Dollar Tree on Wednesday said it plans to close nearly 1,000 stores over the next several years, after disclosing significant losses in its latest earnings report.
The discount store chain lost $1.7 billion in the fourth quarter, down sharply from earnings of $452.2 million a year ago. Revenue climbed to $8.6 billion, from $7.7 billion, but fell slightly short of Wall Street forecasts.
In response to the dismal quarter, Dollar Tree said it will close roughly 600 Family Dollar stores in the first half of fiscal 2024, and about 370 Family Dollar and 30 Dollar Tree stores over the next several years as their leases expire.
Dollar Tree acquired Family Dollar for more than $8 billion almost a decade ago after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.
