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Family Dollar president and COO Michael Bloom resigns amid disappointing Q1 results
MATTHEWS, N.C. — Family Dollar Stores on Thursday announced that president and COO Michael Bloom has left the company to pursue other interests. The company will conduct a search for a new president and COO. The news comes amid disappointing first quarter results for the company, which lowered its earnings expectations for the second quarter and full year. Family Dollar also announced it has promoted Jason Reiser to the position of executive VP - chief merchandising officer.
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Heavy discounting cuts into holiday profits
New York -- Retailers across the board, from Victoria’s Secret parent L Brands Inc. and American Eagle Outfitters to Family Dollar Stores and Bed, Bath & Beyond, cut their fourth-quarter earnings forecasts on Thursday as heavy promotions and discounts cut into profits. Results were also impacted by multiple snowstorms, a shortened shopping season and cautious consumers.