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Dollar General announced disappointing second-quarter earnings on Thursday, attributing the results to financially constrained lower-income consumers.
What Happened: The discount retailer revealed that its core customers, primarily households earning less than $35,000 annually, are feeling more financially pressured than six months ago. CEO Todd Vasos noted that higher prices, softer employment levels, and increased borrowing costs have negatively impacted these consumers.
"The majority of them state that they feel worse off financially than they were six months ago as higher prices, softer employment levels and increased borrowing costs have negatively impacted low-income consumer incentive," he said.
Dollar General reported a 0.5% increase in same-store sales for the quarter ending Aug. 2, falling short of both its own and Wall Street’s expectations. The growth was driven solely by consumables like food, rather than discretionary items.
See Also: After Binance And Coinbase, Gary Gensler-Led SEC Set To Lock Horns With Crypto Exchange Kraken
Shares of Dollar General plummeted over 30% following the earnings release. Net sales rose by 4.2% year-over-year to $10.2 billion, while operating profit fell 20.6% to $550 million, partly due to markdowns and inventory losses.
In contrast, competitors Walmart and Target reported strong sales growth in their latest quarters. Dollar Tree , another rival, is set to report earnings next week.
Why It Matters: The earnings miss by Dollar General underscores a broader trend of cautious consumer spending amid persistent inflation. Even household names like J M Smucker Co. have warned of reduced consumer spending, affecting sales across various sectors.
Additionally, economic data has shown a mixed outlook. UBS Global Wealth Management recently increased the probability of a U.S. recession to 25%, citing softening job growth and unsettling unemployment data. Despite this, the firm still anticipates a soft landing for the economy, driven by consumer spending, albeit with a “cloudy” economic outlook.
Moreover, traders have scaled back their bets on a significant rate cut by the Federal Reserve, following an upward revision of U.S. GDP growth in the second quarter. This adjustment comes as the market eagerly awaits the release of the Personal Consumption Expenditure (PCE) price index, the Fed's preferred inflation gauge.
Initial jobless claims totaled 231,000 for the week ending Aug. 24, down from the upwardly revised 233,000 the previous week and slightly below the expected 232,000.
Price Action: Dollar General’s stock closed at $84.03 on Thursday, down 32.15% for the day. In after-hours trading, the stock slightly recovered by 0.083%. Year to date, the stock has declined by 40.16%, according to data from Benzinga Pro.
Read Next:
Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
During this quarter's earnings cycle, many companies have warned of cautious consumers due to high and persistent inflation. And it's not just big-ticket items such as cars and furniture on which consumers are cutting back.
J M Smucker Co , the parent company of Smucker's jelly and jams, warned that people are cutting back spending at convenience stores.
Smucker's, which also owns the Jif peanut butter and Uncrustable brands, reported stronger-than-expected EPS in the company's first quarter, but the company's lower guidance and cautious commentary led to a sell-off in shares after the report.
Shares closed Wednesday's session down nearly 5%; on Thursday, shares were down 1.30% at $113.32 at publication.
See Also: Dollar General Q2 Earnings: Earnings Miss, Slashed Outlook And Shrinking Marginswww.benzinga.com/news/earnings/24/08/40623595/dollar-general-q2-earnings-earnings-miss-slashed-outlook-and-shrinking-marginsAnalysts adjusted their expectations on the packaged-food giant, with CitiGroup, BofA Securities and TD Cowen all lowering their price targets following the report. The company did highlight significant, double-digit growth in its Uncrustable brand, a packaged peanut butter and jelly sandwich found in the frozen section of grocery stores.
But, in other areas such as coffee, executives at Smucker's highlighted higher input costs caused the company to raise prices, thus weakening sales.
If consumers continue to cut back on spending at convenience stores and on brand-name products, it could be a headwind for other food companies such as Mondelez International , Kraft Heinz and General Mills .
Thursday morning, Dollar General Corp reported earnings that came in below Wall Street estimates and warned of a “cash-strapped” customer, echoing the sentiment from Smucker's.
Price consumption expenditures data, the Federal Reserve's preferred gauge of inflation, will be released Friday morning and should shed more light on whether prices are rising or cooling.
Read Next: J.M. Smucker Cuts FY25 Outlook Following Q1 Earnings: Read Why
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The J. M. Smucker Company reported upbeat quarterly earnings, but lowered its annual outlook.
JM Smucker reported quarterly earnings of $2.44 per share which beat the analyst consensus estimate of $2.17 per share. The company reported quarterly sales of $2.13 billion which met the analyst consensus estimate.
"These results are driven by the focus we have established and progress we have made in delivering our core business, successfully integrating Hostess Brands, and achieving our goals for transformation, cost discipline, and cash generation," said Mark Smucker, Chair of the Board, President and Chief Executive Officer.
J.M. Smucker said it now expects annual net sales to rise in the range of 8.5% to 9.5%, versus its prior outlook of a 9.5% to 10.5% increase. It now sees fiscal 2025 adjusted earnings of $9.60 to $10.00 per share, versus earlier outlook of $9.80 to $10.20 per share.
J.M. Smucker shares fell 1.4% to trade at $113.12 on Thursday.
These analysts made changes to their price targets on J.M. Smucker following earnings announcement.
Considering buying SJM stock? Here’s what analysts think:
Latest Ratings for SJM
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | JP Morgan | Maintains | Neutral | |
Mar 2022 | Morgan Stanley | Maintains | Underweight | |
Mar 2022 | Citigroup | Maintains | Neutral |
View More Analyst Ratings for SJM
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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