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Dollar Tree finalizing 340 store divestitures

Dollar Tree finalizing 340 store divestitures

Dollar Tree said Tuesday that it was working on finalizing agreements to sell 340 stores in order to meet antitrust requirements of its pending acquisition of Family Dollar Stores.

“All or almost all” of the units to be sold are Family Dollar stores, the company said in a filing with the Securities and Exchange Commission, and represent approximately $47.4 million in operating income.

The Chesapeake, Va., company said that it had received multiple indications of interest and would work toward finalizing agreements this month with an eye on closing the deal in May.

In a separate announcement Wednesday, Family Dollar said sales for the second quarter ended Feb. 28 totaled $2.8 billion, an increase of 3%, while comparable store sales improved by 0.5%. Howard Levine, Family Dollar’s CEO, in a statement said that sales have rebounded since a slowdown related to February’s severe winter weather.

Sales figures reflected a 4.6% increase in consumables, now accounting for 72.3% of Family Dollar’s total sales, vs. 71. 1% in the same period a year ago.

Net income of $76.7 million was down by 15.6% from the second quarter last year.

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