Dollar Tree logo is seen on the shop in Streator, United States on October 15, 2022.Photo:Jakub Porzycki/NurPhoto via Getty
Jakub Porzycki/NurPhoto via Getty
Dollar Tree is raising prices on several of its items – again!
The discount retailer announced inits fourth-quarter earnings callearlier this month that it is increasing stores’ price cap to $7.
The recent increase follows the June 2023 $5 cap, reportedYahoo Finance, and the 2021 increase from $1 to $1.25, perCNN.
“Over time, you will also see us fully integrate multi-price merchandise more into our stores so our shoppers will find $5 bags of dog food next to our traditional $1.25 pet treats and toys, and our $3 bags of candy will be found in the candy aisle,” Dreiling said.
A price tag is seen at a Dollar Tree store on March 13, 2024 in New York City.Liao Pan/China News Service/VCG via Getty
Liao Pan/China News Service/VCG via Getty
Dreiling also added that the company’s “fastest-growing demographic” earns a yearly salary that is “north of $125,000."
Rick Dreiling in Concord, N.C., Thursday, Oct. 13, 2011.AP Photo/Chuck Burton
AP Photo/Chuck Burton
Aside from introducing the multi-price assortment, the company will close approximately 600 Family Dollar locations. Dollar Treepurchased Family Dollarfor $8.5 billion in July 2014, perCNN.
During the call, the company announced that approximately 400 Family Dollar and Dollar Tree locations will also be closed in the coming years — due in part to lease expirations.
Family Dollar stores are closing in the following cities:Middletown, N.J.,Tallahassee, Fla.,Peoria, Ill.,Lynchburg, Va.,East Liverpool, Ohio,Wilmington, N.C.,Slocomb, Ala.,Humansville, Mo.,Willow Springs, Mo.,Wichita, Kan.,Clearwater, S.C., andElkins, W. Va.
A shopper inside a Dollar Tree store in Kingston, New York, US, on Friday, Feb. 16, 2024.Angus Mordant/Bloomberg via Getty
Angus Mordant/Bloomberg via Getty
Throughout the company’s financial year, which ended on Feb. 3, 2024, the retailer operated 16,774 stores across 48 states and five Canadian provinces.
During the fourth quarter, which ended on Feb. 3, 2024, Dollar Tree opened 219 stores. In total, the company opened 641 stores in the previous year.
Additionally, moving forward, the “$3 and $5 center-store merchandise [will be] available at approximately 5,000 Dollar Tree stores,” per the press release. Also, “$3, $4, and $5 frozen and refrigerated items available at more than 6,500 Dollar Tree stores.”
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A representative for Dollar Tree did not immediately respond to PEOPLE’s request for more information on Tuesday.
source: people.com
