Dollar Tree is slashing its full-year earnings and sales forecasts as its customers continue to struggle with higher prices and spend less.Shares tumbled more t
FILE - A woman leaves a Dollar Tree store in Urbandale, Iowa, on Feb. 25, 2021. Dollar Tree is slashing its full-year adjusted earnings and sales forecasts as its customers are taking an even more cautious approach to their spending and buying less.
Dollar Tree has been trying to lure customers from other retailers using its rock-bottom prices, but juggernauts like Walmart and Target have also said their customers are under pressure and they're cutting prices, too. And the economic headwinds that first hit low-income customers at Dollar Tree appear to be climbing upward to those who are better off, according to company executives.
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. Both of those numbers fall short of Wall Street projections and it showed in the retailer's plunging stock Wednesday. Though inflation is slowing, Americans continue to struggle with sharply higher prices for such necessities as gas, food and housing compared with their pre-pandemic levels.
Spending Pullback Higher Prices Earnings Forecasts Market Share Inflation Customer Loyalty Family Dollar
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