Dollar General Corp., the biggest of the U.S. dollar discount stores, had a record decline in New York trading after reporting slowing growth in same-store sales.
Sales by stores open at least 13 months rose 4.2 percent in the third quarter ended Oct. 29, the Goodlettsville, Tennessee-based operator of 9,273 discount stores said today in a statement. That slowed from growth of 5.1 percent in the second quarter and 6.7 percent a quarter earlier.
Dollar General, which competes against Wal-Mart Stores Inc. and drugstore chain Walgreen Co., faced “a highly promotional retail environment,” Chief Executive Officer Rick Dreiling told analysts on a conference call. He predicted consumers will delay most holiday purchases until late in the season.
Dollar General tumbled $2.44, or 7.3 percent, to $30.99 at 4 p.m. in New York Stock Exchange composite trading, the biggest drop since the stock started trading in November 2009.
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