MSNBC anchor Stephanie Ruhle takes a closer look at Dollar Tree for the shocking announcement that the company was raising its famously cheap prices.
Dollar Tree confirmed this week that it will be charging $1.25 for the majority of its products at all of its locations nationwide by the end of April.
MSNBC ANCHOR STEPHANIE RUHLE ARGUES AMERICANS CAN TRUST EXPENSIVE MESSAGES, dubs ‘STEPHANIE ANTOINETTE’
“For 35 years, Dollar Tree has managed through periods of inflation to maintain the all-for-a-dollar philosophy that distinguished Dollar Tree and made it one of the most successful retail concepts in three decades,” the company said in a press release on Tuesday. “However, as set out in its September announcement, the company believes that now is the right time to break out of the restrictions of the $1.00 price point to continue offering customers extreme value. This decision is permanent and is not a response to short-term or transient market conditions.”
Dollar Tree president Michael Witynski said in a statement that the change would give the company “more flexibility to manage the overall business, especially in a volatile, inflationary environment.”
However, Ruhle does not believe in the suggestion that current inflation conditions play a role in the price increases.
“Let’s be clear, Dollar Tree doesn’t need to raise prices,” Ruhle tweeted Wednesday. “Their biz is KILLIN it – $1,230,000,000 in profit CEO pays $10MM.”
“DollarTree raises prices because they CANNOT because they need to. Is it a choice to share the benefits of their economies of scale with customers? To employees? To shareholders? To the board?” she added.
MSNBC HOSTS SUGGERT DEMOCRATS HAVE A ‘GREAT ECONOMIC STORY’
Ruhle also wrote, “Just because input costs are rising…that does NOT mean a company should raise prices for customers. It’s not automatic.”
Responding to a Twitter user who suggested he doesn’t blame companies like Dollar Tree for passing on the costs, as they are “not a charity”, Ruhle replied, “Stock price at an all-time high. Demand is super strong Biz is growing It’s not a charity – nowhere near a charity. It’s a business and companies determine their priorities.”
The MSNBC anchor has long downplayed the impact of inflation. Earlier this month, she claimed the “dirty little secret” was that “although no one likes to pay more, on average we have the money to do so,” she added: “Household savings hit an all-time high during the pandemic, we didn’t.” not really somewhere to go out and spend money.”
In May, Ruhle scolded companies for raising wages after a disappointing jobs report that reflected badly on the Biden administration.
MSNBC’s RUHLE Ripped For PEELING COMPANIES TO INCREASE WAGES AFTER BAD JOBS REPORT: ‘NEVER RUN A BUSINESS’
Ruhle recently claimed that Democrats have a “big economic story to tell” despite growing inflation.
“Five million jobs created, 200 million people vaccinated. Those vaccine numbers are directly tied to the economy. You couldn’t open the economy without getting America back to health. We’re seeing economic recovery. What the Biden administration isn’t doing is selling that , and they can,” Ruhle told NBC colleague Chuck Todd.
Dollar Tree says the move to $1.25 will allow the company to “significantly expand its offerings, introduce new products and sizes, and provide families with more of their everyday essentials.” In addition, the company emphasizes that it will be able to reintroduce items that were previously discontinued due to the restrictions on the $1 price.
CLICK HERE TO GET THE FOX NEWS APP
The discount retailer plans to roll out the new price points in more than 2,000 additional legacy stores in December as part of an initiative to reduce rising freight, distribution and operating costs.
Lucas Manfredi of FOX Business contributed to this report.