Shares of Dollar General plummeted 25% Thursday following the release of its earnings.
Dollar General's weak quarterly earnings report, and the stock's subsequent brutal selloff, has fellow retailer Walmart to blame, according to Jim Cramer . Shares nosedived more than 25% on Thursday after the discount retailer lowered full-year guidance for profit and sales. Management expects 2024 same-store sales to be up 1% to 1.6%, missing expectations for a 2% to 2.7% increase.
Cramer argued that Walmart's been able to grab market share from Dollar General because the former has been offering more and more bargains and deals that are affordable to lower-income consumers. DG WMT YTD mountain Dollar General vs. Walmart YTD "Walmart has become a driving force where people of lower income recognize that the prices have come down, and feel like they're getting the everyday lower prices that Sam Walton created," Cramer said.
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