Markets
Dollar Tree To Close 1,000 Family Dollar Stores
(Justin Sullivan/Getty Images)

Dollar Tree will sell struggling Family Dollar for $1 billion. It bought it for $9 billion.

Dollar Tree won a bidding war with Dollar General to buy Family Dollar in 2015.

J. Edward Moreno

Dollar Tree will sell its ailing brand Family Dollar after years of struggling to improve its operations.

Dollar Tree said Wednesday that it had reached a deal to sell Family Dollar for $1 billion to investment firms Brigade and Macellum. The company bought Family Dollar in 2015 for $9 billion.

Dollar Tree stock rose 2% on the announcement, even as it reported profit and sales estimates that missed Wall Street expectations. Shares are down more than 12% since the start of the year.

Dollar Tree has struggled to fix Family Dollar’s less-than-perfect operations. Last year, Family Dollar was fined $40 million by the Justice Department for having a rat-infested warehouse. At the same time, Dollar Tree has expressed wanting to court a higher-earning consumer.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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