Tariffs have also had a strong effect on dollar stores like Dollar Tree and Family Dollar that can’t raise the price of products, but Gary Philbin, president and CEO of Dollar Tree, said merchants have come up with a plan for the year that overcomes most of the effects.
»BIZ BEAT: Miami University students to expand hemp-focused startup at local malls
Despite the concerns, sales remained strong at Dollar Tree. Net sales increased 4.2 percent in the fourth quarter of 2018 from the same period in 2017. Same-store sales at Dollar Tree increased 3.2 percent and Family Dollar’s saw a jump of 1.4 percent.
“Sales for the quarter were strong,” Philbin said. “Our results demonstrate the increasing strength of the Dollar Tree brand, and accelerated progress on the Family Dollar turnaround, as Family Dollar delivered its strongest quarterly same-store sales growth of the year.”
The Dayton area has more than 10 Family Dollar stores. There is no word what local locations will close.
FIVE FAST READS
• Ohio dairies closing amid four years of near record lows milk prices
• Gap to close 230 stores, split from Old Navy
• Victoria’s Secret closing more than 50 stores
• Luxury apartments, townhouses, carriage homes coming to Huber Heights
• JCPenney plans more store closures amid sales slump