Dollar Tree announced it will record a $950 million impairment against Family Dollar's trade name in addition to a $1.07 billion goodwill charge.
Doors are closing for 1,000 Dollar Tree and Family Dollar locations after the discount variety store chain announced an unexpected surprise. Over the next several years, the company intends to close 370 more Family Dollar locations, as well as 30 Dollar Tree stores.Dollar Tree acquired Family Dollar in 2015 for over $8 billion after a bidding war with Dollar General, but Wednesday's earnings report signals difficulty in maintaining the value of both brands.
Dollar Tree announced it will record a $950 million impairment against Family Dollar's trade name, in addition to a $1.07 billion goodwill charge. Dollar Tree revenue rose to $8.64 billion from $7.72 billion, which fell below the Wall Street estimate of $8.67 billion. "We finished the year strong, with fourth-quarter results reflecting positive traffic trends, market share gains, and adjusted margin improvement across both segments," Dreiling said in the press release. "While we are still in the early stages of our transformation journey, I am proud of what our team accomplished in 2023 and see a long runway of growth ahead of us."
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Dollar Tree, Family Dollar to close 1,000 locationsJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
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