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DOLLAR TREE, INC.

(DLTR)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-27 pm EST
150.37 USD   -0.05%
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Dollar Tree Executive Chairman Dreiling to replace CEO Witynski

01/24/2023 | 08:43am EST

Jan 24 (Reuters) - Dollar Tree Inc said on Tuesday Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, nearly a year after agreeing to revamp its board in a settlement with activist investor Mantle Ridge.

Dreiling, 69, who has previously served as chairman and CEO of rival Dollar General, was appointed to Dollar Tree's board as part of the settlement in March 2022. He will take on the role of top boss at the company effective Jan. 29.

In late 2021, Mantle Ridge pushed for a review of Dollar Tree's business strategy and Dreiling as the top boss at the discount retailer along with an overhaul of its board.

Telsey Advisory Group analyst Joseph Feldman said investors would like to see Dreiling have a more "day-to-day hands on role at Dollar Tree" in hopes of improving the performance of the business, given his history of success at Dollar General.

Last year, Dollar Tree lowered its annual profit forecast for the second time as price cuts to attract inflation-wary shoppers pressured its margins.

But the price cuts at Family Dollar, rolled out in the second quarter, helped the banner post the strongest quarterly same-store sales jump since 2020 and grow traffic for the first time in three years.

With Dreiling at the helm, Feldman expects continued improvement in the Family Dollar business.

In June 2022, months after the settlement, Dollar Tree announced the exit of finance chief Kevin Wampler and some other top executives.

Jeffrey Davis was named successor to Wampler, who is with the company as an adviser till April 2023.

Witynski was appointed as the CEO in July 2020 to succeed Gary Philbin, who retired after serving in the role for nearly three years.

Shares of Dollar Tree rose about 1% in early trade. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
DOLLAR GENERAL CORPORATION -0.43% 236.11 Delayed Quote.-3.18%
DOLLAR TREE, INC. -0.05% 150.37 Delayed Quote.5.74%
LOWE'S COMPANIES, INC. 0.34% 202.49 Delayed Quote.3.45%
All news about DOLLAR TREE, INC.
04:18pDOLLAR TREE, INC. Change in Directors or Principal Officers, Financial Statements and ..
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01/25North American Morning Briefing: Microsoft -2-
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01/25News Highlights: Top Financial Services News of the Day
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01/24Consumer Cos Down as Walmart Boosts Wages -- Consumer Roundup
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01/24Dollar Tree CEO Witynski Stepping Down; Executive Chairman to Assume Role
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01/24Dollar Tree Executive Chairman Dreiling to replace CEO Witynski
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01/24Dollar Tree CEO Witynski to step down
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01/24Dollar Tree, Inc. : Change in Directors or Principal Officers, Regulation FD Disclosure, F..
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01/24Rick Dreiling to Assume Role of Chairman and Chief Executive Officer of Dollar Tree, In..
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01/24Dollar Tree, Inc. Announces Chief Executive Officer Changes
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Analyst Recommendations on DOLLAR TREE, INC.
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Financials (USD)
Sales 2023 28 259 M - -
Net income 2023 1 610 M - -
Net Debt 2023 2 670 M - -
P/E ratio 2023 20,9x
Yield 2023 -
Capitalization 33 260 M 33 260 M -
EV / Sales 2023 1,27x
EV / Sales 2024 1,20x
Nbr of Employees 136 226
Free-Float 98,7%
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Technical analysis trends DOLLAR TREE, INC.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 150,37 $
Average target price 162,86 $
Spread / Average Target 8,30%
EPS Revisions
Managers and Directors
Michael A. Witynski President, Chief Executive Officer & Director
Jeffrey Allan Davis Chief Financial Officer
Richard W. Dreiling Executive Chairman
Bobby Aflatooni Chief Information Officer
Michael C. Creedon Chief Operating Officer
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