Press release
Dollar Tree, Inc. Provides Business Update Related to COVID-19
CHESAPEAKE, Va.--(BUSINESS WIRE)-- Dollar Tree, Inc. (NASDAQ:DLTR) today provided a business update regarding impacts related to the novel coronavirus
About this update from Dollar Tree, Inc.
[{"type":"text","content":" CHESAPEAKE, Va.--(BUSINESS WIRE)--\nDollar Tree, Inc. (NASDAQ:DLTR) today provided a business update regarding impacts related to the novel coronavirus (COVID-19).\n\n\nIn March, directly related to COVID-19 concerns, both Dollar Tree and Family Dollar stores began to experience a material pick-up in store traffic and sales related to essential products, including cleaning supplies and sanitizer, household products, paper goods, food and over-the-counter medicine.\n\n\n“Customers rely on Dollar Tree and Family Dollar as an essential retailer for their daily shopping needs. Understandably, they are very concerned about the recent global spread of the coronavirus. Our stores experienced an unprecedented spike in demand for certain products,” stated Gary Philbin, Chief Executive Officer. “Our efforts have been focused on continuing to protect the health and safety of our associates and customers, and to effectively serve customers during their time of need.”\n\n\nRecently, the Company issued three press releases related to the current macro-environment:\n\n\n\nMarch 18 – Modifying store hours to close all stores at 8:00 p.m. local time to provide store teams adequate time to exercise enhanced cleaning protocols and to replenish store shelves;\n\n\nMarch 19 – Communicating the Company’s plans to hire 25,000 motivated individuals to support its stores and distribution centers; and\n\n\nMarch 25 – Rewarding hourly-paid store and distribution associates with an estimated total of $30 million in wage premiums for at least a four-week period in recognition of the team’s extraordinary efforts. Additionally, the Company is dedicating the first operating hour each morning in all 15,000-plus stores to serving at-risk customers.\n\n\n\nAlso, to assist in minimizing exposure to COVID-19, the Company has taken several proactive, precautionary steps, including communicating and adhering to Centers for Disease Control and Prevention (CDC) recommendations; equipping stores, distribution centers and its store support center with necessary supplies for enhanced cleaning protocol; activating its Business Response Team to meet daily to communicate, assess and address potential exposure throughout the organization; eliminating all non-essential air travel; utilizing technology options for all large group meetings; prohibiting external visitors access ...