Dollar General (DG) stock tumbled 32% on Thursday after the discount retailer cut its outlook, pointing to a financially pressured customer. Thursday’s drop in Dollar General was its biggest on record.
Dollar General said it expects fiscal 2024 same-store sales growth in the range of approximately 1.0%-1.6%, compared to its previous expectation in the range of 2.0%-2.7%.
“It appears to us very strongly that … this lower-end consumer continues to be very much financially strapped, especially as it relates to her ability to feed her families and support her families,” CEO Todd Vasos told analysts during the company’s earnings call on Thursday morning.
Vasos said the last week of each of the calendar months in the quarter was “the weakest by far,” with customers leaning into a mix of the 2,000 items still priced at $1 or below. Shoppers opted for more consumable goods and less seasonal, home, and apparel items during the quarter. […]
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