Dollar General Corp cut its sales and profit forecasts for the year on Thursday as Americans, pinched by higher prices, shopped more for essentials and pared back purchases in categories including home goods and clothes, leading its shares down as much as 20%.
"We continue to see signs of increasing financial strain on our customers as they seek affordable options," CEO Jeffery Owen said in a post-earnings call.
Dollar General now expects fiscal 2023 same-store sales to rise between 1% and 2%, compared with its prior outlook of an increase of 3% to 3.5%, while lowering earnings per share to range from being flat to an 8% decline year over year.
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