Michael Bloom, president and chief operating officer of Family Dollar Stores Inc. (Matthews, N.C.), has abruptly left the company “to pursue other interests.” The discounter will begin a search for a replacement.
Jason Reiser has been promoted to executive vp and chief merchandising officer, reporting to chairman and ceo Howard Levine.
The moves came as the retailer announced a drop in profits for the first quarter of its 2014 fiscal year ending Nov. 30, 2013. Overall sales rose 3 percent, but the company was hurt by the “promotional environment” of the current marketplace. Levine said the company was forced to discount more than usual to win holiday shoppers. “Our core customers continued to face economic uncertainties, and the promotional environment intensified,” he said.
Bloom had recently appeared on the TV series “Undercover Boss” because he wanted, he said, “to understand Family Dollar’s business from the inside out.”