CEO Michael Witynski said he expects customers will still think the store offers 'undeniable value because of what they’re seeing out in the marketplace.”
CEO Michael Witynski said he expects customers will still think the store offers"undeniable value because of what they’re seeing out in the marketplace.”NEW YORK — Faced with the rising cost of goods and freight, discount retail chain Dollar Tree said Tuesday it will be raising its prices to $1.25 for the majority of its products.
Dollar Tree said the reason for raising its prices to $1.25 was not due to “short-term or transitory market conditions” and said the price increases were permanent. The higher prices will also allow the company to cope with high merchandise cost increases as well as higher operating costs, such as wages, it said.“ believes this is the appropriate time to shift away from the constraints of the $1.
Dollar Tree was one of the last true “dollar stores” after most of its competition had moved away from that price point.it was testing the higher prices at select stores. On Tuesday, it said it will introduce the new price point in more than 2,000 additional Dollar Tree stores in December and complete the rollout to all its stores by early next year. The company has about 8,000 Dollar Tree stores.Its shoppers “believe that at $1.
The company’s stock rose 9.2% on Tuesday following the announcement, which was paired with the company’s quarterly earnings. Analysts at Citigroup called the earnings “disappointing” but said investors are looking past earnings to the company finally raising prices.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Activision CEO Bobby Kotick considers stepping down if misconduct problems can't be quickly fixedActivision Blizzard Inc. Chief Executive Bobby Kotick has told senior managers he would consider leaving the company if he can’t quickly fix the culture...
Read more »
Activision CEO said he would consider leaving if he can't quickly fix problemsActivision CEO Bobby Kotick said he would consider leaving the company if he can't quickly fix problems, WSJ reports
Read more »
In Dialogue: D. Sangeeta, Founder And CEO Of Gotara On Women And The Future Of WorkThe last two years have been brutal for women in the workforce. Maybe this is a drum that this column beats a little too often, but it’s a genuine crisis not only for women today, but for generations to come.
Read more »
Matt Damon Sells $18m Pacific Palisades Estate to Warner Bros CEO Ann SarnoffThe seven-bedroom house, originally put up for sale last January for $21 million, sold in an off-market deal.
Read more »
Former Theranos CEO Holmes takes stand again, works to engage jury in criminal fraud trialIn her testimony, Elizabeth Holmes mostly talked about clinical studies and records praising the efficiency of a small blood-testing device made by Theranos.
Read more »
Diesel CEO Restructures Company to Bring Back Brand Coolness, Launches NFT Sneaker.DIESEL is introducing a new hero sneaker called the Prototype, which also comes as an NFT, as part of an “intense repositioning” of the brand, according to CEO Massimo Piombini.
Read more »