Dollar Tree CEO Michael Witynski—who raked in around $11 million in total compensation last year—announced Tuesday that his company is raising prices to $1.25 at stores across the United States, pointing to the current "inflationary environment."
"Corporations are using the excuse of inflation to raise prices and make fatter profits."
But observers weren't buying Witynski's explanation for the imminent price hike, which was publicized as Dollar Tree reported $216.8 million in net profits for the third quarter of 2021. The 25% price increase is expected to take effect at Dollar Tree stores nationwide in early 2022.
"Dollar Tree made $1,230,000,000 in profits this year, gave its CEO $10,767,883, and pays workers as little as $8.32 an hour. Over 7,400 Dollar Tree employees are forced to rely on food stamps and Medicaid subsidized by U.S. taxpayers," Warren Gunnels, majority staff director for Senate Budget Committee Chair Bernie Sanders (I-Vt.), pointed out on Twitter.
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