Family Dollar had net sales loss of -1.2% in 4th quarter, leading to 970 stores set for closure
By BRIAN PORTER | The Rocky Mountain Voice
Dollar Tree, Inc., [DLTR] dropped 15% in early trading Wednesday following news it would close nearly 1,000 stores, mostly within the lowest-performing Family Dollar franchise.
The company’s fourth quarter earnings report, released Wednesday, indicates that while Dollar Tree had net sales of plus-6.3% the Family Dollar brand had losses of minus-1.2%.
“We finished the year strong, with fourth quarter results reflecting positive traffic trends, market share gains and adjusted margin improvement across both segments,” said Chairman and CEO Rick Dreiling in a statement. “While we are still in the early stages of our transformation[al] journey, I am proud of what our team accomplished in 2023 and see a long runway of growth ahead of us.”...