Dollar Tree Q1 EPS $1.38; reviews strategic alternatives for Family Dollar

DOLLAR TREE, INC.

Q1 net sales $7.63B (+4.2% YoY); enterprise same-store sales +1.0% (Dollar Tree +1.7%, Family Dollar +0.1%).
Diluted EPS $1.38; adjusted $1.43; operating income $420.6M (adjusted $435.6M).
FY2024 outlook: net sales $31.0-32.0B, adjusted EPS $6.50-7.00.
Initiated review of strategic alternatives for Family Dollar (potential sale, spin-off); J.P. Morgan and Davis Polk retained.
Company plans to close ~970 underperforming Family Dollar stores; opened 116 Dollar Tree and 41 Family Dollar stores in Q1.

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