MSNBC anchor Stephanie Ruhle takes Dollar Tree to task because of her shocking announcement that the company is increasing its famous cheap prices.
Dollar Tree confirmed this week that they are charging $ 1[ads1].25 for most of their products at all of their locations across the country by the end of April.
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“For 35 years, the Dollar Tree has managed, through periods of inflation, to maintain the all-for-one-dollar philosophy that characterized the Dollar Tree and made it one of the most successful retail concepts in three decades,” the company said in a news release on Tuesday. “But as described in the September announcement, the company believes this is the right time to shift away from the $ 1.00 price point limit to continue offering extreme value to customers. This decision is permanent and is not a reaction to short circuits. .- lasting or temporary market conditions. “
In a statement, Dollar Tree CEO Michael Witynski said the change would give the company “greater flexibility to manage its overall operations, especially in a volatile, inflationary environment.”
However, Ruhle does not buy the hint that the current inflation conditions play a role in price increases.
“Let’s be clear, Dollar Tree does not need to raise prices,” Ruhle tweeted on Wednesday. “Their biz is KILLIN it – $ 1.230 billion in profit CEO pays $ 10MM.”
“DollarTree raises prices because they CAN- not bc they need it. It’s a choice of how to share the benefits of their scale To customers? To employees? To shareholders? To management?” she added.
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Ruhle also wrote, “Just for example, the cost of input increases … it does NOT mean that a company has to increase prices to customers. It is not automatic.”
Ruhle responded to a Twitter user who suggested that he does not blame companies like Dollar Tree for transferring the costs since they “are not a charity” black“The stock price is at a record high. Demand is super strong. Biz is growing It is not a charity – not close to a charity. It is a biz and companies decide what their priorities are.”
The MSNBC anchor has long downplayed the impact of inflation. Earlier this month, she claimed that the “dirty little secret” was that “although no one likes to pay more, we have on average money to do so,” adding: “Household savings hit record highs over the pandemic, we did” I really have somewhere to go and spend. “
In May, Ruhle scolded companies for raising wages after a disappointing job report that reflected poorly on the Biden administration.
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Ruhle recently claimed that Democrats have a “great economic story to tell” despite rising inflation.
“Five million jobs created, 200 million people vaccinated. These vaccine numbers are directly linked to the economy. You could not open the economy without getting America well again. We see economic improvement. What the Biden administration is not doing is selling it, and they can , “Ruhle told NBC colleague Chuck Todd.
The Dollar Tree says the $ 1.25 transition will allow it to “significantly expand its offerings, introduce new products and sizes, and provide families with more of their daily necessities.” In addition, the company emphasizes that it will be able to reintroduce items that were previously discontinued due to the limitations of the $ 1 price point.
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The discount retailer plans to roll out the new price points in more than 2,000 extra older stores in December as part of an initiative to reduce rising shipping, distribution and operating costs.
FOX Business’ Lucas Manfredi contributed to this report.