New York CNN —Dollar Tree had a miserable quarter, and company management is chalking it up to a mix of factors: changing consumer demands on top of higher prices for fuel and electricity … and theft.
Shares of Dollar Tree plunged 10% on the news.
Dick’s Sporting Goods this week also cited theft as a primary reason why its profit plunged last quarter, even though sales rose.
Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft.
And the summer heat has sent air conditioning costs through the roof; Dollar Tree said that, too, has hurt its bottom line.
Persons:
Richard Dreiling, Jeffrey Davis, Davis, Dreiling, “, Kurt Petermeyer
Organizations:
New, New York CNN, Wall, OSHA, Dick’s, Goods, Walgreens
Locations:
New York, Atlanta, Lowe’s