we think about that impact in the fourth quarter? So it's going to be a continued focus, just like we talked about early this year. Welcome to our Dollar Tree coupons page, explore the latest verified dollartree.com discounts and promos for December 2020. And I think it gives us the opportunity to show folks what we have in that arena and hopefully convert them to continued shoppers with us as we go forward. Our merchant teams are harmonized to act with clarity, focus and speed. The merchant and store teams have done a tremendous job. During Q3, Dollar Tree Canada opened two new stores, bringing the total to 230 stores north of the border. Yeah. Thank you for taking my question and congratulations on a great quarter. In an environment where individuals are concerned about their health and exposure, about their income and jobs and about not knowing what is next, I firmly believe that Dollar Tree and Family Dollar are part of the solution. Our next earnings conference call to discuss Q4 and full year results is tentatively scheduled for Wednesday, March 3, 2021. I mean, that's what we're really looking for is that it's -- this program has to be accretive to sales margin and operating income. Great. It's a great question. You mentioned something about doing it in stores that are close to the DCs, I think. So that is going to be going forward. We'll take our next question from Matthew Boss with JPMorgan. And it's an important part of the growth as we go forward. The tax rate is expected to be 22.3% for the fourth quarter and 22.8% for fiscal 2020. Net interest expense is expected to be approximately $37 million in Q4 and $151 million for fiscal 2020. Categories performing well included crafts, party celebrations, household products, kitchenware and even early Christmas seasonal. And my follow-up question, Mike, is on framing the Family Dollar consumable business, which increased in the 4% range in the most recent quarter. During the quarter, we launched the ability to sell product directly on our website at familydollar.com, providing customers another way to access great values. Dollar Tree is a popular American discount retail store chain. So I think that's important at the end of the day. Additionally, it expects to complete 750 Family Dollar H2 renovations in fiscal 2020. Third quarter was quite healthy in the mid-20% range. Thanks for the questions, Peter. So, I mean, so the obvious one, if it impacts -- if we had adverse implications to comp store sales in the stores and/or margin dollars, and it's not accretive to the business. You look at -- if you can bring in technology and self scanning to help leverage some of your resources that way. Family Dollar sales highlights for the third quarter included the 6.4% same-store sales increase was on top of the 2.3% comp in Q3 a year ago. So, we think that they're responding favorably because the products that we are buying are selling through at the rate we expect and it's continuing to grow. As it relates to flow-through, it was a very good month or a very good quarter, I should say, in regards to flow-through. But it's really the categories that they're buying itself, right? Additionally, Dollar Tree plans to expand its Dollar Tree Plus! And that's really helping us a lot in our sell through. We never went forward with, but no, not to this level. And we're excited about offering that opportunity to our customers as they shift in some of their behaviors. Edward Kelly -- Wells Fargo Securities -- Analyst. We are three quarters into 2020 with an operating margin of 5.1% compared to 2% three quarters into 2019. But the two things we do see, we like the sales that these are the product that we're putting in there at the $3 and $5 price point are selling. Our seasonal businesses both at Dollar Tree and Family Dollar are doing very well. Overall, gross profit for the enterprise increased 12.9% to $1.92 billion. Yeah. Inventory for Family Dollar at quarter end decreased 2.9% from the same period last year, while selling square footage increased 1.1%. Our 15,000 plus stores are close to home and easy to shop, providing great convenience and we offer a broad assortment of tremendous values to meet both needs and wants. And the $3 and $5 price points seem to resonate more with our customers and it differentiates itself from the Dollar price point. Other selling, general and administrative expenses decreased by approximately 20 basis points, primarily due to lower advertising and travel costs as a percentage of net sales. We do expect 1,250 additional H2s in 2021 to continue that process forward. Both rural and urban Family Dollar stores delivered mid single-digit comp increases, with rural slightly outpacing urban. Yeah, Mike, thanks for your question on the DT Plus!. How are you thinking about those models next year? Additionally, we are early in the test phases of the following initiatives: buy online, pickup at store and delivery options through Instacart and Shipt. I was hoping you could give a little color on how you all are starting to think about 2021 at this point. So, I think it was about a year ago that when asked about this initiative, you guys have talked about how customer response that may be like a third of customers liked it, a third were in different, a third didn't like it. Driven the robust third-quarter fiscal 2020 performance, its shares gained 7.6% in the pre-market session. Do you see it lagging? Customers are buying ahead and not waiting until the last minute. And the store size was really more related to -- we do not want to impact our single price point assortment that the customers used to in our stores. And that's what our expectations are. If you could provide any color on what early reads are, what sort of customer is buying back, what the delivery basket is looking like? Dollar Tree annual/quarterly revenue history and growth rate from 2006 to 2020. At this time, I will turn the conference back over to Randy Guiler for closing remarks. Examples include: we are experiencing improved accessibility to a broader base of manufacturers and vendors by going to market as a 15,000-plus store chain. And it's hard for me to -- it would be a different number by state and geography. Dollar Tree now plans to open 480 stores in fiscal 2020. What percent of the fleet are large enough to handle that Dollar Tree Plus! Simeon Gutman -- Morgan Stanley -- Analyst. Well, I think, the first answer is that we're organizing around the strategy. Michael Montani -- Evercore ISI -- Analyst. The initial results are good. And I think it's going to be slow to change. Average Dollar Tree hourly pay ranges from approximately $8.63 per hour for Stocking Associate to $11.05 per hour for Assistant Manager. It rapidly grew, thus, today there are more than 14,700 locations throughout the United States and Canada. for a second. And they have improved on store manager turnover and internal promotion as a result of their continued focus on people development. So -- and again, I think we saw some leverage with the comp on occupancy, which, again, obviously, with a forward comp, we would expect leverage there. We are chasing the product and the national brand and it's the products that are COVID-related and manufacturers are still trying to build up capacity. Could you see any conditions under which you would roll back this test or this expansion of the test of 500 Dollar Tree Plus! Yes. We believe we have the ability to better serve customers across North America. The team has undergone a significant amount of work to get us to this stage with one consolidated store support center, a strong balance sheet and an aligned, energized and focused leadership team and a full staff of talented retailers. So we're looking for a size of stores right now during the test. Hourly pay at Dollar Tree Stores Inc ranges from an average of $7.65 to $14.17 an hour. There is a lot of talk about raising the federal minimum wage threshold. offering to nearly 500 stores, starting spring 2021. Notably, this was the strongest comps performance in the past ten quarters for the Dollar Tree segment. Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. And we're seeing our discretionary side grow with both new and old customers. Why is 500 stores the right number? Those are the things that we can see. And is it only on the Family Dollar business where you're looking at that or would you think about more omni-channel investment needed for Dollar Tree as well? Our merchants continue to look at merchandising methods through shelf-ready PQs and then distribution methods. So, our operating teams are absolutely working on driving, first and foremost, in-store efficiencies. I would also like to recognize Dollar Tree Canada. Got it. Together they are considered the nation’s largest small-box discount retailer, operating over 14,000 stores nationwide. I do not have that right now with me. Occupancy costs decreased approximately 20 basis points due to leverage on the comp sales increase in the quarter. No promotion code required. Dollar Tree ended the quarter with cash and cash equivalents of $1,118.3 million. But there are probably six to seven states already on their path to that $15 an hour minimum wage that they've announced several years ago, and they're on their path to that. And it also takes our buyers' times to go -- these are import items and we actually manufacture and create these items to be a great value and a wild factor at the $3 and $5 price points. What drove the 95 basis points of merchandise margin expansion this quarter? Maybe just to touch base quickly on some of the gross margin trends. And then, as a follow-up on the Family Dollar side, what have you seen from new customers relative to spending from existing customers more recently in the improved performance? So this is what we're doing, the same process. Thanks for the questions. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. It's almost here. Scot, I think is your question around discretionary and the strength there, I mean, obviously, I think, one, it does speak a little bit to the pattern of the consumer. Hey. Shelby. Family Dollar operates under a landlord friendly net lease structure. Hourly rate can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. I would say, on the consumable side, we are not happy with our everyday in-store stocks on consumables. And for fiscal 2020, we continue to expect consolidated capital expenditures to be approximately $1 billion. Net interest expense is expected to be approximately $37 million in Q4 and $151 million for fiscal 2020. And if I could ask a follow-up on the H2 stores, you talked about your plans for the multi-price expansion on the Dollar Tree side. This estimate is based upon 250 Dollar Tree Cashier salary report(s) provided by employees or estimated based upon statistical methods. And I think it had people sort of thinking like maybe this is not something that would make sense. Brad Thomas -- KeyBanc Capital Markets -- Analyst. We have a strong balance sheet and continue to grow the company by investing in both new and renovated stores, our supply chain and technology to improve the customer experience. Going forward, the company remains focused on opening new stores, improving store productivity, increasing operating efficiencies, generating free cash flow and repurchasing shares. The sales strength was broad-based geographically with each zone delivering positive comps ranging 4.7% or better. business? Chandni Luthra -- Goldman Sachs -- Analyst. It's just that we didn't show you all the backdrop of the early testing. It's really early. Our operators in the store, technology, distribution and the product our merchants are buying are all the things that we actively are going actively are going to be working on. The rise in distribution costs included $11.4 million of pandemic-related payroll costs. Thanks. We'll take our next question from Chandni Luthra with Goldman Sachs. The company was founded in 1986 in Norfolk, Virginia. I think as we look at it, shrink, we did see some nice improvement. How should we think about that? Dollar. Please go ahead, sir. So that's the only reason we're doing that. I am incredibly proud of our team's effort in the third quarter to continue serving customers effectively while driving operational improvements in both banners through this extremely dynamic retail environment. The typical Dollar Tree Cashier salary is $9. Other selling, general and administrative expenses decreased approximately 5 basis points, primarily from lower travel and legal costs. The company currently plans to renovate about 1,250 Family Dollar stores in fiscal 2021. And maybe a little counterintuitive of the fact that we saw improvements in freight, but you have to remember, a year ago, from a compare standpoint, we saw a pretty big increase a year ago from a surge standpoint. So, I want to -- we're trying to bring clarity to ourselves, to our merchants and for our customers on the value. The things that we do like is, even in the seasonal items, where the $3 and $5 items are really responding well and seasonal. So shrink may not be as big a help. The company paid down the remaining $500 million on its revolving line of credit during the quarter. When we have our Crafter's Square, we tested it in three or four stores, then we put it out into 800 stores and then rolled it out. So that tells you that there is commitment there that we want to find great products at the $3 and $5 price points. So, 500 is an estimate of stores around those distribution centers. I think, we will keep going after driving that basket size and when they're in our stores drive it with intent. Then I have a follow-up. Yeah. Hi. Additionally, we completed more than 550 real estate projects, paid down the $500 million drawn on our revolving line of credit and repurchased $200 million in stock. The Halloween seasonal sell-through was our best ever. Kevin S. Wampler -- Chief Financial Officer. It's not quite at the level as it was back in March and April. You pushed out some omni-channel initiatives, it looks like you're looking at BOPIS for Family Dollar. Randy Guiler -- Vice President, Investor Relations. I would say, we really like the basket size. So, yes, we're still chasing a little bit of that. And I think the discretionary side is very strong right now. Thanks so much, guys. We've got some momentum. If we compare that to a lot of the results from the other consumable retailers, it was a bit slower and perhaps suggests that the Family Dollar's market share in those categories was lagging behind others. The performance of Crafter's Square offering that was rolled out into approximately 2,400 stores in Q1 of this year has been outstanding. and we are pleased to announce we are expanding the program to a total of approximately 500 stores beginning in the spring. Dollar Tree is a chain of discount stores that sell all items for $1.00 or less. And we're going to do our due diligence and roll this out and test. Current year quarter included $46.3 million in COVID-19-related expenses in total. And as I've stated before, it's been front and center on many people's desks. Thanks, Kevin. assortment at this point? That doesn't adversely impact that assortment. The consumable side of the business delivered another positive quarterly comp at 4.1% and discretionary comp was strong at 14.6%. And we do have time for one or two more questions. Now, I will turn the call over to Mike Witynski, Dollar Tree's President and Chief Executive Officer. We are expanding our discretionary assortment to focus on sales and margin driven categories that do not cannibalize current sales or accretive to the business and bring great value to our customers. Our merchants have worked really hard at providing a much better value at sharper price points. Have you gotten to a point like this where you've taken a test to the next level and then subsequently have had to roll it back? and see if we can find out things like what people buy at same time during checkout. That, in turn, is a range hovering right around the $16,910 dollar-mark that the federal government considers as the poverty … Yeah. So what does that say about where we go from here? And then, I just want to go back to the Dollar Tree Plus! Obviously we've got significant leverage across both businesses. Ross Stores, Inc. ROST, with a Zacks Rank #2, has a long-term expected earnings growth rate of 10%. And then we saw more of that on the Dollar Tree side than we did on the Family Dollar side, just from a banner specific side. We believe this is directly related to shopper mobility, many people are working from home, learning from home, are simply not going out as often. These enterprise results were comprised of 5.1% same-store sales increase, a 150-basis-point improvement in gross profit margin and a 30-basis-point increase in operating profit margin. Our merchants continue to hit a home run on identifying and sourcing great products that customers love at the Dollar price point. I guess, my question, a little tongue in cheek is why did it take so long if it sounds like it's so successful, why didn't it come sooner and anything about the current backdrop that could be unreliable as a test? Scott Ciccarelli. This includes the continued ramp-up for the two new distribution centers as well as approximately $6.6 million or 20 basis points of COVID-related expenses, primarily premium pay and bonuses. But in general, Q4 does tend to be a higher discretionary period for Dollar Tree in particular. We also made strategic buys on paper, soaps and sanitizers to get ahead of the curve as COVID cases were expected to pickup in the second wave. Recently, we've been seeing phenomenal sell-through of Dollar Tree Plus! That's great. I know you guys have made a really concerted effort to improve your discretionary mix. Thank you. Is there any stocking up going on at the Family Dollar banner? Net merchandise inventories increased 2.3% to $3,792.3 million. We ended the year expecting to about 1,250, but obviously COVID kind of gotten a way of that. As I shared earlier, right now, when you look at relative performance to other stores or prior, the challenge we have is when we change to our 2.0 and brought in all our discretionary, it landed right in March. And we've even learned a lot from our process by shifting a lot from consumables into the discretionary items that the customer really wants that we can bring great value in. Today's conference is being recorded. And the seasonal pull-through is some pull forward sales. Hi. So the flow-through probably won't be quite the same on total gross profit. Please limit your questions to one and one related follow-up question. And it gives us courage to keep moving forward and we're going to keep improving it. items and seasonal merchandise. In third-quarter fiscal 2020, the company repaid the remaining $500 million on its revolving credit facility. Stores operate under the brands of Dollar Tree, Family Dollar I continue to be very pleased with the team's overall progress. Thanks and congrats on the performance, guys. Again, it has been a headwind for much longer than it should have been. The year-over-year improvement was due to the following. It did not update its outlook for fiscal 2020, given the expectations of continued volatility and uncertainty related to the coronavirus pandemic. We have no obligation to update our forward-looking statements and you should not expect us to do so. Our customers are buying these products and sales of our multi-price items continue to grow. And it gives us the ability to also leverage that across both banners where it makes sense. Thank you. So, which again, mix moved about 300 basis points year-over-year toward discretionary. I'll ask one and a follow-up as one full question. The average Dollar Tree salary ranges from approximately $16,000 per year for Sales Representative to $116,792 per year for Customer Service Representative. In third-quarter fiscal 2020, Dollar Tree opened 143 stores, expanded or relocated 34 outlets, and shuttered 16 stores. Yeah, that's a good question because we think about that a lot. Stores operate under the brands of Dollar Tree, Family Dollar… Stores operate under the brands of Dollar Tree, Family Dollar Walmart also announces hiring. We'll take our last question from Michael Lasser with UBS. Non-operating expenses totaled $38.2 million comprised primarily of net interest expense. We're bringing great values. Current quarter rate reflects higher state tax rates and higher income amounts taxed at the statutory rate. Okay. Our Canada President and Chief Operating Officer, Neil Curran, and his team are hitting on all cylinders. For the third quarter, the SG&A rate for the Dollar Tree segment as a percentage of net sales increased to 22.2% compared to 22% in Q3 of 2019. Inventory per selling square foot decreased 5.8% and inventory levels are well positioned for the holiday selling season. Segment-wise, the company incurred additional costs of $28.6 million at Dollar Tree, $17.4 million at Family Dollar, and $0.3 million for Corporate, Support and Other. If you choose to have your order shipped via UPS Ground, the $4.95 flat rate will be applied automatically to your order, however certain restrictions apply. Depreciation and amortization totaled $170.1 million for Q3 compared to $160 million in the third quarter last year. We like the results. Thanks for the question. Thanks and good morning everyone and nice quarter. Geographically, comp sales were positive in all zones. At these rates, 40 hours per week at 50 weeks per year, one worker would be making between $16,640 and $17,300 annually. And obviously, we've had the pandemic this year, which is obviously muddies but water a little bit, but it's obviously an area that we feel where we can drive new business and convert more customers at the end of the day. Is there any impediment to getting there potentially next year at the Dollar Tree banner? Good morning and thanks for taking my question. [Operator Instructions] We'll take our first question from Simeon Gutman with Morgan Stanley. Maybe give us a little bit of sense on what you guys are playing out with there? We ended the quarter with 15,606 stores. Nice quarter here. I think -- the way I think about it, I do think that customers, the dynamic in their shopping patterns have changed. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. And so, it's definitely part of it. So we definitely are going to build that capability at both Family Dollar and Dollar Tree. Regarding the cadence of comps, each month's increase was greater than 5.5%, with September being the strongest month and October slightly better than August. [Operator Instructions] We'll take our next question from Michael Montani with Evercore. And then, if I could, just around Dollar Tree Plus!, I want to see if there's any incremental color that you could share in terms of how the stores were performing relative to the overall chain from a comp perspective when you roll out Dollar Tree Plus!? Consolidated net sales rose 7.5% to $6,177 million and surpassed the Zacks Consensus Estimate of $6,113 million. Thanks, Kevin. Outstanding debt as of October 31st, 2020 was $3.55 billion. Merchandise costs, including freight, improved 60 basis points, primarily due to a balanced improvement in merchandise mix and mark-on. Dollar Tree acquired Family Dollar, Inc. in July 2015. Dollar Tree Inc (NASDAQ:DLTR)Q3 2020 Earnings CallNov 24, 2020, 9:00 a.m. The company started testing this multi-price initiative in mid-2019 through the introduction of multi-price assortments in more than 100 stores in Southwestern markets. In all, 27 workers and five customers were injured during violent robberies at Dollar General stores across the country from January 2019 to January 2020… The team -- the transportation team is working really hard to mitigate every dollar they can, but I don't expect it to be the same type of benefit in Q4 than it was in Q3. For Q3, in a challenging retail environment with government stimulus mostly behind us, we delivered very solid enterprise results, including a positive 5.1% comp, 150 basis points of gross margin improvement and 130 basis points of operating margin improvement despite incurring more than $46 million in COVID-related costs. Stores operate under the brands of Dollar Tree, Family Dollar… When factoring in bonuses and additional compensation, a Cashier at Dollar Tree can expect to make an average total pay of $9 . There will be more to come on future calls. locations, particularly given some of the opacity that you spoke about in determining the results of the initial 100 in the last six months? When the first COVID wave hit in March, we took action to derisk the Halloween season and actually saw the best sell-through in company history. Dollar Tree (DLTR) Rises as Q3 Earnings & Sales Top Estimates. So it's kind of how those drives [Phonetic] look to play out as we go forward. It can be a bigger part of the overall business and it needs to be part of our overall business, a bigger part as we go forward. Good morning, everyone. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. 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