Bidenflation Forces Dollar-Tree to Raise Prices for First Time Ever
Joe Biden’s failing economy has forced America’s one-dollar variety store, Dollar-Tree, to raise prices for the first time ever.
Inflation, supply chain disruptions, and all Biden’s other destructive economic polices is forcing the retailer into an uncomfortable position, one that is destroying its own name!
In a Tuesday press release, the company said that for the first time in its 35-year history it would be raising the cost of many of its products from $1.00 to $1.25.
CEO Michael Witynsk said that the decision came after “historically-high merchandise cost increases, including freight and distribution costs, as well as higher operating costs, such as wage increases,” caused a serious sales downturn last year.
Per The Blaze:
Witynsk said the new price point will allow the company to return to “its historical gross margin range” of 35% to 36% next year, He reportedly added it will also allow the discount chain to introduce new products and sizes as well as bring back “traffic-driving products” that had been discontinued due to the one-dollar constraints.
The CEO insisted that raising prices was “not a reaction to short-term or transitory market conditions,” but at the same time admitted that the new price point will help manage the business “in a volatile, inflationary environment.”
Elsewhere, he conceded that “expectations of continued volatility and uncertainty related to the COVID-19 pandemic, inflation, and other macroeconomic factors” drove the decision.
Dollar-Tree is hardly alone. Every discount chain store is having similar issues thanks to Biden’s disastrous policies.
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