“To regain foot traffic, Dollar General will likely need to cut prices and increase promotions,” an analyst with CFRA Research said.
Dollar General ’s shares slumped 29% to a more-than-six-year low on Thursday after the discount retailer slashed its annual sales and profit forecasts, as competition for budget-conscious shoppers intensifies in the US.
Dollar General’s core customer base, which contributes about 60% of overall sales, comprises households earning less than $35,000 annually.Dollar General’s core customer base, which contributes about 60% of overall sales, comprises households earning less than $35,000 annually. Dollar General now expects fiscal 2024 same-store sales to rise 1% to 1.6%, down from the prior forecast of 2% to 2.7%, and annual earnings per share to be $5.50 to $6.20, compared with the previous forecast of $6.80 to $7.55.
“Dollar store operators are clearly struggling in the current macroeconomic environment … To regain foot traffic, Dollar General will likely need to cut prices and increase promotions,” Arun Sundaram, an analyst with CFRA Research said.
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