The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Family Dollar to close almost 1,000 stores

by admin March 15, 2024
March 15, 2024
Family Dollar to close almost 1,000 stores

The parent company of Family Dollar said it would close approximately 1,000 stores, citing market conditions, store performance and other factors.

Dollar Tree, which has owned Family Dollar since 2015, said Wednesday that 600 Family Dollar stores would close in the first half of 2024, with another 370 locations closing over the next several years.

In addition, 30 Dollar Tree-branded stores will close over that time period.

The company currently oversees a total of 16,774 stores between the two brands.

Shares of Dollar Tree fell as much as 13% in Wednesday trading as the company also posted financial results that missed analysts’ expectations, including a net loss of more than $1.7 billion for the fourth quarter.

Amid higher costs throughout the economy, consumers have begun shifting to lower-margin goods compared with higher spending on discretionary items earlier in the post-pandemic period. That has challenged dollar stores’ profitability. Industry rival Dollar General has also faced similar issues.

Reuters has also reported that Chinese e-commerce platform Temu has also begun taking market share from dollar stores.

Additionally, dollar stores are facing an increase in theft, referred to as ‘shrink’ in the retail industry. Dollar Tree said shrink remains ‘elevated’ and would lower the company’s profitability going forward. On the company’s earnings call Wednesday, company executives said shrink had been accelerating.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Cat’s fall into vat of hazardous chemicals sparks citywide health warning in Japan
next post
NorthStar Gaming Announces Management Change

Related Posts

Babies R Us is back: Here’s why Kohl’s...

August 2, 2024

Macy’s confirms rogue employee hid $151 million in...

December 12, 2024

Peloton announces Ford exec, founder of Apple Fitness+...

November 2, 2024

Microsoft confirms performance-based job cuts across departments

January 11, 2025

Immersive entertainment company Cosm lands rights to broadcast...

October 30, 2024

Armenian organized crime rings charged with stealing $83...

May 23, 2025

JetBlue to partner with another U.S. airline in...

April 30, 2025

Capital One to acquire Discover Financial Services in...

February 21, 2024

JPMorgan Chase CEO Jamie Dimon on Trump tariffs: ‘Get...

January 23, 2025

LimeWire acquires Fyre Festival, asking ‘What Could Possibly...

September 17, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,550)
    • Investing (4,198)
    • Politics (5,576)
    • World (4,762)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved