WASHINGTON — Dollar Tree will raise the maximum price of items in its stores nationwide to $7 by the end of the year.
CEO Rick Dreiling revealed in a fourth-quarter earnings call earlier this month that the discount retailer would yet again increase the max price.
"This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7," Dreiling said in the March 13 call.
The increased price cap will allow for a wider range of choices such as food and snacks, beverages, pet care personal care and more, according to the discount retail giant.
“Over time you will also see us fully integrate multi-price merchandise more into our stores, so our shoppers will find $5 bags of dog food next to our traditional $1.25 pet treats and toys. And our $3 bags of candy will be found in the candy aisle," Dreiling said. "This is the next exciting chapter of the Dollar Tree value story. New items, more choices and more savings."
According to Yahoo Finance, the price cap was upped to $5 just last June.
In 2021, the company announced an increase its base price from $1 to $1.25. At the time, the discount retailer said the price hike decision was "permanent and is not a reaction to short-term or transitory market conditions."
The increased price cap comes after the retailer announced plans to shutter about 1,000 stores, including roughly 600 Family Dollar in the first half of the year.
Dollar Tree acquired Family Dollar for more than $8 billion in 2015 after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.
