Lower-income households 'are acting recessionary today.' JPMorgan gives Dollar General its worst rating after company presentation

Dollar General CFO Kelly Dilts and Director of Investor Relations Marianne Denenberg travelled to London for a JPMorgan conference, and got a downgrade by the bank to its worst rating in response.

Dollar General stock DG, +1.27% fell 2% in premarket trade to $112.60. Its shares have tumbled 53% this year. These consumers are weathering multiple storms — the near evaporation of pandemic-era savings, inflationary pressures of roughly 12% on a two-year stack, and a big reduction in government assistance from the expiration of the expanded child-tax care credit and roughly $90 per household reductions to the Supplemental Nutrition Assistance Program.

Besides the macro picture, company executives are banking on investments in making stores better to first improve consumer satisfaction, then market share gains, followed by improved traffic and then sales.

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