Dollar Tree to close up to 390 Family Dollar stores, but plans to renovate 1,000 other locations so they can sell alcohol and $1 merchandise.
Discount retailer Dollar Tree plans to close 390 Family Dollar stores this year while renovating 1,000 other locations, the company said in releasing its fiscal fourth-quarter earnings Wednesday.
Its renovated Family Dollar locations will sell alcohol and include a $1 Dollar Tree merchandise section. About 400 stores will get expanded freezer and cooler sections, and it will also rebrand about 200 Family Dollar stores to the Dollar Tree brand. It had 7,001 Dollar Tree locations and 8,236 Family Dollar stores as of Feb. 2.
On an adjusted basis, the Dollar Tree reported a profit of $1.93 per share during the 13 weeks ended Feb. 2 compared with average estimates of $1.92 a share compiled by Refinitiv. Sales at stores open for at least a year rose 2.4 percent versus an estimate of 1.5 percent. It generated $6.21 billion in revenue, better than the $6.19 billion expected by Wall Street but down slightly from $6.36 billion a year earlier.
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