Dollar Tree also posted first-quarter earnings that met expectations, but showed Family Dollar sales lagging.
Dollar Tree is exploring a sale of its grocery-focused brand Family Dollar, after shuttering more than 500 stores in the past quarter24/7 San Diego news stream: Watch NBC 7 free wherever you arein an attempt to revamp the struggling business. The discounter closed more than 500 locations during its fiscal first quarter, it said Wednesday..
The company has not set a deadline or definitive timetable for the sale review process, and is working with JPMorgan and Davis Polk & Wardwell advisors in its review.Same-store sales for the company's Dollar Tree brand rose 1.7% while Family Dollar sales climbed only 0.1%. Enterprise sales rose 1%.The company said it expects sales for the second quarter will range from $7.3 billion to $7.
The company also mentioned that it incurred losses totaling $117 million as of early May, after a tornado destroyed the company's distribution center in Marietta, Oklahoma on April 28. The facility sustained significant damage, and the inventory in the facility as well as the facility itself are not salvageable, Dollar Tree said in the report.in the face of higher costs.
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