The stores were selling obsolete motor oil that wasn’t suitable for engines built after 1930.
Discount retailers Dollar General Corp., Dollar Tree Inc., and Family Dollar will pay a total of $1.2 million in fines and damages for selling expired and in some cases, even obsolete, products.The settlement, according to an announcement from the New York Attorney General, comes as the result of a months-long undercover investigation that found Dollar General DG, -0.34% sold obsolete motor oil, some of which wasn’t suitable for engines built after 1930.
On the issue of expired drugs, Dollar General said it “took immediate action to address the situation, and we continue to work with our store teams to ensure that the company’s expectations regarding expired products are clearly communicated, understood and implemented.” Both Dollar General and Dollar Tree are scheduled to report second-quarter earnings on Thursday. FactSet expects Dollar General to report earnings per share of $1.57 on sales of $6.89 billion, while Dollar Tree is forecast to report EPS of 83 cents and sales of $5.72 billion.
KeyBanc rates Dollar General and Dollar Tree stock overweight. Dollar General has a $148 price target; Dollar Tree’s price target is $115.
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