Serving the Big Horn Basin for over 100 years
Serving the Big Horn Basin for over 100 years
WORLAND — In announcing fourth quarter financial results on March 6, Dollar Tree Inc. also announced plans for their Family Dollar stores.
Kayleigh M. Painter, manager, investor and media relations for Dollar Tree, Inc. said, “There are several incorrect media reports circling over the past few days.”
She said, “As of February 2, 2019, the Company operated 7,001 Dollar Tree stores and 8,236 Family Dollar stores. Dollar Tree, a Fortune 200 Company, operated 15,237 stores across 48 states and five Canadian provinces as of February 2, 2019. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. The FY 2019 Family Dollar real estate initiatives include 1,000 store renovations, 200 re-banners (Family Dollar stores to Dollar Tree), and closing as many as 390 Family Dollar stores. We also plan to open 550 new stores (350 Dollar Tree and 200 Family Dollar).”
Painter added, “We have not shared a listing of stores that will, or may, close.”
In the quarterly report, Dollar Tree President and Chief Executive Officer Gary Philbin said, “Sales for the quarter were strong. Our results demonstrate the increasing strength of the Dollar Tree brand, and accelerated progress on the Family Dollar turnaround, as Family Dollar delivered its strongest quarterly same-store sales growth of the year.”
Philbin continued, “We are confident in our progress and we have good momentum. Our merchants at both banners have delivered a 2019 plan that we believe overcomes most of the effect of tariffs at the 25 percent level, and provides opportunity for margin improvements if tariffs are not increased. We moved aggressively in the fourth quarter to optimize Family Dollar’s performance, including closing 84 stores and announcing plans to renovate at least 1,000 stores in 2019. The renovated stores will include new $1 Dollar Tree merchandise sections.
“Approximately 200 Family Dollar stores will be re-bannered to Dollar Tree, and we plan to close as many as 390 Family Dollar stores this year. We also recorded an inventory reserve in part because of the different inventory needs of this new optimized store base. Excluding this markdown and the non-cash goodwill impairment charge related to Family Dollar, the combined companies performed well in the quarter.”
There are 28 Family Dollar stores in Wyoming including Worland, Thermopolis, Greybull, Lovell and Powell. There are 10 Dollar Tree stores in Wyoming, including one in Cody.