Customers shopping at Family Dollar may soon notice lower prices.

“Competitive pricing at Family Dollar will over the long term enhance our sales productivity and profitability, and ultimately our opportunity to accelerate store growth," said Mike Witynski, president and CEO of Dollar Tree Inc., which acquired Family Dollar.

The company will also invest in the type of products Family Dollar offers and sprucing up its stores.

"Combined with improvements in merchandising and store standards, we believe we are putting our best foot forward at a time when customers are coming to us to help them navigate difficult times," Witynski said.

The new pricing strategy forced the company to lower its full-year earnings forecast. However, Witynski believes the strategy will pay off in the long run.

"We are confident these pricing and other investments will generate very attractive returns over the long term," he said.