News Formal

Dollar General stock drops as 'challenging' economic backdrop drives dismal earnings report

  • 📰 CNBC
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 72%

Business News News

Business Business Latest News,Business Business Headlines

Dollar General said a worse than expected macroeconomic backdrop is impacting its customers spending, leading the discounter to slash its full year outlook.

Dollar General slashed its full year outlook after missing Wall Street's estimates on the top and bottom lines.

The dollar store titan is planning to cut back on planned store openings, including its Popshelf format, which primarily sells discretionary merchandise.core customers are reining in their spending amid a worse than expected macroeconomic backdrop, leading the discounter to slash its full year outlook after a dismal earnings report Thursday.

In a news release, CEO Jeff Owen said the macroeconomic environment "has been more challenging than expected, particularly for our core consumer." The company believes those headwinds are having a "significant impact" on its customers' "spending levels and behaviors."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves premarket: Macy's, Salesforce, Dollar General & moreThese are the stocks posting the largest moves in premarket trading.
Source: CNBC - 🏆 12. / 72 Read more »