That's mild compared to the reaction in December when the company missed its sales mark for the first time in its 15-year history and revised its earnings forecast down. Stock prices fell 44 percent in a single day of trading. Like most retailers, Dollar Tree is enduring tough times. Customer traffic is down. Same-store sales are flat.
Total sales are up over last year, but that's due to new store openings.
Dollar Tree opened 60 stores during the first quarter alone, bringing its total to 1,781 and its square footage to 10 million. With gas prices up and consumer confidence down, he said, second-quarter sales could be off as much as 10 percent over last year. Dollar Tree's 2001 annual shareholder meeting is scheduled for 10 a.m. May 24 at the Norfolk Waterside Marriott. Three members of the board are up for re-election.