Consumer
Dollar General Sinks Most Ever After Painting Grim Picture of Budget Shoppers
- Retailer slashes 2024 forecasts for comparable sales, earnings
- Company’s shares sink 32%, biggest decline since 2009 IPO
A Dollar General Market store in Saddlebrook, New Jersey.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Dollar General Inc. shares plummeted the most on record after the discount retailer reduced its full-year sales forecast. Its chief executive officer said customers are cutting back on essential goods after years of rising costs for other expenditures such as rent and health care.
“Inflation has continued to negatively impact these households, with more than 60% claiming they have had to sacrifice on purchasing basic necessities,” CEO Todd Vasos said on a call with analysts.