Why Dollar Tree Inc. (DLTR) stock plunges during current market trading?

• Consolidated sales rose 3.0% to $6.48 billion in the first quarter of this year, up from $6.29 billion the previous year.
• When compared to the first quarter of the previous year, net profit rose 9.4% to $1.96 billion. Net margin was 30.3 percent as a percentage of net sales, up from 28.5 percent in the same period a year ago. A beneficial sales mix enhanced shrink results, and decreased markdowns drove the 180 basis point improvement, which was partially offset by greater freight costs.
• Selling, general, and administrative expenses accounted for 22.3 percent of total revenue, in comparison to 22.7 percent in the first quarter of the previous year. Lower COVID-19-related costs drove the improvement, which was partially offset by greater repairs and maintenance expenses.
• Operating income increased 42.1 percent to $519.9 million in the quarter, relative to $365.9 million in the prior year’s quarter, and operating income margin increased to 8.0 percent, up from 5.8 percent in the prior year’s quarter.
• In the first quarter, gross income increased 51.3 percent to $374.5 million, and diluted earnings per share increased 53.8 percent to $1.60, up from $1.04 in the previous quarter.
• DLTR spent $250 million on repurchasing 2,150,572 shares during the quarter. On May 1, DLTR’s share repurchase authorization had $2.15 billion remaining.
• DLTR launched 106 new stores, widened or relocated 36 stores, and closed 19 stores during the quarter. In addition, DLTR renovated 414 Family Dollar locations. At quarter’s end, retail selling square footage was around 125.9 million square feet.

Furthermore,

DLTR reiterates intend to open 600 new stores and refurbish 1,250 existing Family Dollar stores in fiscal 2021. There will be 400 Dollar Tree stores and 200 Family Dollar stores among the new locations. Depending on the market, H2 and Combo Store formats will be used in Family Dollar stores.