Dollar Tree Inc. $(DLTR)$ stock climbed 6.4% in premarket trading on Wednesday after the discount retailer announced the sale of its Family Dollar Business to Brigade Capital Management and Macellum Capital Management for $1 billion.
The sale, which is expected to close in approximately 90 days, follows a strategic review of Family Dollar that began in June 2024.
"With the sale of Family Dollar set to close later this year, we will be able to fully dedicate ourselves to Dollar Tree's long-term growth, profitability, and returns on capital," said Dollar Tree CEO Mike Creedon, in a statement.
Dollar Tree also reported fourth-quarter results before market open. The company's fourth-quarter adjusted profit of $2.29 a share beat the FactSet consensus estimate of $2.20 a share.
Total revenue was $8.27 billion, down from $8.64 billion in the prior year's quarter, but above the analyst estimate of $8.24 billion.
Revenue from the company's Dollar Tree business was $5 billion and its Family Dollar segment generated revenue of $3.27 billion.
(This is a developing news story with updates to come.)
-James Rogers
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(END) Dow Jones Newswires
March 26, 2025 06:57 ET (10:57 GMT)
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