Dollar General announced that it's bringing back its former CEO to help stabilize the business, which has faced several disappointing quarters and labor violations.
Shares of Dollar General jumped Friday morning after the retailer announced that it was bringing back its former CEO. The company on Thursday reinstated Todd Vasos as CEO, effective immediately, to help stabilize the business. Vasos replaces Jeff Owen, who had only been in the position since last November.
The discount retailer missed estimates in back-to-back quarters as it faced headwinds including declines in customer traffic, shrink, lower inventory markups and inventory damages. It has also seen a greater proportion of sales coming from the consumables category, which is generally less profitable. Owen previously told analysts that the macroeconomic environment has been more challenging than expected for its core customer. In August, the company cut its profit and sales expectations.
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