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But recent earnings for Dollar General and Dollar Tree show both companies have hit rough patches. But four years later, Dollar General — and Dollar Tree, its main rival — are seeing a slowdown. AdvertisementAnd rival Dollar Tree is closing 1,000 Family Dollar stores after spending nearly a decade trying to integrate the chain into its business. Messy stores and understaffing have caught up to Dollar General and Dollar Tree. Do you work at Dollar General, Dollar Tree, or Family Dollar and have a story idea to share?
Persons: , Todd Vasos, Vasos, Robert Ohmes, It's, Michael Lasser Organizations: Dollar, Service, Shoppers, Bank of America, Business, UBS Locations: Minnesota
The great myth about dollar stores
  + stars: | 2024-04-03 | by ( Alex Bitter | ) www.businessinsider.com   time to read: +6 min
But recent earnings for Dollar General and Dollar Tree show both companies have hit rough patches. But four years later, Dollar General — and Dollar Tree, its main rival — are seeing a slowdown. AdvertisementAnd rival Dollar Tree is closing 1,000 Family Dollar stores after spending nearly a decade trying to integrate the chain into its business. Messy stores and understaffing have caught up to Dollar General and Dollar Tree. Do you work at Dollar General, Dollar Tree, or Family Dollar and have a story idea to share?
Persons: , Todd Vasos, Vasos, Robert Ohmes, It's, Michael Lasser Organizations: Dollar, Service, Shoppers, Bank of America, Business, UBS Locations: Minnesota
Dollar General is sharply reducing the selection of products it sells in order to cut costs. The discounter previously stocked about 12,000 unique items, referenced by SKUs. AdvertisementSome Dollar General shoppers may see their favorite items disappearing from shelves as the discount retailer looks to control inventory costs. The move inches Dollar General closer to Costco's time-tested strategy for finding savings through simplicity — the wholesale club famously keeps its SKU count to around 4,000 in its warehouses. Last summer, Dollar General took a $95 million inventory write-down as it cleaned those stores up.
Persons: SKUs, , Todd Vasos, there's, Neil Saunders, Vasos, didn't, Gina Goetter Organizations: Costco, Service, Walmart, Aldi, Hasbro
Citi upgrades Thor Industries to buy from neutral Citi said it see a "favorable event path" for the RV company. " Citi initiates Pure Storage as buy Citi said in its initiation of Pure Storage that the data storage company is an AI beneficiary. Citi reiterates Apple as buy Citi said it's standing by its buy rating on shares of Apple. Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon's Spring Sales event next week. Citi reiterates Micron as buy Citi raised its price target on the stock to $150 per share from $95 and says it's bullish heading into earnings next week. "
Persons: Piper Sandler, Piper, Morgan Stanley, RSG, Cummins, Baird, Nvidia, JPMorgan, Tesla, Telsey, Todd Vasos, it's, Stellantis, Five9, PBF, DINO, Truist, Eli Lilly, LLYs, Dave Ricks, Patrik Jonsson Organizations: EV, Bank of America, Adobe, Citi, Thor Industries, Morgan Stanley downgrades Republic Services, UBS, Cummins, CMI, Microsoft, Nvidia, JPMorgan, Guggenheim, Apple, Worldwide, " Bank of America, Micron, Catalyst Watch, RBC, UFC, WWE, Inc, Valero Energy, Sinclair, of America, Entertainment, Golden Entertainment, Diabetes, Obesity Locations: Snowflake, F4Q24, China, Nevada
Dollar General forecast annual sales above Wall Street estimates on Thursday, banking on more inflation-affected customers buying its cheaper groceries and essentials and sending its shares surging more than 6% premarket. With consumers preferring to cook more meals at home amid higher prices and borrowing costs, Dollar General has seen more shoppers visiting its outlets to browse for lower-margin, needs-based goods, over pricier general merchandise. The retailer also posted holiday-quarter net sales of $9.86 billion for the fourth quarter, above analysts' average estimate of $9.78 billion. However, like rival Dollar Tree , Dollar General also projected annual profit below estimates, underscoring margin pressures from higher costs linked to its supply chain, labor and raw materials. It expects 2024 profit between $6.80 and $7.55 per share, compared with an estimate of $7.55 per share.
Persons: Todd Vasos Organizations: Dollar, Walmart
The company is pulling out self-checkout stands in 300 stores that have the highest levels of shoplifting and merchandise losses. In 9,000 other stores, Dollar General is converting some or all of its self-checkout registers to regular checkout with cashiers. And in another 4,500 or so stores, Dollar General is limiting self-checkout to purchases of five items or less. Vasos said Dollar General made the decision after using artificial intelligence to analyze hundreds of thousands of purchases at self-checkout. Like other retailers, Dollar General bet self-checkout would reduce its labor costs and speed up checkout for customers.
Persons: Todd Vasos, Vasos, ShopRite Organizations: New, New York CNN —, Walmart, Target, cashiers Locations: New York, United States, Britain, British, New Mexico, Delaware
Dollar General is pulling self-checkout options out of 300 stores. The dollar store is also getting employees involved again at thousands more. AdvertisementRival dollar store chain Dollar Tree said Wednesday that it would close 1,000 stores under its Family Dollar brand, citing theft as one of the factors it considered when deciding which stores to close. Since then, Dollar General has used AI to evaluate its self-checkouts, he said. AdvertisementDo you work at Dollar General, Dollar Tree, or Family Dollar and have a story idea to share?
Persons: , Todd Vasos, Vasos, isn't Organizations: Service, Walmart, Dollar Locations: reassessing
In collecting this data, the firm saw a deterioration in the Dollar General brand last year. As of Monday's close, Dollar General's stock is up more than 57% from a 52-week low of $101.09 reached in mid-October. Their research found that consumers felt the cleanliness of Dollar General's stores, a top five driver of satisfaction, lagged key peers Dollar Tree and Family Dollar, and fell 2% further in February. Until November, shoppers rated Family Dollar and Dollar General's product offerings more or less on a par with each other. In addition to Dollar General's own challenges, all dollar stores are likely being hurt by weaker spending among low income consumers.
Persons: Vasos, what's, Todd Vasos, Jeff Owen, Gordon Haskett, Chuck Grom, Grom, bode, Piper Sandler, Peter Keith, Keith, Morgan Stanley, Simeon Gutman, Gutman, Michael Lasser, Lasser, Matthew Boss, — CNBC's Michael Bloom Organizations: Dollar, DG, Occupational Safety, Health Administration, SNAP, UBS, JPMorgan
Read previewMidwest grocery store chain Schnucks is putting a cap on how many items customers can buy at its self-checkout. From Thursday, self-checkout lanes in all Schnucks stores will be limited to customers buying 10 items or fewer, the retailer confirmed to Business Insider. This story is available exclusively to Business Insider subscribers. "While the primary intention is to improve customer service and checkout efficiency, we do expect there to be some benefits to stopping theft," Schnucks said in a statement. "Because self-checkouts are more susceptible to theft, this item limit will help us maintain our costs while keeping the prices lower for our customers."
Persons: , Schnucks, it's, Todd Vasos Organizations: Service, Business, Retailers, Walmart Locations: Missouri , Illinois , Indiana, Wisconsin
Read previewSelf-checkout might make shoppers feel less loyal to a store, according to new research. One asked shoppers about their recent grocery-buying habits, including whether they used a self-checkout kiosk or were rung up by a human employee. In it, some shoppers read a short passage about how doing something themselves is rewarding before paying for groceries using self-checkout. But technology aimed at catching shoplifters using self-checkout has caused confrontations between Walmart employees and innocent customers, Business Insider reported. Do you work at a store with self-checkout and have a story idea to share?
Persons: , Yanliu Huang, Farhana Nusrat, Huang, Nusrat, She's, Todd Vasos Organizations: Service, Business, Kroger, Costco, Drexel University's LeBow College of Business, Drexel, University of San, Walmart Locations: University of San Diego, Albuquerque , New Mexico
The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023. Dollar General has gotten hit by steep fines for safety violations, slammed on late-night TV and even overruled by its own shareholders. Dollar General may have topped Wall Street's fiscal third-quarter expectations, but it has had a tough year. Shares of Dollar General closed Wednesday at $133.92, down by about 46% so far this year. On a recent episode of HBO's "Last Week Tonight with John Oliver," the comedian ridiculed Dollar General and its rival, Dollar Tree .
Persons: Todd Vasos, Vasos, Jeff Owen, Michael Calbert, John Oliver, I've, whittle Organizations: Dollar, LSEG, federal, Safety, Health Administration, OSHA, CNBC PRO Locations: Austin , Texas
Jim Cramer digs into Dollar General's stock and CEO return
  + stars: | 2023-10-26 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Jim Cramer digs into Dollar General's stock and CEO return'Mad Money' host Jim Cramer takes a closer look at Dollar General on news former CEO Todd Vasos is returning to take over his old positon.
Persons: Jim Cramer, Todd Vasos
NEW YORK (AP) — Shares fell in Asia as investors braced Monday for an expected invasion by Israel in the Gaza Strip. On Friday, the price of a barrel of benchmark U.S. crude oil jumped $4.78 to settle at $87.69. Early Monday, U.S. crude oil was unchanged while Brent was up 3 cents at $90.92 a barrel. Worries about the war pulled Treasury yields lower, which often happens when investors head for safer investments during times of stress. The yield on the 10-year Treasury fell to 4.63% from 4.70% late Thursday.
Persons: , Israel, Brent, Korea's Kospi, Australia's, Wells, JPMorgan Chase, Jamie Dimon, Todd Vasos Organizations: Economics, Markets, Nikkei, Nasdaq, Dow, Treasury, United Nations, Federal Reserve, JPMorgan Chase, JPMorgan, UnitedHealth, Wall, Dollar, U.S . Locations: Asia, Israel, Gaza, U.S, Hong Kong, Shanghai, Wells Fargo
Wall Street's three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. The moves in bonds, equities and oil reflect worries about deteriorating consumer sentiment, the global economy and geopolitical conflict, she added. However, for the week the S&P 500 registered a 0.45% gain for its second weekly advance in a row. The S&P 500 Banks index (.SPXBK) pared gains as the day wore on to close up 0.6% after rising as much as 3.4% to a three-week high. The S&P 500 posted 12 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 28 new highs and 335 new lows.
Persons: Brendan McDermid, Wells, Wall, Dow, Israel, Lauren Goodwin, Goodwin, Patrick Harker, Todd Vasos, Jeff Owen, advancers, Sinéad Carew, Shashwat Chauhan, Ankika Biswas, Shounak Dasgupta, Anil D'Silva, Shinjini Ganguli, Richard Chang Organizations: New York Stock Exchange, REUTERS, JPMorgan, Dow, Nasdaq, The United Nations, Treasury, New York Life Investments, Dow Jones, JPMorgan Chase, Citigroup, Federal Reserve Bank of Philadelphia, BlackRock, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Gaza, Israel, BLK.N, Bengaluru
REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Wells Fargo gains as Q3 profit risesJPMorgan Q3 profit rises on interest income boostBlackRock reports Q3 profit growthUnitedHealth gains on Q3 profit beatFutures: Dow flat, S&P down 0.18%, Nasdaq down 0.43%Oct 13 (Reuters) - Futures tracking Wall Street's main indexes fell on Friday as investors assessed earnings from big U.S. banks, while Treasury yields eased following a spike in the previous session. JPMorgan Chase(JPM.N), the biggest U.S. bank, posted a jump in third-quarter profit as higher interest rates boosted its income from loans. BlackRock (BLK.N) reported a 13% rise in third-quarter profit on a rebound in markets. UnitedHealth (UNH.N) advanced 2.5% after beating third-quarter profit estimates, helped by lower-than-expected medical costs for the healthcare conglomerate. Traders put the chance of interest rates remaining unchanged in November and December at around 92% and around 69%, respectively, according to CME's FedWatch tool.
Persons: Brendan McDermid, JPMorgan Chase, Wells Fargo, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Companies Wells, JPMorgan, BlackRock, Dow, Nasdaq, U.S, Citigroup, Commonwealth Financial Network, Fed Bank of Philadelphia, Federal Reserve Bank of Boston, Traders, University of Michigan's, Dow e, Investors, Hamas, Exxon Mobil, Chevron, Callon Petroleum, Occidental Petroleum, Dollar, Boeing, Thomson Locations: New York City, U.S, BLK.N, Israel, Gaza City, Bengaluru
Futures edge lower ahead of big bank earnings
  + stars: | 2023-10-13 | by ( ) www.reuters.com   time to read: +3 min
SummaryCompanies Futures down: Dow 0.02%, S&P 0.11%, Nasdaq 0.25%Oct 13 (Reuters) - Futures tracking Wall Street's main stock indexes edged lower on Friday as investors looked ahead to earnings reports from big U.S. banks, while Treasury yields eased after a spike in the previous session. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) are scheduled to report quarterly numbers before the opening bell. Asset manager BlackRock (BLK.N), health insurer UnitedHealth Group (UNH.N) and regional lender PNC Financial (PNC.N) are also slated to report earnings. Remarks from Fed Bank of Philadelphia President Patrick Harker, a voting member on the rate-setting Federal Open Market Committee (FOMC) this year, would also be on investors' radar during the day. On the data front, a preliminary estimate of the University of Michigan's October Consumer Sentiment Index is due at 10 a.m.
Persons: JPMorgan Chase, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Saumyadeb Organizations: Dow, Nasdaq, JPMorgan, Citigroup, BlackRock, UnitedHealth, PNC Financial, Commonwealth Financial Network, Fed Bank of New, Fed Bank of Philadelphia, Market, Federal Reserve Bank of Boston, Traders, Treasury, University of Michigan's, Dow e, Hamas, Thomson Locations: Wells Fargo, Fed Bank of New York, U.S, Israel, Gaza City, Bengaluru
On Friday, Gordon Haskett upgraded the stock to buy , saying Dollar General's latest leadership change could help stabilize the company. Wells Fargo — The bank stock gained close to 3% after Wells Fargo posted third-quarter results that beat expectations. Citigroup — Shares of the New York-based bank rose 1.4% after posting its third-quarter results . Citigroup reported $1.63 in earnings per share, or $1.52 per share, excluding the effect of divestitures. Post Holdings — Shares of the packaged food company gained 2% after JPMorgan initiated coverage with an overweight rating on shares.
Persons: Todd Vasos, Gordon Haskett, JPMorgan Chase, Wells Fargo, LSEG, JD.com, Morgan Stanley, UnitedHealth, CNBC's Hakyung Kim, Samantha Subin, Pia Singh, Tanaya Macheel, Jesse Pound Organizations: Boeing —, Boeing, JPMorgan, Revenue, LSEG, Citigroup —, Citigroup, PNC Financial, PNC, Oil, EOG, ConocoPhillips, Exxon Mobil, Progressive, Post Holdings, Netflix, Wolfe Research, Dow, United Food, Commercial Workers International Union, Hormel Locations: York, China
Dollar General bets on old boss’s old magic
  + stars: | 2023-10-13 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Oct 13 (Reuters Breakingviews) - Dollar General (DG.N) is reaching back to happier days. In that time, shares plummeted 60%, compared to rival Dollar Tree’s (DLTR.O) gentler decline of roughly a fifth. Meanwhile, Dollar General has repeatedly missed analyst expectations as net profit margin fell from nearly 7% to estimates of 3% for this quarter, according to LSEG. Under his previous stint from 2015 until 2022, shares returned an annualized 19%, beating Dollar Tree, Walmart (WMT.N) and Big Lots (BIG.N). Dollar General faces plenty of challenges shared by all retailers, from rising wages to shifting consumer spending.
Persons: Todd Vasos, Jeff Owen, Vasos, Walt Disney, Bob Iger, Howard Schultz, outperforming, doesn’t, Jennifer Saba, Larry Fink, Uncle Sam, Jonathan Guilford, Sharon Lam Organizations: Reuters, Walmart, Walt, Starbucks, X, Infosys, Thomson Locations: Europe
Dollar General 's latest leadership change could help re-stabilize the company and put it on track toward growth again, according to research firm Gordon Haskett. Analyst Chuck Grom upgraded shares to buy from hold in a Friday note. He also established a price target to $140, which implies shares could rally 37% over the next 12 months. Following Thursday's close, Dollar General announced former CEO Todd Vasos would be returning and replacing Jeff Owen as chief executive, effective immediately. "Taking these factors into consideration, we think Dollar General should undertake a significant margin re-set in 2024 to pave the way for a return to both comp and EBIT dollar growth in FY25 (and beyond).
Persons: Gordon Haskett, Chuck Grom, Thursday's, Todd Vasos, Jeff Owen, Owen, Grom, Vasos, — CNBC's Michael Bloom Organizations: Dollar General, DG
HSBC initiates American Express as buy HSBC said it sees healthy earnings growth for American Express . Mizuho reiterates Meta as buy Mizuho said it's standing by its buy rating heading into earnings later this month. Bernstein reiterates Tesla as underperform Bernstein concluded in an analysis of Tesla that the company is more of an automaker than a tech company. Barclays upgrades Varonis Systems to overweight from equal weight Barclays said it sees numerous positive catalysts ahead for the software company. Northland upgrades SolarEdge to outperform from market perform Northland said investors should buy the dip in shares of SolarEdge .
Persons: Cowen, NVDA, Mizuho, Stephens, Bernstein, Tesla, underperform Bernstein, Warren Buffett, Hershey, Morgan Stanley downgrades JD.com, Morgan Stanley, Gordon Haskett, Todd Vasos, Jeff Owen, Read, Wolfe, today's, Baird, Needham, Oppenheimer, Wells, LULU, Meghan Frank, Howard Tubin Organizations: HSBC, American, American Express, Bank of America, Nvidia, Meta, Barclays, Varonis, Hershey, JPMorgan, Post Holdings, Netflix, Citi, Oshkosh, Lam Research, Materials, Supply, VP Locations: 4Q22, Northland, SolarEdge, Israel, California
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) rose between 3% and 5% after trouncing quarterly profit estimates as they benefited from higher interest rates. The S&P 500 Banks index (.SPXBK) gained 3.2%, hitting a three-week high. Options traders are bracing for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. The energy sector (.SPNY) tracked a more than 3% jump in crude prices and led the gains among S&P 500 sectors.
Persons: Brendan McDermid, Wells, JPMorgan Chase, Wells Fargo, Stuart Cole, Cole, Patrick Harker, Investors, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Chakrabarty, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Companies JPMorgan, Citigroup, Dow, Nasdaq, JPMorgan, Citi, Equiti, BlackRock, Federal Reserve Bank of Philadelphia, Dow Jones, Hamas, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza City, Bengaluru
A view of a fresh food aisle at a Dollar General store in Norridge, Chicago, U.S., August 24, 2021. With Vasos' appointment, Dollar General hopes "to restore stability and confidence" in the company, whose stock has lost more than half its value so far this year. But for now, the company trimmed its annual sales and profit estimates for a third time, just over a month after it forecast a steep drop in annual profit and missed market expectations for second-quarter results. Vasos "is acutely aware of the challenges facing our business and the industry more broadly" Dollar General said, adding his appointment was effective immediately. It tightened the range of its annual net sales growth outlook to 1.5% to 2.5%, from a prior range of 1.3% to 3.3% growth.
Persons: Richa Naidu, Todd Vasos, Jeffery Owen, Vasos, Savyata Mishra, Maju Samuel, Shinjini Organizations: REUTERS, Thomson Locations: Norridge , Chicago, U.S, Bengaluru
CNN —Dollar General has brought back its former chief executive in an attempt to revive its struggling business. On Thursday, the discount chain announced that it had reinstated Todd Vasos as CEO, replacing Jeff Owen. Shares of Dollar General, which have been under pressure this year, surged in after-hours trading Thursday after the announcement. Earlier this year Dollar General workers protested over unsafe working conditions at the store.. Conversely, during Vasos’ seven years as CEO, Dollar General more than doubled its market capitalization.
Persons: Todd Vasos, Jeff Owen, Vasos, Owen, , Michael Calbert, Neil Saunders, Oppenheimer, Rupesh Parikh Organizations: CNN,
The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023. Dollar General's former CEO Todd Vasos is coming out of retirement to helm the company, which aims to rebound from slowing growth and allegations of unsafe working conditions. During that time, Dollar General has seen a slowdown in its sales growth and has faced criticism from federal officials and activists for having unsafe stores that put employees at risk. Dollar General has more than 185,000 full- and part-time employees. Dollar General shares jumped more than 6% in extended trading Thursday.
Persons: Todd Vasos, Jeff Owen, Jeff, Michael Calbert, Owen Organizations: Company, Dollar Locations: Austin , Texas
Dollar-General names Todd Vasos CEO, shares pop after the bell
  + stars: | 2023-10-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDollar-General names Todd Vasos CEO, shares pop after the bellCNBC's Pippa Stevens joins 'Closing Bell: Overtime' to discuss Dollar General naming its next CEO.
Persons: Todd Vasos, Pippa Stevens
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