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Dollar Tree Raises Price Cap to $7: See Which Items Will Get Price Hikes

The price change will impact over 300 items across 3,000 stores

<p>Jakub Porzycki/NurPhoto via Getty</p> Dollar Tree logo is seen on the shop in Streator, United States on October 15, 2022.

Jakub Porzycki/NurPhoto via Getty

Dollar Tree logo is seen on the shop in Streator, United States on October 15, 2022.

Dollar Tree is raising prices on several of its items -- again!

The discount retailer announced in its fourth-quarter earnings call earlier this month that it is increasing stores’ price cap to $7.

The recent increase follows the June 2023 $5 cap, reported Yahoo Finance, and the 2021 increase from $1 to $1.25, per CNN.

"This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7," company CEO Rick Dreiling reported during the March 13 call. Dreiling explained that this multi-price assortment would impact the prices of food, pet and personal care items.

"Over time, you will also see us fully integrate multi-price merchandise more into our stores so our shoppers will find $5 bags of dog food next to our traditional $1.25 pet treats and toys, and our $3 bags of candy will be found in the candy aisle," Dreiling said.

Related: FDA Warns Dollar Tree Stores to Stop Offering 'Potentially Unsafe' Over-the-Counter Drugs

<p>Liao Pan/China News Service/VCG via Getty</p> A price tag is seen at a Dollar Tree store on March 13, 2024 in New York City.

Liao Pan/China News Service/VCG via Getty

A price tag is seen at a Dollar Tree store on March 13, 2024 in New York City.

Dreiling also added that the company’s “fastest-growing demographic” earns a yearly salary that is “north of $125,000."

The retailer’s findings align with InMarket’s recent report that there was a 4% average increase in dollar store visits made by consumers who earn more than $100,000 between the second half of 2022 and 2023, reported The Wall Street Journal.

<p>AP Photo/Chuck Burton</p> Rick Dreiling in Concord, N.C., Thursday, Oct. 13, 2011.

AP Photo/Chuck Burton

Rick Dreiling in Concord, N.C., Thursday, Oct. 13, 2011.

Aside from introducing the multi-price assortment, the company will close approximately 600 Family Dollar locations. Dollar Tree purchased Family Dollar for $8.5 billion in July 2014, per CNN.

During the call, the company announced that approximately 400 Family Dollar and Dollar Tree locations will also be closed in the coming years — due in part to lease expirations.

Family Dollar stores are closing in the following cities: Middletown, N.J., Tallahassee, Fla., Peoria, Ill., Lynchburg, Va., East Liverpool, Ohio, Wilmington, N.C., Slocomb, Ala., Humansville, Mo., Willow Springs, Mo., Wichita, Kan., Clearwater, S.C., and Elkins, W. Va.

<p>Angus Mordant/Bloomberg via Getty</p> A shopper inside a Dollar Tree store in Kingston, New York, US, on Friday, Feb. 16, 2024.

Angus Mordant/Bloomberg via Getty

A shopper inside a Dollar Tree store in Kingston, New York, US, on Friday, Feb. 16, 2024.

Related: Little Caesars Raises Price of $5 Hot-N-Ready Pizza

Throughout the company’s financial year, which ended on Feb. 3, 2024, the retailer operated 16,774 stores across 48 states and five Canadian provinces.

During the fourth quarter, which ended on Feb. 3, 2024, Dollar Tree opened 219 stores. In total, the company opened 641 stores in the previous year.

Additionally, moving forward, the “$3 and $5 center-store merchandise [will be] available at approximately 5,000 Dollar Tree stores,” per the press release. Also, “$3, $4, and $5 frozen and refrigerated items available at more than 6,500 Dollar Tree stores.”

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A representative for Dollar Tree did not immediately respond to PEOPLE’s request for more information on Tuesday.

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Read the original article on People.