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Dollar general money network3/17/2024 We lost one member of the Dollar General family and two customers to a senseless and hate-filled act of violence in our store in Jacksonville, Florida,” said Owen. “Before we discuss the quarter, I want to address the tragic event of last Saturday. Prior to discussing the company’s results In a call with analysts Thursday morning, Dollar General CEO Jeff Owen addressed what authorities called a racially motivated rampage last week that killed three people at a Dollar General store in Jacksonville, Florida. The retailer said its same-store sales (or sales at stores open at least a year) are expected to range from a decline of about 1% to an increase of 1% for the year, compared to its previous expectation of a 1% to 2%. It expects full-year earnings to decline 22% to 34% from its previous estimate of a flat-to-8% decrease.ĭavid Paul Morris/Bloomberg via Getty Imagesĭick's Sporting Goods blames 'increasingly serious' theft problem for profit plunge The discount retailer now expects sales for the full year to rise between 1.3% to 3.3%, down from its previous forecast of a 3.5% to 5% increase. “Unfortunately, this dynamic will not change any time soon as, if anything, finances will tighten over the second half of the year.” As a result, lower-income shoppers are cutting back on non-consumable and indulgent purchases from the chain in a bid to save money,” he said. “This has been exacerbated by cuts in SNAP payments as temporary pandemic benefits came to an end. “One of the key reasons for this is because Dollar General’s core customers are feeling the acute pressure of the cost-of-living-crisis,” Neil Saunders, retail analyst and managing director at GlobalData, said in a report Thursday. The discount store’s challenges are yet another sign of American consumers pulling back on shopping as inflation remains well above the Federal Reserve’s 2% target. Dollar General slashed its sales and profit outlook for the year on Thursday, blaming headwinds including weaker consumer spending on non-essential purchases and increasing theft.ĭollar General shares tumbled about 14%, to about $135 a share, in midday trading Thursday.
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