Dive Brief:
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Dollar Tree Inc. Thursday reported Q1 net income of $69.5 million and revenue of $2.18 billion, missing expectations. Adjusting for currency fluctuations, same-store sales increased 3.4%.
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The retailer said it expects Q2 revenue from $2.17 billion to $2.23 billion, compared to expectations of $2.22 billion.
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The retailer adjusted its full-year expectation of sales of $9.24 billion to $9.42 billion, from its previous forecast for $9.21 billion to $9.45 billion.
Dive Insight:
Dollar Tree says that delays from the West Coast labor situation delayed shipments, but that more shoppers are coming into stores and buying more when they do.
The discount retailer also said that its merger with rival Family Dollar, which still awaits Federal Trade Commission approval, will likely close in July; it previously had expected to close the deal this month. That deal depends in part on selling some 330 Family Dollar stores.