00:00It's Benzinga and here's what's on the block.
00:03Dollar General shares plummeted 25% after the retailer slashed its sales and profit
00:07outlook for the year, indicating financial struggles among its lower-income customers.
00:12The discount retailer reduced its fiscal 2024 sales growth and earnings projections from
00:16previous estimates.
00:18Dollar General's earnings per share and revenue both fell short of Wall Street expectations.
00:23CEO Todd Basos attributed weaker sales to financially constrained customers and acknowledged
00:28the need for store improvements and better inventory management.
00:31Competitor Dollar Tree's shares also fell in response.
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