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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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The ‘scary spotlight’ on music stars amid Kneecap terror charge

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The 'scary spotlight' on music stars amid Kneecap terror charge

Before the amps are even switched on in Brockwell Park, there’s been a lot of noise about who should or shouldn’t be performing.

It’s where Irish hip-hop trio Kneecap are set to play their first major show since band member Mo Chara was charged for allegedly displaying a flag in support of the terrorist group Hezbollah at one of their gigs.

Before that, there had been calls for festivals to reconsider booking the band over their political stances, and several have done, which prompted artists like Brian Eno, the Mystery Jets and CMAT to sign an open letter accusing Westminster and the British media of a campaign to “remove Kneecap from the public eye”.

They put their names to wording that said “in a democracy, no political figures… have the right to dictate who does and does not play at music festivals.”

The band have since claimed they’re the victims of “political policing” designed to silence their views on Gaza.

So what’s the reality like for artists who are outspoken at a time when the world is so divided?

As some of the biggest names in music gathered in London for the Ivors, an annual celebration of songwriting, Self-Esteem – aka Rebecca Lucy Taylor – said the level of scrutiny can be “terrifying”.

‘The problem with the internet’

She told Sky News: “The problem with the internet is you say one thing, which gets scrutinised, and then you shit yourself, you really do… then you’re advised not to. And then you’re like ‘don’t advise me not to!’

“You second-guess anything you want to say any more… but any time I do that, I think ‘well that’s why you’ve got to say it then’.”

She said it can be frustrating that focus turns on to pop stars’ opinions instead of “the people doing the bad things”.

Read more:
Why are Kneecap controversial?

Self-Esteem - aka Rebecca Lucy Taylor - spoke to Sky News about the topic.
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Self-Esteem, aka Rebecca Lucy Taylor

‘Being a pop artist isn’t just about the music’

Former Little Mix singer Jade said: “To be a pop artist these days, it’s not just about music, it’s: ‘What’s your political stance?’

“I’ve always been quite vocal about those things, but in doing so you have even more of a scary spotlight on you, constantly assessing what your thoughts are as a human…it is scary.”

Trinidad-born London artist Berwyn, whose songs depict his struggles with UK immigration, says: “Silencing freedom of speech… is a road we don’t want to walk down.

“I’m not a politician, this is a very complicated issue, but I do absolutely believe in a human’s right to express themselves freely.”

But is that freedom of speech dependent on what side you’re coming from?

Berwyn speaking to Sky News
Image:
Berwyn speaking to Sky News

‘Unethical investments’

Soon, an event called Mighty Hoopla will take place at Brockwell Park as part of its programme of six festivals this summer.

Artists performing at that are coming under increased pressure from pro-Palestine groups to quit because it’s owned by a company called Superstruct, which has links to an American investment firm called KKR.

Critics argue that any KKR-affiliated events should be a red flag to artists as campaigners claim it “invests billions of pounds in companies” that do things like “develop Israeli underground data centres”, and they say it has shares in companies that “advertise property on illegally occupied land in the West Bank”.

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Mighty Hoopla itself has said while it “cannot control investments made in our parent companies”, it wants to “state its clear opposition to KKR’s unethical investments”.

And Superstruct – which puts on over 80 festivals around the world – says while horrified by the crisis in Gaza: “We are aware that there is a significant amount of debate… around our festivals.

“Our owners, made up of our promoters and several investment firms, support us to achieve the highest standards… fans and artists rightly expect.”

They insist that operationally, Superstruct is independently run and all its “revenue and profits… remains entirely within our business… towards the ongoing development… of our festivals.”

Read more from Sky News:
Kid Cudi says Diddy ‘messed with his dog’
Bono calls for Israel to be ‘released from Netanyahu’
Chris Brown posts message as singer is bailed

Even deciding where to perform can have political connotations for musicians these days.

As Tom Gray, a founding member of the rock band Gomez, now chair of the Ivors, explains: “The amount of commercial interest required to get a young artist into the public eye means they have to keep their head down a lot and that’s a terrible shame.

“It’s not just artistic expression, but personal human expression is one of the fundamental things that allows people to feel they have agency.”

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Bennett scores 2 as Panthers take 2-0 series lead

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Bennett scores 2 as Panthers take 2-0 series lead

RALEIGH, N.C. — Sam Bennett scored one of his two goals in Florida’s three-goal first period, Sergei Bobrovsky made 17 saves and the Panthers beat the Carolina Hurricanes 5-0 on Thursday night to take a 2-0 lead in the Eastern Conference final.

Gustav Forsling and Matthew Tkachuk also scored in another tone-setting opening 20 minutes for the reigning Stanley Cup champions, while Carter Verhaeghe had three assists.

Bennett scored a second time by skating in to clean up an attempt at the right post in the final minute of the second period to make it 4-0, ending a long shift in Carolina’s end prolonged by Hurricanes defenseman Brent Burns being stuck on the ice after breaking his stick. Aleksander Barkov added a goal midway through the third as punctuation.

Bobrovsky had his third shutout of the playoffs this year and the sixth of his career, with Florida’s defense smothering a Hurricanes team that typically peppers the net with shots but found little daylight.

Florida had already ripped home-ice advantage away Tuesday night with a 5-2 win, the opener in a rematch of the 2023 conference final swept by the Panthers with four one-goal wins. Florida only tightened its grip on the series with this one and now heads back south to host Game 3 on Saturday night.

On the other bench, the Hurricanes found themselves on the receiving end of a crushing loss by a jarringly lopsided margin. And it marked their 14th straight loss in a conference final, going back to sweeps in 2009, 2019 and the ’23 tilt with Florida.

The Hurricanes managed just three first-period shots and just seven through two periods, prompting a typically rowdy home crowd to vent its frustrations with two chants of “Shoot the puck! Shoot the puck!” Carolina had a brief boost when Sebastian Aho scored on a turnover in the first minute of the second period to cut the deficit to 3-1.

But Florida successfully challenged that the play was offsides. It turned out Burns’ stick-check on Tkachuk near the blue line forced the puck back into the zone and right to Aho in the slot for the finish.

By the third period, Carolina had pulled veteran Frederik Andersen from net and went with backup Pyotr Kochetkov for the final period.

It wasn’t all great news for Florida. Veteran forward Sam Reinhart was knocked from the game in the first period after taking a hit from Aho in the left leg, causing Reinhart’s knee to bend awkwardly.

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Danes oust Canada at hockey worlds; U.S. wins

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Danes oust Canada at hockey worlds; U.S. wins

HERNING, Denmark — Nick Olesen scored with 49 seconds left as Denmark stunned Canada 2-1 at the ice hockey world championship Thursday to advance to the semifinals.

“I have no words, it’s unbelievable,” Olesen said after Denmark reached the last four for the first time. “The fans here were cheering for us the whole game and they helped us get the win. It’s crazy.”

Denmark, in the sold-out arena in Herning, had tied it with 2:17 remaining when Nikolaj Ehlers scored through traffic in only his second game at the tournament following his Winnipeg Jets being eliminated from the NHL playoffs.

The Danes had pulled goaltender Frederik Dichow for the extra attacker before Ehlers struck.

Canada outshot Denmark 30-11 in the first two periods but couldn’t solve Dichow, who made 39 saves in all, until 5:17 into the third when captain Sidney Crosby fed Travis Sanheim to score into the roof of the net. Canada was outshot 22-10 in the final period, though.

Denmark has only two NHL players at the worlds, while Canada has only two who don’t play at the NHL level.

“I’m disappointed,” Crosby said. “We got better as the tournament went on. I don’t think tonight was necessarily our best, but we still found a way to give ourselves a lead … but it turned pretty quick.”

Crosby returned to the worlds for the first time since 2015, when he captained Canada to gold. He was expected to do it again with teammates like Nathan MacKinnon.

Canada is the most successful nation at the tournament with 28 titles but has finished empty-handed in the past two editions after it was beaten by Sweden in the bronze medal game last year.

It was only the second win for Denmark over Canada at the worlds.

The semifinals are set for Saturday: Denmark will play Switzerland; and the United States will face Sweden.

Earlier on Thursday, the U.S. advanced by beating Finland 5-2 backed by Conor Garland‘s two power-play goals

Trailing 2-1 in the middle period, the Americans needed 71 seconds to turn things around when defenseman Zeev Buium put home a rebound at 23:53 before Garland’s second goal restored the U.S. lead.

“I really liked how we stayed with it and built as the game wore on,” U.S. head coach Ryan Warsofsky said. “We got off to a bit of a slow start but really found our game as time wore on. I give our guys a lot of credit as they beat an excellent hockey team today.”

Garland had given the U.S. a 1-0 lead 4:50 into the game when he received a cross-ice pass from Logan Cooley to beat goalie Juuse Saros from the right circle.

Finland tied it at 1-1 on Eeli Tolvanen‘s power-play goal. Patrik Puistola scored from the slot on another power play 7:46 into the second period for Finland to take a 2-1 lead.

The Americans added two more goals in the third. Shane Pinto scored the fourth 5:52 into the final period and captain Clayton Keller finished the scoring into an empty net.

The U.S. team hasn’t won a medal since taking bronze in 2021. The Finns have been waiting for a medal since they won gold in 2022.

Sweden delighted the home crowd in the Avicii Arena in Stockholm by eliminating defending champion Czechia with a 5-2 victory.

Lucas Raymond and Leo Carlsson led the co-host with two goals each.

Earlier in Herning, last year’s runner-up Switzerland advanced by blanking Austria 6-0.

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