Why Dollar Tree Stock Fell Today
Shares of Dollar Tree (NASDAQ: DLTR) finished lower today after the discount retailer, which also owns Family Dollar, issued a COVID-19 update and suspended its guidance due to uncertainty around the coronavirus. The stock finished the session down 8%.
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The company said that both the Dollar Tree and Family Dollar stores had seen a material increase in sales during March, especially for products like cleaning supplies, paper goods, food, and over-the-counter medicine. Thus far, the company has limited store hours, closing locations at 8 p.m. to allow more time for cleaning and restocking shelves. It also said it would hire 25,000 more employees to meet additional demand, and it's rewarding employees with a special bonus, as are other retailers.
Source Fool.com