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☆ Dollar General reappoints former CEO Vasos for second stint, cuts FY23 view
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

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

☆ Morning Bid: Markets brace for EU, US inflation data blitz
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 30, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Brigid RileyA slew of economic data is set to roll out on Thursday, including preliminary euro zone CPI numbers and U.S. personal consumption data, with markets hankering for further inflation relief as central bank policy meetings march closer into view. The pan-European STOXX 600 index (.STOXX) closed lower and the euro jumped in the aftermath of the data, with markets now bracing for the last day of a gloomy August. Expectations are still hovering around a 50-50 chance of another ECB hike, with the focus on preliminary euro zone CPI data due later in the day. Meanwhile, Chinese stocks were looking glum again in the Asian morning after an official factory survey showed manufacturing activity slowed for a fifth month straight.

Persons: Brigid Riley, Collins, Lululemon, Pernod Richard, Edmund Klamann Organizations: REUTERS, Staff, European Central Bank, Reuters Graphics, Federal Reserve, UBS, Credit Suisse, Credit Suisse AG, PCE, Dollar, Corp, Broadcom Inc, Thomson Locations: Frankfurt, Germany, Spain, France, U.S, Italy, Switzerland, Central

☆ Dollarama beats sales estimates on strong demand for essentials
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Canadian discount store chain Dollarama Inc (DOL.TO) beat market expectations for quarterly sales on Wednesday, benefiting from strong demand for its cheaper groceries and household supplies. The company's U.S. counterpart Dollar Tree Inc (DLTR.O), however, trimmed its annual profit forecast in May, while Dollar General Corp (DG.N) cut its annual profit and sales forecast, both citing slowing demand for discretionary goods. Last month, retail bellwether Walmart Inc (WMT.N) said it saw strong demand for its low-priced groceries and other essentials, and is expecting this trend to continue in the back half of the year. Dollarama on Wednesday reaffirmed its fiscal 2024 same store sales forecast and gross margin at 5.0% to 6.0% and 43.5% to 44.5%, respectively. The company's sales rose to C$1.29 billion ($964 million) in the first quarter, from C$1.07 billion a year earlier, compared with analysts' average estimate of C$1.25 billion, according to IBES data from Refinitiv.

Persons: Dollarama, Juveria Tabassum, Aatrayee Chatterjee, Shailesh Organizations: Inc, Dollar, Corp, Walmart Inc, Thomson Locations: U.S, Refinitiv, Bengaluru

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru

The bill to suspend the $31.4 trillion debt ceiling headed to the Senate, which must enact the measure before a Monday deadline, when the government is expected to run out of money to pay its bills. With signs of progress in the debt ceiling saga, focus will now shift to the Labor Department's closely watched jobs report for May, due on Friday, that will help determine whether the Federal Reserve will stick with its aggressive interest rate-hiking cycle. The odds favoring a pause in rate hikes at the Fed's June 13-14 policy meeting were around 71% after the day's datasets. FEDWATCH"We're at the potential beginning of a soft landing," said David Russell, vice president of Market Intelligence at TradeStation. "When you look at the debt ceiling apparently being resolved, we could be in a situation where we wake up from the nightmare of inflation and the risk of a default to the soft landing."

Persons: Goldman Sachs, Chuck Schumer, Philip Jefferson, David Russell, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Federal Reserve, ADP, Senate, Democratic, Labor, Federal, Fed, Market Intelligence, Dow Jones, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, Macy's Inc, Dollar General Corp, NYSE, Thomson Locations: Bengaluru

☆ Dollar General prunes annual outlook as shoppers curb spending; shares slide
▼ + stars: | 2023-06-01 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Low-cost retailers like Dollar General face stiff competition from bigger retailers like Walmart in the grocery and food business, which has lifted its annual outlook as it offers lower prices on groceries compared to rivals Target Corp (TGT.N). Shares of Dollar General were set for their worst day on record, if losses hold, as it also said an earnings decline would be "most significant" in the second quarter. The Tennessee-based company's gloomy outlook echoes disappointing results at its biggest rival Dollar Tree (DLTR.O) last week, which took a hit from slowing demand for non-essentials and elevated cost pressures. The company's first-quarter same-store sales and profit were also below analysts' average estimate as customers appeared to have reduced their spending budgets. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeffery Owen, Michael Montani, Kelly Dilts, Savyata Mishra, Pooja Desai, Dhanya Ann Thoppil Organizations: General Corp, Walmart, Target Corp, Evercore ISI, Thomson Locations: The Tennessee, Bengaluru

Harker said he sees promising signs the Fed's rate hikes so far -- five full percentage points since March 2022 -- are having a cooling effect, particularly on housing prices. Uncertainty over inflation dynamics and the pace of credit tightening make him wary of continuing to raise rates. Harker said he expects the economy to grow less than 1% this year, and for the unemployment rate, now at 3.4%, to rise to around 4.4%. He said he could envision the Fed cutting rates if unemployment rises significantly faster, or inflation falls more rapidly, than he currently forecasts. "We don't have to keep moving rates up, and then have to reverse course quickly."

Persons: Patrick Harker, Harker, Corp's, Ann Saphir, Paul Simao Organizations: Philadelphia Federal, National Association for Business Economics, Thomson

"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru

[1/3] Packaged food for sale is seen on shelves at a Dollar Tree in Islandia, New York, U.S., May 12, 2023. Razor manufacturer Edgewell Personal Care Co (EPC.N) and Kraft Heinz Co (KHC.O) have overhauled or built new teams dedicated to working with the biggest U.S. dollar stores like Dollar Tree Inc (DLTR.O) and Dollar General Corp (DG.N) in the last year. Makers of food and household staples are pushing deeper into dollar stores because the low-cost retailers are opening thousands of locations each year. Griffin added that dollar stores are also introducing more "premium" private label brands, like Dollar General's Nature's Menu for pets. Kraft-Heinz also created a new team of five people late last year to identify and develop products for dollar stores, a spokesman said.

☆ Here are Friday's biggest analyst calls: Amazon, Tesla, CVS, Microsoft, XPO, AT&T, Spotify & more
▼ + stars: | 2023-04-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Alphabet as buy Bank of America says it's bullish heading into Alphabet earnings next week. JPMorgan reiterates Amazon as a best idea JPMorgan says it's bullish heading into the e-commerce giant's earnings report next week. "We continue to see streaming music & audio as an attractive growth market and remain OW WMG and SPOT." Stephens initiates SentinelOne as overweight Stephens initiated the cyber security company with an overweight and says it has "best-in-class growth." JPMorgan reiterates Charles Schwab as overweight JPMorgan says Charles Schwab could be worth more if it were to "de-bank."

☆ Blocked emergency exits and 'dangerous' fire hazards: Dollar General again found in violation of federal workplace safety standards
▼ + stars: | 2023-04-07 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

The exterior of a Dollar General convenience store is seen on March 16, 2023 in Austin, Texas. Dollar General has again been found in violation of federal workplace safety regulations for "willfully exposing" staff to fire hazards at a Pennsylvania store, the Department of Labor said Friday. "Dollar General Corp. has a substantial history of the same violations and hazards found at stores all around the U.S. Just last week, OSHA said Dollar General was in settlement talks with federal regulators after the retailer was labeled a "severe violator" of workplace safety rules. In fiscal 2022, which ended Feb. 3, Dollar General reported $37.84 billion in sales and a net income of $2.41 billion.

☆ Silicon Valley Bank's failure might just spark a faster housing rebound
▼ + stars: | 2023-03-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now let's see how the fast-moving banking turbulence impacts the highly sensitive US housing market. "It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," she said. While her long-term outlook on a housing rebound hasn't changed, mortgage rates look set to fall faster than previously expected, which could allow more Americans to enter the housing market. And looking ahead to the Fed's meeting next week, Evangelou expects policymakers to moderate their aggressive policy. In other news:The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020.

☆ Dollar Tree sees weak 2023 profit as costs mount, shoppers curb spending
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Dollar Tree Inc (DLTR.O) forecast full-year profit below Wall Street estimates on Wednesday, as costs mount and consumers restrict spending on discretionary products like apparel and party supplies. Shares of the discount store operator were down about 4% in premarket trading after it also forecast first-quarter profit below expectations. Dollar Tree saw gross margin improve 70 basis points to 30.9% in the fourth quarter, helped by higher initial mark-on and lower freight costs. The company expects 2023 profit between $6.30 and $6.80 per share, well below analysts' estimate of $7.78 in Refinitiv IBES data. However, it forecast 2023 sales between $29.9 billion and $30.5 billion, above estimates of $29.86 billion.

☆ Dollar General cuts holiday-quarter profit forecast as costs bite
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Dollar General Corp (DG.N) on Thursday lowered its holiday-quarter profit forecast as heavy discounts and higher costs ate into margins. The company also forecast full-year 2023 profit below Wall Street expectations, sending its shares down about 6% in premarket trading. Dollar General said same-store sales increased 5.7% in the fourth quarter ended Feb. 3, missing its forecast of 6% to 7% growth. The company now expects fourth-quarter earnings to be between $2.91 per share and $2.96 per share, compared to its prior forecast of $3.15 per share to $3.30 per share. It expects profit to grow between 4% and 6% this financial year, less than the 10.6% growth analysts on average were expecting, according to Refinitiv data.

☆ Dollar General CFO Garratt to retire
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Discount store chain Dollar General Corp (DG.N) said on Monday its chief financial officer, John Garratt, would retire from his position effective June 2. The company will "evaluate options" for its next CFO and is not currently conducting an external search, it said in a statement. Garratt was named CFO in December 2015, a year after he joined the Tennessee-based company. "While I look forward to spending more time with family, this was a difficult personal decision," Garratt said. Last week, rival Dollar Tree Inc (DLTR.O) said Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, nearly a year after its settlement with an activist investor.

☆ Dollar General CFO to retire
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Dollar General Corp (DG.N) said on Monday its Chief Financial Officer John Garratt would retire from his position effective June 2. Reporting by Deborah Sophia in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar Stores Lead a Surge in New Retail Openings
▼ + stars: | 2022-12-20 | by ( Kate King | ) www.wsj.com time to read: 1 min

Dollar General now has roughly 18,800 stores in the U.S., compared with 5,000 in 2001. Dollar stores, boosted by demand for less expensive groceries and goods in underserved rural areas, are far outpacing other retailers in opening new stores. Bricks-and-mortar shopping has rebounded strongly since the height of the pandemic, with many companies now adding new locations. Leading the pack are the two largest U.S. dollar-store chains, Dollar General Corp. and Dollar Tree Inc., which combined expect to have opened more than 1,300 net new stores by the end of the fiscal year that ends in late January, according to the companies.

☆ Dollarama lifts annual sales forecast on strong demand for cheaper grocery
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Dollarama Inc (DOL.TO) raised its full-year same-store sales forecast on Wednesday, as the Canadian discount store chain benefited from inflation-weary consumers shopping at its stores in search of cheaper groceries and household supplies. The company's U.S. counterpart Dollar Tree Inc (DLTR.O) raised its annual net sales forecast in November, while Dollar General Corp (DG.N) said last week that its full-year same-store sales would be toward the upper end of its previous estimate. read more read moreDollarama said it now expects comparable store-sales growth between 9.5% and 10.5% for fiscal 2023, up from prior forecast of 6.5%-7.5%. The company also narrowed its forecast range for full-year gross margin to a range of 43.1% to 43.6%, from prior estimate of 42.9% to 43.9%. ($1 = 1.3680 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar General cuts annual profit view as costs surge
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

Freight, labor and other supply chain-related costs have jumped for U.S. retailers, while excess inventory levels have also forced them to offer deep discounts to spur demand. While margins have been pressured across the retail industry, Tennessee-based Dollar General said it was also seeing inefficiencies within its own supply chain. Unexpected delays in acquiring additional warehouse space to store inventory resulted in higher-than-expected distribution and transportation costs, according to the company. Dollar General, which in July named insider Jeff Owen its new chief executive, saw its gross margin fall by 27 basis points to 30.5% in the third quarter. Dollar General now expects fiscal 2022 earnings per share to increase about 7% to 8%, compared with its prior outlook of a rise of about 12% to 14%.

☆ Sam Bankman-Fried just explained what happened at FTX: Everything to know
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

While the world's most powerful finance official took the lunchtime billing, it was Sam Bankman-Fried who held the primetime slot. Sam Bankman-Fried, FTX CEO, at a digital assets hearing in 2021. Within minutes of starting, Sorkin asked Bankman-Fried directly if there was a commingling of funds between the two now-bankrupt companies he founded, FTX and Alameda Research. When Sorkin asked whether Bankman-Fried feels he has any criminal liability, Bankman-Fried said that's not what he's focused on right now. Earnings on deck: Toronto-Dominion Bank, Bank of Montreal, and Dollar General Corporation, all reporting.

Nov 1 (Reuters) - Dollar General Corp (DG.N), one of the largest U.S. discount retailers, was sued on Tuesday by Ohio, which accused the company of charging shoppers more at the register than it advertised on store shelves. Dave Yost, the state's attorney general, said Ohio lets stores have error rates on overcharges as high as 2% but that testing last month at 20 Dollar General stores found error rates ranging from 16.7% to 88.2%. "This seems like a company trying to make an extra buck and hoping no one will notice," Yost said in a statement. Dollar General did not immediately respond to a request for comment. Reporting by Jonathan Stempel in New York; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Aldi's U.S. sales rise as shoppers seek cheaper groceries
▼ + stars: | 2022-09-21 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

REUTERS/Peter Nicholls/File PhotoSept 21 (Reuters) - Aldi's U.S. arm said on Wednesday that same-store sales in the country rose in the double digits over the last 12 months as rampant inflation pushed consumers to find cheaper deals on groceries. The German-owned discount supermarket chain's U.S. stores sales growth over the past year was driven by 1 million new customers, Scott Patton, Aldi's vice president of National Buying, told a media event. Aldi has seenan increase in middle- and high-income shoppers as well, said Patton, referring to households making $50k-100k per year as middle income. Register now for FREE unlimited access to Reuters.com RegisterDiscount stores such as Aldi and Dollar General Corp tend to perform well during economic turmoils as cash-strapped consumers seek cheaper alternatives. Dollar General lifted its annual comparable sales forecast last month, encouraged by consumers flocking to its stores for everything from groceries to household supplies.

☆ Известная сеть супермаркетов оплачивает своим сотрудникам вакцинацию от COVID-19
▼ + stars: | 2021-01-22 | by ( Mld Media Srl | ) noi.md time to read: 1 min

Немецкая сеть супермаркетов Aldieste - новейшая компания в продовольственном секторе, которая будет стимулировать своих сотрудников в США к вакцинации от COVID-19, пишет Reuters. Компания объявила, что предложит оплачиваемый эквивалент четырех часов работы тем, кто получит вакцину. Розничный торговец имеет более 2000 магазинов в 37 штатах США и заявил, что покроет расходы, связанные с введением вакцины и открытием клиник вакцинации на его складах и в офисах. На прошлой неделе другая сеть магазинов - Dollar General Corp - объявила, что будет предлагать те же льготы своим непосредственным сотрудникам, а сеть распределения продуктов питания Instacart заявила, что заплатит по 25 долларов за более чем полмиллиона сотрудников, с которыми она сотрудничает, если они решат взять отпуск для вакцинации.

Organizations: Reuters, Corp Locations: США

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