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By | February 21, 2023

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Dollar Tree plans to open 600 new stores in fiscal year 2021 and renovate 1,250 Family Dollar stores that operate by the end of January 2022. The new stores will include 400 dollar tree stores and 200 family dollar stores. The latter group will consist of H2 and combined store formats, based on market locations.

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Combining both the Dollar Tree and Family Dollar brands, the combination store format is targeted at small towns and rural communities with populations of 3,000 to 4,000 — markets where the company would not traditionally open a Dollar Tree store alone. The company opened its first combination store in late 2019, followed by two additional test stores in early 2020.

Compared to other Family Dollar stores located in smaller markets, these combined stores are delivering a same-store sales lift of more than 20 percent on average, the company said in a release.

“We are very pleased with our customers’ response to the new combination store concept,” said Michael Witinsky, president and CEO of Dollar Tree in a statement. “As I’ve said in the past, we continue to optimize our strategic store formats so we can better serve customers, while improving store productivity, margins and returns.”

Dollar Tree announced the plans while also reporting its Q4 results, including total net sales that rose 7.2% to $6.77 billion. Enterprise same-store sales increased 4.9% on a constant currency basis, while same-store sales for Family Dollar increased 8.1% and Dollar Treesame-store sales increased 2.4%. Gross profit rose 9.8% to $2.15 billion in the quarter compared to the same period last year. Deep discount chain Dollar Tree has promoted Michael Vitinsky to president of enterprise, a newly created position, and named a chief operating officer and a chief merchant. overall organization.

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Chesapeake, Va.-based Dollar Tree said Thursday that Thomas O’Boyle has been named COO of Dollar Tree, taking over the title from Wytinsky, who previously served as president and COO. At the same time, Richard McNally has been promoted to chief merchandising officer of Dollar Tree, responsible for both the Dollar Tree and Family Dollar store banners.

Effective immediately following the completion of Dollar Tree’s acquisition of Family Dollar Stores in July 2015, Executive Oversight provides further integration. Dollar Tree noted that the changes will improve strategic execution and operational efficiency for Dollar Tree and Family Dollar businesses. The company recently consolidated its two store support centers with a corporate office in Chesapeake.

“These and other actions we are taking are designed to increase enterprise-wide focus and accountability,” Dollar Tree CEO Gary Philbin said in a statement. “With Mike, Rick and Tom, we will have our senior-most talent on the platform to work together with greater urgency to move the needle on metrics that deliver greater value for our shareholders and customers.” will help.”

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Also Wednesday, Dollar Tree said Family Dollar President Duncan McNaughton was leaving the company. He had worked on that post since 2017. “I want to thank Duncan for his efforts in leading the Family Dollar team,” Philbin commented. “We wish him the best in his future endeavors.”

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In his new role as president of the enterprise, Wytinsky will lead merchandising, store operations and supply chain functions for both Dollar Tree and Family Dollar. According to the company, his primary focus will be on improving the company’s operational efficiency and reducing distribution costs across both store brands.

“Mike Wytinsky has been a key executive in driving performance across the organization. In particular, Mike has led store excellence operational initiatives and merchandising programs to drive sales and margins and our tariff reduction efforts over the past 18 months. “His promotion to enterprise president will continue our growth in elevating our customer-facing efforts in our business and operations.”

Witynski has been President and COO of Dollar Tree Stores since June 2017. He is also the former president of Shaw’s Supermarkets.

“The reorganization is designed to accelerate our ability to implement initiatives that improve margins and reduce costs for the Dollar Tree and Family Dollar segments,” said Witynski.

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As Dollar Tree’s COO, O’Boyle will lead store operations and real estate functions for the Dollar Tree and Family Dollar banners. The former CEO of Marsh Supermarkets and president of the Sears/Kmart food, drug and pharmacy business, he previously served as COO of Family Dollar since October 2017.

McNeely, in his new role, now oversees sales, marketing and global sourcing for both Dollar Tree and Family Dollar. Most recently, he was chief merchandiser for Dollar Tree stores. Before coming to Dollar Tree, McNeely spent 28 years in various positions at various retailers, including Dollar General, Rose’s Stores and Fred’s.

In total, Dollar Tree operates 15,262 stores in 48 states and five Canadian provinces under the Dollar Tree, Family Dollar and Dollar Tree Canada brands. Dollar Tree is spending to cut costs and improve the look of its Family Dollar Store franchise. Scott Olson/Getty Images

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Dollar Tree Inc. Shares fell 10 percent on Thursday to put them on track for their longest losing streak in three years, after the company lowered its full-year revenue guidance to reveal planned cost cuts at its Family Dollar franchise. for the.

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The stock DLTR, -4.53% was the worst performer on the S&P 500 SPX, -1.04% and has now fallen for seven straight days, its longest losing streak since the seven-day period through Oct. 31, 2019. The stock is now about 15 percent below the $174.08 high hit on April 20. Sharp declines sent rival Dollar General Corp. DG down -1.39 percent as well, as news of the investment needed to propel Family Dollar worried investors and overshadowed Dollar Tree’s better-than-expected second quarter.

Guggenheim was expecting the initial family dollar investment to be modest, to have a greater impact in 2022 than in 2023 and to affect mostly workers — wages and hours — and not prices. Dollar Tree acquired Family Dollar in 2015 and has since worked to improve the business.

“While such investments may be necessary, we (1) never see a strong medium-term ROI (return on investment) on significant cost cuts, especially in an inflationary environment, and (2) generally do not Have seen the target price leaders materially. They were affected by the investment,” they wrote.

Guggenheim stuck with a buy rating on both stocks, but expects Dollar General to recover soon, while Dollar Tree “will be in the penalty box for some time.”

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Dollar Tree reported second-quarter net income of $359.9 million, or $1.60 a share, up from $282.4 million, or $1.23 a share, in the year-earlier period. Sales rose to $6.34 billion from $6.77 billion last year.

Dollar Tree trimmed its full-year revenue estimate to $27.85 billion to $28.1 billion, compared with the FactSet consensus of $28.1 billion. The retailer now sees full-year earnings of $7.10 to $7.40 a share, below the FactSet consensus of $8.17 a share.

The company said it finds traction with more sophisticated shoppers, who typically shop at dollar stores during times of stress. “.. We believe we are putting our best foot forward at a time when customers are coming to us to help them navigate difficult times,” Chief Executive Mike Waitinsky said in the earnings release.

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Dollar Tree saw spending more on food and necessities, and less on clothing and home goods, a pattern seen at other chains this earnings season as shoppers pay more for food and gas.

Dollar General, meanwhile, beat on second-quarter earnings and offered strong guidance, highlighting positive contributions from new stores and same-store sales growth.

The company had net income of $678 million, or $2.98 per share, for the quarter, compared to $637 million, or $2.69 per share, in the year-ago quarter. Sales rose from $9.4 billion to $8.7 billion. Analysts tracked by FactSet were looking for earnings of $2.94 per share and revenue of $9.4 billion.

CEO Todd Vasus said in a statement that “same-store sales growth of 4.6% in the quarter, modest increases in customer traffic, acceleration in market share of consumer products sales, and double-digit growth in EPS.” was highlighted by

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The company raised its guidance and said it now expects full-year sales to be up about 11%, compared to its previous guidance of 10% to 10.5%. Dollar General now sees FY22 same-store sales up 4% to 4.5%, compared to its previous guidance of 3% to 3.5%. The company still sees full-year EPS growth of 12% to 14%.

Dollar General saw a similar pattern of growth in food sales and declines in apparel, seasonal and household products.

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“Based on a three-year geometric stack, second-quarter growth was 19.2% versus 19.5%.

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