Dollar Tree announces it will close 390 stores in 2019
On March 6, 2019, during its fiscal result reports, Dollar Tree announced it planned to close as many as 390 Family Dollar stores in 2019. The decision was announced after the company’s bid to optimize Family Dollar’s performance in Q4 which included closing 84 stores and renovating about 1,000 stores in 2019. The renovated stores will sport $1 Dollar Tree merchandise sections and 200 stores will be rebranded to Dollar Tree.
“Sales for the quarter were strong,” said Gary Philbin, president and CEO of Dollar Tree. “Our results demonstrate the increasing strength of the Dollar Tree brand and accelerated progress on the Family Dollar turnaround, as Family Dollar delivered its strongest quarterly same-store sales growth of the year,” Philbin said.
The company reported consolidated net sales for the 52-week fiscal 2018 had increased 2.6 percent to $22.82 billion from $22.25 billion in 2017, but that gross profit had decreased by $74.4 million to $6.95 billion in fiscal 2018 compared to the previous year.