Dollar General’s 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.
Shares of Dollar General plunged about 16% in morning trading after the retailer missed estimates on the top and bottom lines.
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Here’s how Dollar General did in its first fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: $2.34 vs. $2.38 expected
- Revenue: $9.34 billion vs. $9.46 billion expected
The company’s reported net income for the three-month period that ended May 5 was $514.4 million, or $2.34 per share, compared with $552.7 million, or $2.41 per share, a year earlier.
Revenue rose to $9.3 billion, up nearly 7% from $8.8 billion a year earlier.
Same store sales, a key industry metric, increased 1.6%,…
2023-06-01 09:03:07
Post from www.cnbc.com
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