CHESAPEAKE, VA – Dollar Tree Inc. (NASDAQ: DLTR) shared its latest financial results and a big update: it’s closing nearly as many stores as it opened last year.
The retail chain, known for its Dollar Tree and Family Dollar stores, saw different fortunes across its brands. Dollar Tree’s sales climbed, but Family Dollar’s sales dipped by 1.2%.
This news comes alongside a significant decision to close around 970 Family Dollar stores in the coming years. This move is almost equal to the 641 new stores Dollar Tree opened in 2023, showing a major shift in how the company is thinking about its store locations and performance. Specific store locations have not yet been announced.
Even with these closures, Dollar Tree is looking forward to 2024 with optimism. Jeff Davis, the Chief Financial Officer, pointed out that Dollar Tree had a strong finish to the year, despite some unexpected challenges. With more money coming in from its operations and a boost in how much cash it has on hand, the company is making moves to ensure its future growth.
