Summary by Moomoo AI
Dollar Tree reported Q1 fiscal 2024 results with net sales up 4.2% to $7.63B and adjusted EPS of $1.43. Same-store sales increased 1.0% enterprise-wide, with Dollar Tree up 1.7% and Family Dollar up 0.1%. The company maintained its full-year outlook of $31.0B-$32.0B in net sales and adjusted EPS of $6.50-$7.00.The company announced a strategic review of alternatives for its Family Dollar segment, which could include a sale or spin-off. It also provided an update on its portfolio optimization, having closed about 550 Family Dollar stores in Q1 with plans for 150 more closures by year-end.Dollar Tree expects Q2 net sales of $7.3B-$7.6B and adjusted EPS of $1.00-$1.10. The outlook includes $0.10 per share impact from costs related to its tornado-damaged Marietta distribution center. The company has $1.04B remaining under its share repurchase authorization as of May 4, 2024.
