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EVEN DOLLAR STORE CHAINS ARE SEEING A PULLBACK IN SPENDING AS HIGHER PRICES SQUEEZE MORE CONSUMERS
AppleMagazine
|AppleMagazine #671
Dollar Tree is slashing its full-year earnings and sales forecasts as its customers continue to struggle with higher prices and spend less.
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Shares tumbled more than 10% before the opening bell Wednesday after hitting a 52-week low on the prior day. Less than a week ago, shares of rival bargain chain Dollar General had their biggest one-day decline ever after a dismal quarter.
Dollar Tree said that it now expects full-year adjusted earnings between $5.20 and $5.60 per share. Its prior outlook was for $6.50 to $7 per share.
The Chesapeake, Virginia, company also projected annual sales in a range of $30.6 billion to $30.9 billion, down from $31 billion to $32 billion.
Analysts polled by FactSet expect full-year earnings of $6.56 per share on revenue of $31.17 billion.
This story is from the AppleMagazine #671 edition of AppleMagazine.
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