Dollar General sell-off spurs stock plummet | Area Stocks

By late morning, approximately 17 million DG shares had changed hands. The company averages 2.5 million shares traded daily, according to Yahoo Finance (and based on figures from the past three months). 

DG earnings per share were $1.70 after Wall Street had expected $1.79. Revenue was $10.21 billion vs. the $10.37 billion that was expected.

“While we believe the softer sales trends are partially attributable to a core customer who feels financially constrained, we know the importance of controlling what we can control,” Dollar General CEO Todd Vasos said in a statement.

Following the quarterly report, the company has adjusted its outlook for the 2024 fiscal year. It expects same-store sales to be up 1.0 to 1.6 percent, down from the previous outlook of 2.0 to 2.7 percent.

DG earnings per share for the year are now expected to be $5.50 to $6.20, which is lower than the $6.80 to $7.55 per-share forecast.

Dollar General’s reported net income for the quarter that ended Aug. 2 was $374 million, or $1.70 per share. That is down from the $469 million, or $2.13 per share, reported over the same period in 2023.

The company reported sales over that period were better than expected, hitting $10.21 billion, up about 4.2 percent from $9.80 billion a year earlier.

Dollar General shares trade on the New York Stock Exchange.