US dollar goes up on new price hike
Dollar Tree is setting a new price for its dollar tree at $6.99 a pop for its most popular tree.
The dollar tree, which debuted last month at $14.99, has become the latest company to price its products up amid surging interest in the US dollar and other foreign currencies.
“The dollar tree has proven to be an invaluable tool for consumers, and its popularity has grown steadily since its debut in late 2015,” a Dollar Tree spokesperson told CNNMoney.
“We are thrilled to offer a discounted price of $6 for the dollar tree.”
“With the advent of the dollar, more people are choosing to shop online,” the spokesperson added.
This year’s price increase is the latest move by Dollar Tree, which has long offered its tree at lower prices than its retail rivals.
In December, Dollar Tree reported a 3.3% increase in profit for the third quarter, up from 3.2% in the same quarter last year.
The company has been one of the few to report better-than-expected results this year.
However, the company also announced plans to raise its sales in 2017 by 2%.
The dollar is rising against a slew of other currencies.
The Japanese yen has lost about 2% against the dollar this year, and the euro is trading below $1.25 per euro.
China’s yuan has gained about 1% against that dollar.
As it approaches the end of the year, the dollar is expected to continue its steep slide against other currencies, falling against the euro and Japanese yen by the end.