Dollar Tree is making alcoholic beverages available for purchase at 1,000 of its Family Dollar stores nationwide as it continues to battle struggling sales, according to Thursday news release.
USA Today reported that the chain, based in Chesapeake, Virginia, acquired Family Dollar in 2015, since then, the company's finances have dragged. Same-store sales at Family Dollar increased 0.1% in 2018 and 0.4% in 2017, leading to the closure of up to 390 stores and the rebranding of 200 others. Most of the closures will happen in the second quarter, according to the company.
In March, it was reported that Dollar Tree would also renovate at least 1,000 stores. It has not been made clear if those same renovated stores would be carrying alcohol, but the company said in a Thursday news release that adult beverage products were added to about 45 stores. Freezers and coolers were added to about 55 stores.
Dollar Tree reported its first quarter financial results in a news release.
Credit: NurPhoto/Getty Images
Credit: NurPhoto/Getty Images
"I am proud of our team's efforts throughout the first quarter," Gary Philbin, president and chief executive officer of Dollar Tree, said in a statement. "Dollar Tree delivered a solid 2.5% increase in same-store sales while cycling its toughest quarterly compare from the prior year; and Family Dollar again demonstrated a sequential acceleration in comp sales. Family Dollar's 1.9% same-store sales increase is the strongest quarterly performance since we began reporting Family Dollar comps."
The company is also undergoing testing for Dollar Tree Plus! merchandise, a multi-price point test of items at values greater than a dollar, that will expand to more than 100 Dollar Tree stores.
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