Dollar Tree Inc forecast annual profit well below estimates on Wednesday, as the discount store operator battles higher wages and freight costs while consumers cut back on discretionary items.
The company expects 2023 profit between $6.30 and $6.80 per share, below analysts' estimate of $7.78 per share in Refinitiv IBES data.
"The new management team is trying to reset the bar and tell the investment community they need to invest in the business to enhance infrastructure and make it a better, more profitable business over time," Telsey Advisory Group analyst Joseph Feldman said.on Jan. 29, nearly a year after the group agreed to revamp its board in a settlement with activist investor Mantle Ridge.
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