The Dollar Tree Corporation announced Wednesday it will close 1,000 stores.

According to a release on the corporation’s website, the company announced in the fourth quarter of 2023 that it had initiated a comprehensive store portfolio optimization review which involved identifying stores for closure, relocation, or re-bannering based on an evaluation of current market conditions and individual store performance, among other factors.

“As a result of this review, we plan on closing approximately 600 Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores will close over the next several years at the end of each store’s current lease term,” the corporation said.

On Wall Street, where the S&P 500 has jumped more than 40% since its bottom in 2022, Dollar Tree tumbled 12.7% after reporting weaker results for the latest quarter than analysts expected.

The corporation said traffic increased at its stores, but it said customers bought less at each purchase than they did a year ago.

“We finished the year strong, with fourth quarter results reflecting positive traffic trends, market share gains, and adjusted margin improvement across both segments,” said Rick Dreiling, Chairman and Chief Executive Officer. “While we are still in the early stages of our transformation journey, I am proud of what our team accomplished in 2023 and see a long runway of growth ahead of us. As we look forward in 2024, we are accelerating our multi-price rollout at Dollar Tree and taking decisive action to improve profitability and unlock value at Family Dollar