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Wednesday, March 27, 2024 2:56PM
Dollar Tree announced the maximum price of items in its stores will increase to $7 this year.
A dollar won't go quite as far at Dollar Tree these days.
The maximum price of items in its stores will increase to $7 this year.
The retailer's CEO, Rick Dreiling, announced the change during an earnings call earlier this month. He said the increase is due to a wealthier customer base.
Dreiling said the company's fastest-growing customer demographic is people who earn at least $125,000 a year.
Dollar Tree announced that it will be closing 1,000 stores over the next several years after reporting year-end profits.
Three years ago, Dollar Tree raised the base price of its items to $1.25.
The company reported a net loss of more than $1.7 billion in the fiscal quarter ending Feb. 3. In response, it announced plans to close nearly 1,000 stores.
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