Dollar Tree (DLTR) is the second-largest operator of discount variety stores across North America, offering a range of basic and seasonal goods. The company’s brands include Dollar Tree and Family Dollar, split between roughly 15,000 locations. This is our second round owning DLTR stock (we will refer to the corporate company as DLTR to distinguish it from its store brand). We previously exited in early 2019 as management failed to execute on its post-merger strategy after acquiring the Family Dollar brand in 2015. Ingrained in the DLTR culture at the time was a commitment to the $1.00 price point, and despite showing a willingness to adopt a multi-price point strategy, the previous management was stubbornly slow to implement. This led to sluggish growth at Dollar Tree and unrealized synergies with the acquired Family Dollar stores. Read