Dollar General expects fiscal 2024 same-store sales to be up 1.0% to 1.6%, compared with prior forecast of 2% to 2.7% rise
slashed its annual sales and profit forecast on Thursday, as budget-conscious customers cut back spending on its higher-margin goods to prioritize essential purchases, sending its shares down over 20 per cent.
“Despite advancing several of our operational goals and driving positive traffic growth, we are not satisfied with our financial results, including top-line results,” CEO Todd Vasos said, while attributing softer sales to its customer base feeling financially constrained. The company now expects fiscal 2024 same-store sales to be up 1 per cent to 1.6 per cent, compared with the prior forecast of 2 per cent to 2.7 per cent rise.
In contrast, both Target and Walmart raised their full-year profit forecast, benefiting from price cuts to attract increasingly price-sensitive consumers.
Share Company Forecast Target Walmart Goods Estimate Walmart Temu Todd Vasos
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