Dollar General cut its annual forecasts and posted a worse-than-expected quarter, hit by weaker store traffic and a move to sell more low-margin essentials over discretionary goods, knocking its shares down 16%.
The Goodlettsville-Tennessee based retailer has fallen short of Wall Street’s earnings expectations for four straight quarters, and on Thursday cut its annual profit and sales targets for the second time this year.
Its stock has lost about 36% in value so far in 2023, making it one of the worst performers on the S&P 500 index as it battles bloated inventories and softer consumer demand.
