Dollar General Corporation (NYSE:DG) shares are trading lower in premarket on Thursday following disappointing second-quarter earnings and a downward revision to its fiscal year 2024 outlook.
The retail behemoth reported second-quarter earnings per share of $1.70, missing the analyst consensus of $1.78. Quarterly sales of $10.21 billion (+4.2% year over year) missed the street view of $10.368 billion.
Dollar General reported a 0.5% increase in same-store sales, driven by an increase in customer traffic, partially offset by a decrease in average transaction amount. However, operating profit declined by 20.6%, reaching $550.0 million.
“Despite advancing several of our operational goals and driving positive traffic growth, we are not satisfied with our financial results, including topline results below our expectations for the quarter,” said Todd Vasos, Dollar General’s chief executive officer.
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