Dollar General shares plummet as Walmart, Target take bite out of profit

Dollar General’s shares slumped 29% to a more-than-six-year low on Thursday after the discount retailer slashed its annual sales and profit forecasts, as competition for budget-conscious shoppers intensifies in the US.Dollar stores have come under pressure as deep-pocketed rivals such as Walmart and Target have doubled down on offering low-priced daily essentials. The rapid rise of Temu, China’s PDD Holdings’ e-commerce platform, has also weighed on the business.“(Dollar General’s results) show the challeng ...