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What you need to know
- Dollar Tree shares rose Wednesday morning after the company's third-quarter results beat estimates.
- Family Dollar has made progress in the strategic evaluation of its options.
- Dollar Tree has also announced that Jeff Davis, the CFO of Dollar Tree will be leaving.
Dollar Tree shares (DLTR), a discount retailer, rose on Wednesday after it reported better than expected third quarter results.
Dollar Tree’s revenue was $7.57 Billion and its net profit $233.3 Million, up from $7.31 Billion and $201.0 million the previous year. Visible Alpha surveyed analysts, who projected revenue of $7.45billion and net income of $225.5m.
The company has lowered its revenue forecast for the full year, lowering it from $30.61 billion to $30.7billion. In terms of adjusted earnings (EPS), the company is now expecting a range between $5.31 to $5.51 for full-year, down from a previous range between $5.20 and $5.60.
As Family Dollar Review progresses, the Chief Financial Officer is set to depart
Dollar Tree is the company that Dollar Tree claims to be. “strategic review” Family Dollar announced options in June “remains on track,” No deadline has been set. A sale or spinoff is still possible, roughly ten years after Dollar Tree purchased the Dollar Tree brand.
The nearly 1,000 “underperforming” Dollar Tree closed approximately 670 Family Dollar locations in Q3 that Dollar Tree had said they would close earlier this year. They expect to close an additional 25 during the fourth.
Dollar Tree also announced that Jeff Davis would be stepping down as CFO. A search for a new CFO has been launched. Davis, who has accepted to stay until Dollar Tree files its annual 10-K report at the fiscal end of 2024, has also agreed to do so.
Dollar Tree shares, which had lost nearly half their value this year through Tuesday's close, rose 3.5% in premarket trading.
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