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Even dollar stores are getting slammed by the retail theft crisis.

Dollar Generals shares tanked Thursday after the discounter provided a bleak outlook for the rest of the year because of rising thefts and weak consumer demand at its 19,000 stores nationwide.

The Tennessee-based company warned Wall Street that profits may plunge by as much as 34% compared to its previous forecast for an 8% decline to flat growth as cut its full-year profit and sales targets for the second time this year.

“Our revised guide is really a function of the slower transactions that we’re seeing, and higher expected shrink,” Dollar General CFO Kelly Dilts said on a call with analysts after the company reported quarterly earnings that fell short of Wall Street estimates.

The reference to “shrink” — an industry term for stolen or damaged goods — follows a troubling trend cited by other major retailers who have blamed the scourge of organized retail theft for impacting their bottom line.

Target has said it expects to lose $500 million because of theft at its stores.

Dollar Tree said in May that it would need to raise prices in some regions because of persistent shoplifting.

Dollar General’s gross profit as a percentage of net sales fell 126 basis points in the quarter as retail shrink worsened. It flagged $100 million in additional shrink headwinds since its last earnings call in June.

CEO Jeff Owen did not elaborate on the extent of the theft, instead pointing to still-stubborn inflation for shoppers feeling “financially constrained.

Dollar Generals core customers are feeling the acute pressure of the cost-of-living-crisis, echoed Neil Saunders, retail analyst and managing director at GlobalData, in a report Thursday. 

Dollar General lowered its same store sales guidance to a decline of about 1% and 1% increase compared to its previous forecast of a 1% to 2% increase.

The companys comparable sales dropped by 1% in the second quarter ended Aug. 4 and the company expects a pileup of inventory to be a drag on its earnings for the rest of the year as it slashes prices on items that havent been selling.

The quarter “marks the fourth consecutive guide down for Dollar General, which admittedly creates further uncertainty if we are hitting the bottom yet,” said Raymond James analyst Bobby Griffin.

The stock nosedived down more than 12% Thursday to close at $138.59.

It has tracked a nearly three-and-a-half-year low, slumping as much as 18.2% to hit $128.96 — making it one of the worst performers on the S&P 500 index this year.

As inflation continued to batter shoppers this year, more customers flocked to Dollar General and its rival Dollar Tree among other big discounters.

But food and other essential items are less profitable for those stores as profit margins on food are anemic.

While we are not satisfied with our overall financial results, we made significant progress in the second quarter improving execution in our supply chain and our stores, as well as reducing our inventory growth rate and further strengthening our price position, Owen said in a statement. 

With Post wires

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UK

Gallagher brothers share a high-five and hug as Oasis reunite on stage after 16 years

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Gallagher brothers share a high-five and hug as Oasis reunite on stage after 16 years

Oasis have reunited on stage for the first time in almost 16 years – with brothers Liam and Noel Gallagher sharing a high five and the briefest of hugs as they closed a performance that for fans was more than worth the wait.

After the split in 2009, for many years Noel said he would never go back – and for a long time, as the brothers exchanged insults through separate interviews (and on social media, for Liam), it seemed pretty unlikely to ever happen.

But now, here they are. As they walked out on stage at Cardiff’s Principality Stadium, all eyes were on the Gallaghers for a sense of their relationship – dare we say it, friendship? – now after all these years.

There was no reference to their fall-out or making up, but the gestures were there – lifting hands together as they walked out for the first time.

The headline "OASIS REUNITED" was shown on stage at the gig. Pic: PA
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The headline “OASIS REUNITED” was shown on stage at the gig. Pic: PA

Fans at the Oasis gig. Pic: PA
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Fans at the Oasis gig. Pic: PA

Headlines and tweets of speculation and then confirmation of the reunion filled the screens as the show started. “This is happening,” said one, repeatedly.

In the end, it was all about the music.

Liam has received criticism in the past for his voice not being what it once was during his solo or Beady Eye performances, but back on stage with his brother tonight he delivered exactly what fans would have hoped for – a raw, steely-eyed performance, snarling vocals, and the swagger that makes him arguably the greatest frontman of his day.

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This was Oasis sounding almost as good as they ever have.

Fans sang along and held up their phones to film as Oasis performed. Pic: PA
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Fans sang along and held up their phones to film as Oasis performed. Pic: PA

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Oasis: ‘It’s good to be back’

They opened with Hello, because of course, “it’s good to be back”. And then Acquiesce, and those lyrics: “Because we need each other/ We believe in one another.”

The song is said to be about friendship in the wider sense, rather than their brotherly bond and sibling rivalry, but you can’t help but feel like it means something here.

Over two hours, they played favourite after favourite – including Morning Glory, Some Might Say, Cigarettes & Alcohol, Supersonic and Roll With It.

Liam Gallagher as Oasis takes to the stage in Cardiff. Pic: PA
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Liam Gallagher as Oasis takes to the stage in Cardiff. Pic: PA

In the mid-section, Liam takes his break for Noel to sing Talk Tonight, Half The World Away and Little By Little; the tempo slows but there is by no means a lull, with the fans singing all his words back to him.

Liam returns for hits including Stand By Me, Slide Away, Whatever and Live Forever, before sending the crowd wild (or even wilder) with Rock And Roll Star.

Noel Gallagher performing on stage. Pic: PA
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Noel Gallagher performing on stage. Pic: PA

An Oasis fan is pointing at the stage during the gig. Pic: PA
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An Oasis fan is pointing at the stage during the gig. Pic: PA

When the reunion announcement was made last summer, it quickly became overshadowed by the controversy of dynamic pricing causing prices to rocket. As he has done on X before, Liam addressed the issue on stage with a joke.

“Was it worth the £4,000 you paid for the ticket?” he shouted at one point. “Yeah,” the crowd shouts back; seemingly all is forgiven.

After Rock And Roll Star, the dream that very quickly became a reality for this band, Noel introduced the rest of the group, calling Bonehead a “legend”.

Paul 'Bonehead' Arthurs of Oasis. Pic: PA
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Paul ‘Bonehead’ Arthurs of Oasis. Pic: PA

Liam Gallagher carried a tambourine in his mouth during the concert. Pic: PA
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Liam Gallagher carried a tambourine in his mouth during the concert. Pic: PA

Then he acknowledges all their young fans, some who maybe weren’t even born when they split. “This one is for all the people in their 20s who’ve never seen us before, who’ve kept this shit going,” he says before the encore starts with The Masterplan.

Noel follows with Don’t Look Back In Anger, and the screens fill with Manchester bees in reference to the arena bombing and how the song became the sound of hope and defiance for the city afterwards.

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‘I’d have paid £10,000 to see them’

Two fans sat on their friends' shoulders as Oasis performed. Pic: PA
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Two fans sat on their friends’ shoulders as Oasis performed. Pic: PA

During Wonderwall, there’s a nice touch as Liam sings to the crowd: “There are many things I would like to say to you, but I don’t speak Welsh.”

It is at the end of Champagne Supernova, which closes the set, that it happens; Noel puts down his guitar, and they come together for a high-five and a back-slap, a blink-and-you’d miss it hug.

Read more:
What you need to know about the Oasis tour
Liam Gallagher hits out at council after fans branded ‘rowdy’

“Right then, beautiful people, this is it,” Liam had told the crowd as he introduced the song just a few minutes earlier. “Nice one for putting up with us over the years.”

From the roar of the audience, it’s safe to say most people here would agree it’s been worth it.

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Politics

Sweden’s justice minister says to ‘turn up the pressure’ on crypto seizures

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Sweden’s justice minister says to ‘turn up the pressure’ on crypto seizures

Sweden’s justice minister says to ‘turn up the pressure’ on crypto seizures

Gunnar Strömmer reportedly said that Swedish authorities had confiscated more than $8.3 million worth of criminal profits since a law related to seizures was passed in 2024.

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At least 13 people confirmed dead and more than 20 missing from girls camp in Texas flooding

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At least 13 people confirmed dead and more than 20 missing from girls camp in Texas flooding

13 people have been killed in the US state of Texas after heavy rain caused flash flooding, according to local media reports.

Officials have also said more than 20 are missing from a girls’ camp in Texas.

As much as 10 inches (25 centimetres) of heavy rain fell in just a few hours overnight in central Kerr County, causing flash flooding of the Guadalupe River.

Judge Rob Kelly, the chief elected official in the county, confirmed fatalities from the flooding and dozens of water rescues so far.

A flood watch issued on Thursday afternoon estimated isolated amounts up to seven inches (17 centimetres) of rising water.

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