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Dollar Tree, Chicago, Illinois. Photo: Daniel Acker/Bloomberg via Getty Images

Dollar Tree announced its $1 era is over. The bargain brand said to expect items above the 1-buck price point (and $3 or $5 in some locations) on shelves.

Why it matters: For decades, Dollar Tree looked to cheaply sourced goods — and rock-bottom costs to get them here — to deliver the $1 price tag some communities have come to rely on.

  • The pandemic-era supply chain mess is wrecking that formula.

What they’re saying: “We rec­og­nize the need to make ad­just­ments in the cur­rent eco­nomic en­vi­ron­ment,” Dollar Tree CEO Michael Witynski told the WSJ.

  • He cited pressure “on wages, freight and on our sup­pli­ers and cost increases.”
  • The price increases mean its merchants can now source items “slightly higher-priced” than the roughly 43 cents they historically buy products for.

This has been years in the making. Dollar Tree started experimenting with higher prices in 2019. Today’s announcement, though, is the most expansive.

  • Dollar General said last year it’s trying new stores with a $5 price ceiling.
  • Taken together, two dollar-store giants have tiptoed away from their namesake commitment.

View from Wall Street: Investors — including one hedge fund — badgered Dollar Tree to hike prices. They got what they wanted.

  • The stock had its best day in 21 years.

Go deeper

Oct 12, 2021 - Science

Weather and climate disasters have cost the U.S. over $100 billion in 2021

Piles of debris is all that's left of a restaurant after heavy rain from remnants of Hurricane Ida came through in Manville, New Jersey, on Sept. 7. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

Weather and climate disasters in 2021 have killed 538 people in the U.S. and cost over $100 billion, according to a report from the National Oceanic and Atmospheric Administration.

Why it matters: The first nine months of 2021 saw the largest number of billion-dollar disasters in a calendar year so far, with 2021 on pace for second behind 2020, per the report.

1 hour ago - Technology

Scoop: Facebook exec warns of "more bad headlines"

Illustration: Annelise Capossela/Axios

In a post to staffers Saturday obtained by Axios, Facebook VP of global affairs Nick Clegg warned the company that worse coverage could be on the way: “We need to steel ourselves for more bad headlines in the coming days, I’m afraid.”

Catch up quick: Roughly two dozen news outlets had agreed to hold stories based on leaked materials from Facebook whistleblower Frances Haugen for Monday publication — but the embargo fell apart Friday night as participating newsrooms posted a batch of articles ahead of the weekend.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.