By JOHN ANDERSON
It appears good retail news comes in pairs. First, the Sun broke the news on the Five Below in Hornell. Today, the Sun has learned Dollar Tree is coming to Wellsville.
The store, which sells all items for $1, will be in the former Walgreen’s store at 110 Bolivar Road in the village across from the Riverwalk Shopping Plaza.
If you want to be the store manager, you could be in luck. On LinkedIn, the job has been posted for two weeks with zero applicants:
For those jobs on Indeed, Zip Recruiter and Indeed, the full-time jobs include vision, medical, dental, paid time off and retirement.
Part of the allure and recruiting pitch is, “Work where you love to shop! Dollar Tree is hiring in your neighborhood … We offer generous benefits, flexible work schedules and the ability to work today and get paid tomorrow.”
In Friendship, Dollar Tree opened in the same building as a Family Dollar. The stores look different from the outside, but inside they are under one roof, separated by an aisle and colors, as Family Dollar is red and Dollar Tree is green.
Five Below lists all products as $5 or less, but the stores are now selling items higher than $5. Dollar Tree has entered that market as well. Company officials said, “We’ve added Dollar Tree Plus sections to over 1,000 of our stores which provide customers with even greater deals at the $3 and $5 price points. We will continue to expand the Plus assortment to even more stores in the coming years.”
Some Dollar Tree stores are selling Spalding NBA basketballs and other name brand items for $3 to $5.
The company released information on fiances, including increasing operating activities by $189 million from last year.
Here is the full second quarter of 2023 report, followed by a history of Dollar Tree since 1953:
Dollar Tree, Inc. reported financial results for its second quarter ended July 29, 2023.
“At our June Investor Conference we shared the details of our strategy to transform the company and unlock the true value of our business, and our second quarter results show us making solid progress against these objectives. Both the Dollar Tree and Family Dollar segments reported strong same-store sales trends, driven by increased traffic and accelerated market share gains,” said Rick Dreiling, Chairman and Chief Executive Officer. “We are delivering on our strategy through the dedication of our 200,000+ associates who are focused on providing an exceptional experience for our customers.”
“In the second quarter we continued to generate strong top-line results across both segments. While factors like sales mix and elevated shrink continue to pressure margins, we generated a year-over-year increase in gross profit dollars. We are pleased with the progress of our transformation to date and remain confident in our ability to deliver our growth objective of $10 or more of diluted EPS by 2026,” stated Jeff Davis, Chief Financial Officer.
Additional Business Highlights
• Opened 118 new stores
• Expanded multi-price Plus offering to 715 additional Dollar Tree stores
• Added $3, $4, and $5 frozen and refrigerated items to 1,645 additional Dollar Tree stores
• Completed 276 Family Dollar store renovation projects
• Established $1.5 billion commercial paper program
• Net cash provided by operating activities increased $189.7 million compared to Q2 2022
• Improved free cash flow by $40.5 million compared to Q2 2022
HISTORY OF DOLLAR TREE
In 1953, K.R. Perry opened a Ben Franklin variety store in downtown Norfolk, Virginia, which he later renamed K&K 5&10.
21-year-old entrepreneur Leon Levine, who believed he could offer his customers a variety of high-quality, good-value merchandise for under $2, opened the first Family Dollar store in Charlotte, North Carolina in 1959. He created a general floor plan that allowed shoppers to easily find their favorite products in any Family Dollar store, which allowed store managers to focus on providing excellent customer service.
Family Dollar expansion into southern states took off throughout the 1960s. By the end of the decade, Family Dollar operated 27 stores in four states, with annual sales of more than $5 million.
Macon Brock, Doug Perry, and K.R. Perry started K&K Toys in Norfolk, Virginia. This mall concept toy store grew to over 130 stores on the East coast. The K&K 5&10 store continued to exist and served as the foundation for what would become Dollar Tree.
Family Dollar went public in 1970, offering common stock at $14.50 a share. A year later, we opened our 100th store. Within three years, our expansion skyrocketed and we opened our 200th store and our first distribution center in Matthews, N.C.. By the end of 1979, we were trading on the New York Stock Exchange and saw annual sales of over $100 million.
Macon Brock, Doug Perry, and Ray Compton started Only $1.00 with 5 stores, one in Georgia, one in Tennessee, and three in Virginia. The expansion of dollar stores was continued alongside K&K Toys stores, mostly in enclosed malls.
The 1980s were all about expansion as Family Dollar gained popularity as a major regional discount store chain. We opened our 500th store in 1982, and by 1989, we had over 1,500 Family Dollar stores in operation.
Early in the 1990s, K&K Toys was sold to KB Toys, a Melville Corp., and all assets were used to expand dollar stores. We underwent a name change to Dollar Tree Stores in 1994. Then in 1995, we went public on the NASDAQ exchange at $15 a share. The market cap was calculated at $225 million. Between 1996 and 1997, we acquired Dollar Bill$, Inc., a Chicago-based chain of 136 stores, and broke ground on our first Distribution Center and new Store Support Center in Chesapeake, Virginia. At the tail end of the 1990s, we acquired the 98-Cent Clearance Centers in California and the Only $One Stores in New York. In 1999, we opened a second distribution center in Olive Branch, Mississippi.
Family Dollar opened a second distribution center, and by 1996, we were operating over 2,500 stores. At the end of the 1990s, we saw annual sales of over $1 billion..
In the 2000s, Dollar Tree made several acquisitions that would prove to be excellent decisions later on. In 2000, we acquired Dollar Express, a Philadelphia-based company, in 2003, we acquired Greenbacks, Inc., a Salt Lake City company, and then in 2006, we acquired 138 Deal$ stores from SUPERVALU INC.
We opened our first North Dakota store in 2004, putting us in all 48 contiguous states. In 2006, we celebrated our 20th year of retailing at a $1.00 price point and opened our 3,000th store. In 2007, we reached a market cap of $3.29 billion in sales. Finally, in 2008, our organization earned a place on the Fortune 500 list and had the number-one performing stock that year. By the end of the 2000s, Dollar Tree had moved 100 spots on the Fortune 500 list and opened/purchased seven Distribution Centers in California, Georgia, Pennsylvania, Oklahoma, Illinois, and Washington.
During the 2000s, Family Dollar became a Fortune 500 company and was added to the S&P 500 index in 2001. Sales soared to $5 billion, and we opened our 5,000th store in Jacksonville, Florida. We also celebrated our 50th anniversary in 2009.
In 2010, Dollar Tree opened its 4,000th store and expanded into Canada with the purchase of 86 Dollar Giant Stores. This growth helped us reach $9.13 billion in sales at the end of 2012. In 2014 we opened our 5,000th store.
Family Dollar operated over 8,000 stores and opened our 10th distribution center in Ashley, Indiana.
On July 6, Dollar Tree acquired Family Dollar, located in Charlotte, NC. Just after the acquisition, together we celebrated the opening of our 15,000th store.
In 2019, we rolled out our Dollar Tree Plus! offerings in select stores in the United States, which allowed customers to find high-value items at $3 and $5 price points.
In 2020, we exceeded $25 billion in annual sales for the first time since the organization started. We rolled out our Crafter’s Square® expansion to all U.S. Dollar Tree stores and created the DEI Executive Council to support our efforts in ensuring fair treatment and equal access to opportunities and resources.
We have completed the rollout of our $1.25 price-point initiative to all Dollar Tree stores chainwide in the U.S. This is Dollar Tree’s first price change in over 36 years, allowing us to continue offering all the items our customers know and love, plus hundreds of new items, all at an incredible value.