11:25 AM EDT, 03/13/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph)

Dollar Tree ( DLTR ) shares dropped 15% in recent trading on Wednesday, hours after it reported fiscal Q4 adjusted earnings of $2.55 per diluted share, up from $2.04 a year earlier.

Analysts polled by Capital IQ expected $2.65.

Total revenue for the quarter ended Feb. 3 was $8.64 billion, up from $7.72 billion a year earlier.

Analysts surveyed by Capital IQ expected $8.65 billion.

The retailer said it expects fiscal Q1 earnings of $1.33 to $1.48 per diluted share on revenue of $7.6 billion to $7.9 billion. Analysts polled by Capital IQ expect EPS of $1.71 on revenue of $7.69 billion.

Earnings for the current fiscal year are projected to be $6.70 to $7.30 per diluted share on revenue of $31 billion to $32 billion, the company said. Analysts surveyed by Capital IQ expect EPS of $7.02 on revenue of $31.74 billion.

Dollar Tree ( DLTR ) also said it plans to close about 600 Family Dollar stores in H1 of the current fiscal year. Roughly 370 Family Dollar outlets and 30 Dollar Tree ( DLTR ) stores are set to shut down gradually as their lease agreements expire in the coming years, the company added.

Price: 128.01, Change: -21.68, Percent Change: -14.48