Dollar Tree Plans 400 New Stores, 75 Closings

Dollar Tree Inc. (Chesapeake, Va.) said it plans to open 400 new stores in its coming fiscal year, and close 75 under-performing ones. The discount retailer revealed those numbers in reporting its financial results for the fourth quarter and fiscal year ended Jan. 31. (For that period, Dollar Tree said its net sales grew 10% and comparable store net sales increased 5.3%.)

Dollar Tree’s planned store openings are down from 450 during its just-completed year. (Information on how many stores it shuttered during that time was not immediately available.)

“Our strong results this quarter show that Dollar Tree remains America’s retail destination for value, convenience and discovery – underscored by our 20th consecutive year of positive same-store sales,” said Mike Creedon, CEO, whose company operates 9200 stores in the U.S. and Canada. “By delivering great value at low prices, with disciplined execution, we continue to expand our reach and drive long-term growth.”

Related note: Earlier this month, Dollar Tree rival Dollar General also said it was continuing its ongoing expansion, planning 450 new U.S. stores and 10 more in Mexico, along with adapting a new “treasure-hunting” layout as part of its extensive remodeling program.