Dollar Tree’s sales increased 3.9% year over year to $6.4 billion in the third quarter. Comparable sales were up 2.7% in the retailer’s Family Dollar business and 0.6% at its namesake banner.
CEO Michael Witynski said the retailer had a strong finish to the quarter “as shoppers are increasingly focused on value in this inflationary environment.” At the same time, cost pressures led to a drop in operating income of more than 33%.
While customers sought out value at Dollar Tree, the discounter is raising its own prices, as it plans to trade out its 35-year-old $1 price promise for a $1.25 price point across a majority of its assortment.
Source: Retail Dive
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 