Photo: FREDERIC J. BROWN / AFP / Getty Images
Dollar Tree is planning to increase the price of some items in its stores. For the second time in a year, Dollar Tree is increasing its price cap, going from $5 to $7.
The company said the pricing change will make about 300 items more expensive, including food, personal care products, and pet items.
"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," Dollar Tree CEO Rick Dreiling told investors during the company's fourth-quarter earnings call.
"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 explained.
The company also said it is planning to close 600 stores across the country this year and 400 more over the coming years as their leases expire. Dollar Tree currently operates 16,774 stores in the United States.