Dollar General falls the most on record after cutting its outlook, pointing to a 'cash-strapped' core customer
) stock tumbled 28% on Thursday after the discount retailer cut its outlook, pointing to a financially pressured customer. Thursday's drop in Dollar General was on pace to be its most on record.
Vasos said the last week of each of the calendar months in the quarter was "the weakest by far," with customers leaning into a mix of the 2,000 items which are still priced at $1 or below. Customers bought more consumable goods and less seasonal, home, and apparel during the quarter. Dollar General has been undergoing a "Back to Basics" improvement plan at the helm of Vasos, who returned to Dollar General last year.On Thursday, CFRA Research senior equity analyst Arun Sundaram cut his rating on Dollar General to Hold from Buy. Sundaram wrote, "dollar store operators have somewhat lost their appeal for value and convenience as other retailers like Walmart expand their omni-channel offerings and have more levers to keep prices low.
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