Dollar Tree CFO Jeff Davis said on Wednesday that the annual forecast cut was partly due to expectations of conservative sales for the balance of the year amid a challenging macro-environment
joined main rival Dollar General in cutting annual forecasts after missing quarterly estimates on Wednesday as the discount store operator struggles to attract price-sensitive shoppers amid rising competition.
Dollar stores, including Dollar Tree and Dollar General, have struggled to attract shoppers as bigger rivals such as Walmart, Target and PDD Holding’s ecommerce platform Temu compete for customers. The company has been in the process of restructuring its business and in April said it was exploring options, including a potential sale or spinoff of its Family Dollar banner.
Last week, rival Dollar General’s shares also slumped nearly 30 per cent and executives said that the company would have to increase promotional activity that would pressure sales and margins for the remainder of the year.
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