Dollar Tree Releases Results for Third Quarter Fiscal 2022; Mike Witynski Divulges
CHESAPEAKE, VA - Who’s the latest retailer to catch our eye with their impressive third quarter financial performance? By the headline, you may have guessed that Dollar Tree popped up on our radar with reports of $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.
“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 delivered its strongest quarterly same-store sales increase since 2020 and grew comparable traffic for the first time in 12 quarters
“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.”
The company 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. To read more, click here.
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