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

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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."

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