Family Dollar officials ousted president and COO Michael Bloom following disappointing financial results.
The company’s comparable sales dropped by 2.8 percent during the first quarter, which ended Nov. 30, and by 3 percent during December. Company officials predict this trend will continue due to stressed consumers and an increasingly competitive environment.
Howard Levine, chairman and CEO, said Family Dollar strayed from its mission of focusing on consumers’ demands for value amid the company’s new-store buidling program and expanding upon consumable items.
Bloom joined Family Dollar in 2011 after working for CVS Caremark.
“Ultimately, Mike and I were not aligned on our merchandising strategy and we decided to make the change,” Levine said.
Family Dollar also promoted Jason Reiser to Chief Merchandising Officer.
Moving forward, Levine said Family Dollar will refocus on promoting value within stores and expanding categories where consumer demands are high.