Dollar General Sinks Most Ever After Painting Grim Picture of Budget Shoppers.

Dollar General Inc., a discount retailer, saw its shares plummet after reducing its full-year sales forecast. The CEO stated that customers are cutting back on essential goods due to rising costs for other expenses like rent and healthcare. The company's stock dropped 32%, the largest decline since going public in 2009. This raises concerns about the CEO's turnaround efforts and the financial health of some US shoppers. Dollar General caters to low-income Americans, and other discount chains have also reported disappointing results. The company is facing competition from retailers that are offering deals and cutting prices. Walmart, Target, and Best Buy, which cater to higher-income consumers, have posted solid results. Dollar General's reduced forecasts may indicate that its back-to-basics plan is not resonating enough with financially constrained lower-income households. The company is focusing on labor hours, value products, and the supply chain to improve results. However, Truist Securities analysts believe that the company's weaknesses will persist in the foreseeable future. Dollar General recently settled with US safety regulators and agreed to pay penalties and establish new safety protocols. [Extracted from the article]