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☆ JetBlue resets with new CEO, industry veterans to run airline on time, and profitably
▼ + stars: | 2024-02-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +6 min

In this article JBLU Follow your favorite stocks CREATE FREE ACCOUNTA JetBlue Airways plane prepares to depart New York's LaGuardia Airport. Leslie Josephs | CNBCIn the 24 years since JetBlue Airways ' first flight, the New York-based airline has pushed the envelope for a carrier of its size. And, until a judge blocked the deal last month, it planned to buy budget airline Spirit Airlines for $3.8 billion. Last week, JetBlue said it has hired back the airline's former chief commercial officer, Marty St. George, 59, as president. A JetBlue Airways plane sits on the tarmac at the Fort Lauderdale-Hollywood International Airport on January 31, 2024 in Fort Lauderdale, Florida.

Persons: Leslie Josephs, it's, Joanna Geraghty, Robin Hayes, Carl Icahn, Geraghty, Chris Ratcliffe, we've, Marty St, George, Marty, Henry Harteveldt, George's, Warren Christie, JetBlue, We've, Brett Snyder, Snyder, Spirit, Joe Raedle Organizations: JetBlue Airways, New, LaGuardia, CNBC, JetBlue, Spirit Airlines, JetBlue Airways Corp, World Aviation, Bloomberg, Getty, Latam Airlines, United Airlines, US Airways, Atmosphere Research, Transport Workers Union Local, Street, NYSE, Department of Transportation, discounter Frontier Airlines, Fort, Hollywood International Airport Locations: New York, London, Paris, Amsterdam, Dublin, U.S, Delta, United, punctuality, Fort Lauderdale, Fort Lauderdale , Florida

☆ Walmart plans to add more than 150 large-format stores across the U.S.
▼ + stars: | 2024-01-31 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

An exterior view of a closing Walmart store in Everett. A Walmart store in Everett, Washington, announced its closure and is currently in a liquidation sale. The company plans to build or convert more than 150 large-format stores over the next five years, it said Wednesday. About 90% of the U.S. population already lives with 10 miles of a Walmart store. Walmart's store expansion was first reported by the Wall Street Journal.

Persons: Josh Havens, John Furner Organizations: Walmart, Sam's, U.S, Walmart U.S, Wall Street Locations: Everett, Everett , Washington, U.S

Walmart said it hasn't made any changes to store managers' pay structure in more than a decade. U.S. managers of the sprawling supercenters, which run about 180,000 square feet, will receive $20,000 in stock grants. Walmart said the stock grants will vest over a three-year period, with ownership for one-twelfth of the grant total coming every quarter. The new starting annual base salary for U.S. store managers will range from $90,000 to $170,000. That means that the average base pay for store leaders will go to $128,000 from $117,000, according to Cedric Clark, executive vice president of store operations at Walmart’s U.S. division.

Persons: hasn't, ”, John Furner, Furner, Cedric Clark Organizations: Walmart, U.S, Hometown, Walmart U.S, Walmart’s U.S Locations: Bentonville , Arkansas, U.S

☆ About 60 cities and towns have restricted dollar store openings since 2018, a new report says
▼ + stars: | 2024-01-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

About 60 cities and towns have pushed back on dollar store openings over the last several years. Cities that have attempted to curtail dollar store openings range from a small town in Georgia to major metro areas like Kansas City. Some of the efforts have been successful, not only keeping chains like Dollar General and Dollar Tree away but also clearing the way for retailers that communities want. Last year, Dollar General opened its first store in Montana, giving the chain at least one store in each of the 48 contiguous states. Do you work for Dollar General, Dollar Tree, or Family Dollar and have a story idea to share?

Persons: —, discounter, haven't Organizations: Kansas City, Service, Dollar Locations: Kansas, Georgia, Kansas City, Stonecrest, Nottawa Township , Michigan, Montana

☆ Judge blocks JetBlue-Spirit merger after DOJ's antitrust challenge
▼ + stars: | 2024-01-16 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

LaGuardia International Airport Terminal A for JetBlue and Spirit Airlines in New York. A federal judge blocked JetBlue Airways ' purchase of budget rival Spirit Airlines after the Justice Department sued to stop the merger, alleging it would drive up fares for some of the most price-sensitive consumers. "JetBlue plans to convert Spirit's planes to the JetBlue layout and charge JetBlue's higher average fares to its customers," U.S. District Court Judge William Young wrote in his decision. "The elimination of Spirit would harm cost-conscious travelers who rely on Spirit's low fares." Spirit shares plunged after the ruling and were down more than 50%, while JetBlue's stock gained about 5%.

Persons: JetBlue's, William Young Organizations: LaGuardia, JetBlue, Spirit Airlines, JetBlue Airways, Justice Department, DOJ Locations: New York, Delta, U.S

☆ Facing fines, cluttered aisles and late-night mockery, Dollar General's returning CEO tries to drive a turnaround
▼ + stars: | 2023-12-07 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

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

Analysts expect Temu, launched in September last year, to generate more than $16 billion in revenue this year. Chinese retail sales in September rose 5.5%, following 4.6% growth in August. PDD's revenue was 68.84 billion yuan ($9.62 billion) in the quarter ended Sept. 30, compared with analysts' average estimate of 54.59 billion yuan, according to LSEG data. The company's net income attributable to ordinary shareholders rose to 15.54 billion yuan in the third quarter, from 10.59 billion yuan a year earlier. ($1 = 7.1532 Chinese yuan renminbi)Reporting by Chavi Mehta in Bengaluru and Casey Hall in Shanghai; Editing by Shilpi Majumdar and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Temu, Xiaoyan Wang, Chavi Mehta, Shilpi Majumdar, Mark Potter Organizations: PDD Holdings, Pinduoduo, East, Alibaba, HK, Casey Hall, Thomson Locations: China, United States, Europe, East Asia, Australia, Bengaluru, Shanghai

☆ Want to pick a winning retail stock this holiday season? Watch for discounts and deflation
▼ + stars: | 2023-11-22 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +9 min

However, he added, they remain more upbeat compared with last holiday season and should spend more on gifts this year. According to FactSet, analysts anticipate there could be upside of more than 20% ahead, based on average price targets. The e-commerce giant is JPMorgan analyst Doug Anmuth's top pick for the holiday season. "We project US e-comm penetration at 23.4% of adj retail sales this holiday season, +90bps above the 22.5% in 2022," he said. "We think beauty has the potential to be a relevant gifting solution for cash-strapped consumers during the upcoming Holiday season," he said.

Persons: Chad Lusk, Alvarez, Lusk, Martis, LSEG, Inna Kuznetsova, Doug Anmuth's, Doug McMillon, Krisztina Katai, Katai, Michael Lasser, Ulta, Lasser, ToolsGroup's Kuznetsova, Marsal's Lusk, Michael Bloom Organizations: Shoppers, CNBC, Walmart, Target, Retailers, Centric Market Intelligence, Amazon, LSEG, JPMorgan, Deutsche Bank, Costco, UBS, Fed, Black Locations: Lusk, Ulta, Wayfair, Williams, Sonoma

☆ Walmart will report earnings before the bell. Here's what to expect
▼ + stars: | 2023-11-16 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Walmart will report quarterly earnings Thursday as the discounter generally outperforms its rivals. Shares of the company touched an all-time high Wednesday dating to when Walmart debuted on the New York Stock Exchange in August 1972. Target's performance also lifted Walmart's stock Wednesday and could bode well for Walmart's quarter. Target's sales declined year over year, but it topped Wall Street's expectations for earnings and revenue. Walmart has outperformed Target over the past year, leaning on grocery sales and a reputation for low prices.

Persons: It's, bode, Michael Baker, Davidson Organizations: Walmart, Amazon Prime, New York Stock Exchange, D.A Locations: LSEG

☆ Target's new favorite buzzword is 'value'
▼ + stars: | 2023-11-15 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Target 's goal this holiday season: be more like Walmart . The retailer's leaders said customers will see thousands of gift ideas under $25, store displays that highlight affordability and low-priced Thanksgiving ingredients. The company's executive team used the word "value" 17 times. Target has struggled to improve sales as shoppers focus more on essentials while being choosier when buying clothing, electronics and more. Going into the holiday season, nearly two-thirds of those displays meet that standard.

Persons: Kendra Scott, Christina Hennington, Hennington, John Mulligan Organizations: Walmart, Target Locations: Minneapolis

☆ $29 flights are back as airlines race to fill seats in the off-season
▼ + stars: | 2023-11-11 | by ( Leslie Josephs | ) www.cnbc.com time to read: +6 min

A Frontier Airlines airplane taxis past a Spirit Airlines aircraft at Indianapolis International Airport in Indianapolis, Indiana. Southwest Airlines , for example, last month offered one-way fares of $29 for flights early in the morning or at night, just one example of airline discounting for off-peak periods. Airlines have scheduled a record 259.8 million seats for domestic flights in the fourth quarter, up nearly 8% from last year, on 1.86 million flights, up 6% from 2022, according to aviation-data firm Cirium. United Airlines said it expects to fly 5.9 million passengers from Nov. 17 to Nov. 29, up 13% from last year and 5% more than 2019. That means they could increase their inventory of cheaper basic economy fares during weaker demand periods, or raise fares when demand is high for premium seats.

Persons: Luke Sharrett, Ryan Green, Scott Keyes, airfare, Bob Jordan, Jordan, Barry Biffle, we're, Hopper, that's, Biffle, Henry Harteveldt Organizations: Frontier, Spirit Airlines, Indianapolis International Airport, Bloomberg, Getty, Texas — Airlines, Southwest Airlines, Skift Aviation, Airlines, JetBlue Airways, Budget, JetBlue, Frontier Airlines, . Frontier Airlines, CNBC, Delta Air Lines, United Airlines, American Airlines, Southwest, Atmosphere Research Locations: Indianapolis , Indiana, Texas, Miramar , Florida, Orlando, Vegas

☆ Walmart shares hit all-time high, as retailer's value focus attracts shoppers and investors
▼ + stars: | 2023-11-03 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

The big-box retailer's stock hit a peak of $166.30 earlier in the day. That marks the highest since Walmart first began trading on the New York Stock Exchange in August 1972. Shares of Walmart touched an all-time high Friday, as investors bet that the discounter will outmatch retail rivals and draw shoppers throughout the holiday season because of its reputation for value. That business has helped Walmart draw foot traffic, even as other retailers like Macy's and Target give cautious outlooks and see weaker results. "It really shows that the value proposition for Walmart is much more than just low prices or value.

Persons: —, John David Rainey, Rainey, Walmart's, — CNBC's Christopher Hayes Organizations: Walmart, New York Stock Exchange, CNBC, Target

☆ Target CEO blames aggressive behavior, serious threats for pulling some Pride merchandise
▼ + stars: | 2023-11-02 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Target CEO Brian Cornell defended his decision to pull some of the retailer's Pride Collection merchandise off shelves earlier this year, saying backlash against the items led to the most serious safety threats that he can recall in his decade with the company. Target has sold merchandise timed for Pride month, which celebrates LGBTQ+ people and issues in June, for more than a decade. In August, Cornell said the strong reaction to the company's Pride collection contributed to Target's disappointing sales in the second quarter. Cornell said in the CNBC interview he thinks the Pride response is no longer hurting Target financially, though he noted the retailer faces other challenges. Cornell's full interview with CNBC will air later Thursday as part of CNBC Evolve.

Persons: Brian Cornell, CNBC's Becky Quick, Cornell, We've, George Floyd's, Becky, I've, influencer Dylan Mulvaney Organizations: . Beverage, InBev, Bud, CNBC, CNBC Evolve Locations: Minneapolis

☆ JetBlue sinks to 12-year low as airline forecasts more losses, Spirit antitrust trial begins
▼ + stars: | 2023-10-31 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

JetBlue Airways stock tumbled to a nearly 12-year low Tuesday as the company forecast a loss for the fourth quarter and heads to court to defend its acquisition of budget carrier Spirit Airlines , a purchase it argues is crucial to its future. Shares fell more than 18% in early trading Tuesday to $3.42 apiece before recovering some of those losses. Spirit shares fell more than 17% at their lowest point to a three-year low. JetBlue plans to remove seats from Spirit's bright-yellow planes and outfit them with seatback screens to match JetBlue's interiors. Spirit's business model is based on packed planes, no-frills fares and fees for everything from seat assignments to carry-on luggage, while JetBlue has more amenities and fewer seats on board.

Organizations: JetBlue Airways, Spirit Airlines, U.S . Department of Justice, Frontier Airlines, U.S, JetBlue, Southwest, Justice Department Locations: Delta, United, U.S

☆ Walmart to upgrade 1,400 stores with $9 billion investment
▼ + stars: | 2023-10-30 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

On Friday, 117 stores in 30 states will be re-launched showcasing the enhancements, representing investments of more than $500 million, Walmart said in a statement. In total, it plans to modernize more than 1,400 of its 4,717 Walmart stores across the country. As part of those efforts, the company tested some remodeled concept stores called "Stores of the Future" at a few Walmart Supercenters, including Teterboro in New Jersey, earlier this year. Monday's investments mark the national rollout of that concept, a Walmart spokesperson said. The enhanced stores will have refreshed interiors and exteriors, with new paint, updated flooring, modernized restrooms, LED-lighting and new signage for brighter and easier navigation through the stores, the company said.

Persons: John Furner, Siddharth Cavale, Bill Berkrot Organizations: Investment, Walmart, Sam's, Thomson Locations: Bentonville , Arkansas, New Jersey, New York

☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

☆ Southwest slows 2024 growth as demand moderates
▼ + stars: | 2023-10-26 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Southwest Airlines said Thursday it plans to slow its capacity growth next year, citing moderating travel demand as booking patterns shift back to pre-pandemic norms. Southwest will expand its flying between 10% and 12% in the first quarter of 2024 from a year earlier, down from a previous forecast of as much as 16% growth, Southwest said in an earnings release. Adjusting for the impact of labor contract adjustments and other one-time items, the company earned 38 cents per share. The company forecast negative margins in the last three months of the year, citing weaker demand even for year-end holidays. Southwest and Spirit shares were each down more than 4% in premarket trading, while Frontier was off 1%.

Persons: Bob Jordan, Ted Christie Organizations: Southwest Airlines, Airlines, Southwest, Spirit Airlines, JetBlue Airways, Department, Frontier Airlines, Frontier Locations: LSEG

☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

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

☆ UK retailers demand government action on rising crime
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsLONDON, Oct 1 (Reuters) - Some 88 UK retail leaders, including the bosses of Tesco (TSCO.L), Sainsbury's (SBRY.L) and Marks & Spencer (MKS.L), have signed a letter to interior minister Suella Braverman, demanding action over rising rates of retail crime. Rising crime is increasingly becoming a political issue in Britain ahead of an expected national election in 2024. It also put the scale of retail theft at 953 million pounds ($1.2 billion), despite over 700 million pounds in crime prevention spending by retailers. This would require police forces to record all incidents of retail crime. The industry also wants greater prioritisation of retail crime by police forces across the UK.

Persons: Peter Nicholls, Spencer, Suella Braverman, “, Helen Dickinson, John Lewis, James Davey, Alison Williams Organizations: REUTERS, Tesco, Industry, British Retail Consortium, Conservative, John, John Lewis Partnership, Waitrose, Aldi, Thomson Locations: Weybridge, Britain, Manchester

Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. Target, which has nearly 2,000 stores in the U.S., has been outspoken about organized retail crime at its stores. When the company reported fiscal second-quarter earnings in mid-May, CEO Brian Cornell said organized retail crime had shot up at its stores. When asked if the company plans to close stores because of rising shrink, Cornell stressed Target's reluctance to shutter locations. Since 2022, at least nine states — six so far this year — have passed similar laws to impose harsher penalties for organized retail crime offenses.

Persons: Brian Cornell, Cornell, We'll, we'll Organizations: Coordination, CNBC Locations: New York, Harlem, Seattle, San Francisco, Oakland, Portland , Oregon, U.S

☆ Stocks making the biggest moves premarket: Pinterest, Instacart, Bausch Health and more
▼ + stars: | 2023-09-20 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Pinterest — Shares climbed more than 3% during premarket trading after management said at the company's first investor day that it expects year-over-year revenue growth to accelerate following a slowdown in 2022 and 2023. General Mills — The Cheerios and Yoplait maker rose 1% during premarket trading after reporting fiscal first-quarter results that were slightly above Wall Street expectations and reiterating its outlook for fiscal 2024. Instacart — Shares of the grocery delivery company were down nearly 4% one day after its stock market debut. Coty — The cosmetics maker gained nearly 6% during premarket trading after raising its full-year outlook for 2024, citing momentum in fragrances at its prestige brands, including Burberry, Calvin Klein and Gucci. Bausch Health — The pharmaceutical stock gained more than 5% before the market open after Jefferies upgraded it to buy and raised its price target to $16.

Persons: Davidson, Mills —, Instacart, Coty, Calvin Klein, Gucci, Bausch, Goldman Sachs, —, Yun Li, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: Dollar, JPMorgan, Citi, D.A, Burberry, Bausch Health, Jefferies, Bloomberg

☆ Retail park bounce adds nail to high street coffin
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 19 (Reuters Breakingviews) - Retail parks are a beacon of hope in a gloomy UK property market. Since their 2015 peak, average retail rents have come down by a third, analysts estimate. Retail parks are also good for e-commerce as they allow customers to drop off and pick up orders. That’s not the case on the high street, where business rates and high rents have driven tenants out. Today’s 2.5% rise in its shares suggests investors need more than growing retail parks to be convinced of its prospects.

Persons: That’s, Aimee Donnellan, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Sports, Land, Centre for Retail Research, X, Thomson

☆ Price-conscious Britons boost Lidl GB revenues by 19%
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] People queue outside Lidl supermarket in Streatham, as the spread of the coronavirus disease (COVID-19) continues, London, Britain, March 29, 2020. Lidl GB and rival discounter Aldi UK are Britain's fastest growing grocers, according to market researcher Kantar. For the 12 months to Feb. 28, 2023, Lidl GB said it welcomed an additional 1.5 million customers, driving revenues up to 9.3 billion pounds, but the company, part of Germany's Schwarz retail group, posted a pre-tax loss of 76 million pounds ($94.97 million). Lidl GB, Britain's sixth largest supermarket with a market share of 7.6%, has in the past said it is relaxed about its relatively low profitability because of its long-term outlook. It said in a statement it had the full support of its parent company, adding it has invested 533 million pounds in Britain in the year and opened over 50 new stores.

Persons: Hannah McKay, discounter, Kantar, Germany's Schwarz, Sarah Young, James Davey, Elizabeth Piper Organizations: REUTERS, discounter Aldi, Tesco, Lidl, Thomson Locations: Streatham, London, Britain, British, Germany's

☆ Dollar Tree's shares sink, as CEO says 'challenging' economy is pressuring discounter
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Shoppers are seen at the parking lot of a Dollar Tree store in Bloomsburg, Pennsylvania. Shares of Dollar Tree fell on Thursday and hit a 52-week low, after the retailer said customers' shopping lists have largely narrowed to food and necessities. On a call with investors, Dollar Tree CEO Rick Dreiling said customers' shopping patterns reflect a tougher economic backdrop and a reversion to pre-pandemic spending habits. At the Dollar Tree chain, same-store sales increased 7.8% and for Family Dollar, same-store sales rose 5.8% year over year. Separately, U.S. regulators announced a settlement this week with Dollar Tree and competitor Dollar General, which were both issued workplace safety violations.

Persons: Macy's, Locker, Rick Dreiling, Wall, Dreiling, Mike Creedon Organizations: Dollar, Refinitiv Locations: Bloomsburg , Pennsylvania

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