New York CNN —Dollar General slashed its sales and profit outlook for the year on Thursday, blaming headwinds including weaker consumer spending on non-essential purchases and increasing theft.
Dollar General shares tumbled nearly 17% in pre-market trading Thursday.
For its second quarter, Dollar General logged a 1% drop in its same-store sales.
Meanwhile, close on the heels of Dick’s Sporting Goods sounding the alarm on store theft eating into its profit this year, Dollar General also flagged an increase in product theft, among other factors, hurting its profit.
Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft.
Persons:
” Neil Saunders, ”, “, it’s
Organizations:
New, New York CNN —, Dollar, Sporting
Locations:
New York