MATTHEWS, N.C. — Family Dollar Stores on Monday announced Charles Gibson, EVP supply chain, will leave the company to pursue other interests effective April 30.
“Charlie has overseen the growth and development of our supply chain network and has been a valued part of our team,” stated Howard Levine, Family Dollar chairman and CEO. “We appreciate the contributions Charlie has made to the company’s success, and we wish him all the best in his future endeavors.”
Family Dollar reported an earnings increase of 2.7% for its most recent quarter. But profits missed Wall Street estimates.
"A shift to lower margin items is what drove the slight miss in earnings," wrote Peter Pham in a Fool report published the day before the announcement. "In recent months, Family Dollar started to focus on selling high-turnover merchandise, such as cigarettes and other tobacco products, soft drinks, magazines, gift cards, etc. These items bring shoppers in stores more frequently, but carry lower margins than other merchandise, such as apparel."