Family Dollar and Dollar Tree stores closing has sent shockwaves through communities across the country. These discount retailers have long been a staple for budget-conscious shoppers looking for affordable household goods and everyday essentials.
The closures are a result of the ongoing challenges faced by brick-and-mortar retailers in an increasingly digital world. With online shopping becoming more popular and convenient, traditional stores are struggling to compete. The rise of e-commerce giants like Amazon has put pressure on smaller retailers to adapt or face closure.
According to a press release from the company, numbers from the previous year's performance report outlined wilting sales and foot traffic. 
Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores will close over the next several years at the end of each store’s current lease term,” the release said. 
Family Dollar will close 600 locations this year and 370 stores over the next several years as store leases expire. Family Dollar has around 8,000 US stores. Dollar Tree also said it will close 30 stores as leases expire.
The closures will improve the company's profitability. But they are likely to leave a void for Americans with already limited shopping choices. Family Dollar stores are often in areas with few supermarkets, big box stores and other retail options.
tripping out certain items, earnings were $2.55 per share, which is still short of the per-share earnings of $2.67 expected on Wall Street, according to a survey by Zacks Investment Research.
Wall Street’s estimate of $8.67 billion.
Dollar Tree has been attracting consumers that have been stung by inflation as they seek to cut spending. During the quarter, sales at Dollar Tree stores open at least a year climbed 6.3%, with traffic up 7.1%. While more shoppers were heading to stores, they were closely watching how much they spent, with average ticket down 0.7%.
At Family Dollar, sales at stores open at least a year slipped 1.2%. Traffic edged up 0.7%, but average ticket fell 2%.
Dollar Tree said during its fourth-quarter earnings report in March 2022 that the product recall at Family Dollar stores linked to the rodent infestation cost the company $34 million.
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