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Dollar Tree Releases Results for Third Quarter Fiscal 2022; Mike Witynski Divulges

Dollar Tree Releases Results for Third Quarter Fiscal 2022; Mike Witynski Divulges

Wednesday, November 30th, 2022

Dollar Tree recently closed out its third quarter for its fiscal 2022 year on October 29. The grocer rolled out its third quarter report, unveiling an 8.1 percent increase in its consolidated net sales and reaching $6.94 billion compared to the previous year’s timeframe.

Michael Witynski, President and Chief Executive Officer, Dollar Tree“Our third quarter sales performance reflects the timely execution of merchandising initiatives to drive our consumables business in this uncertain and inflationary environment. Same-store sales for both segments improved from the prior quarter and delivered a sequential monthly improvement throughout the quarter. Shoppers are responding to our new value proposition at Family Dollar and Dollar Tree as we focus on driving both traffic and store productivity,” said Mike Witynski, President and Chief Executive Officer. “I am very proud of our associates for their willingness to accept and embrace change. Our new executive team is in place, who will lead the company through the next evolution of growth. We are committed to transforming our culture, meeting our shoppers’ and associates’ needs, improving store productivity and efficiencies, and delivering improved long-term operating results.”

In addition to achieving $6.94 billion in consolidated net sales, Dollar Tree also reported:

  • Operating income increased 22.8 percent to $381.3 million
  • Diluted earnings per share increased 25.0 percent to $1.20
  • All executive leadership positions have been filled
  • Family Dollar brand also delivered its strongest quarterly same-store sales increase since 2020, growing comparable traffic for the first time in 12 quarters

Dollar Tree recently reported $6.94 billion in consolidated net sales for its third quarter ended October 29, 2022, an 8.1 percent increase compared to the prior year’s third quarter

“We are increasing our sales outlook for the year. The efforts to evolve the assortment to drive consumables performance at Dollar Tree, combined with initiatives designed to improve the value proposition at Family Dollar, are working. We believe we will continue to be part of the solution to millions of households seeking value at a time when they need us most,” Witynski added. “…We are focused and energized and believe we are very well-positioned to deliver long-term profitable growth.”

According to the release, Dollar Tree is now anticipating consolidated net sales for the year to range from $28.14 billion to $28.28 billion, compared to the previous outlook range of $27.85 billion to $28.10 billion.

For more updates in the retail landscape, keep an eye out for Deli Market News.

Dollar Tree