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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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Panthers lift 2nd Cup banner, open ‘new chapter’

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Panthers lift 2nd Cup banner, open 'new chapter'

SUNRISE, Fla. — There are a couple of minor dings these days in the Stanley Cup, including one right near the spot where the names of the 2024-25 Florida Panthers are etched in commemoration of their latest title.

Such things happen during championship celebrations. No worries, they’ll be fixed soon.

And the Panthers are hoping for the chance to put a few more dings in the trophy next year.

A new season for the back-to-back Stanley Cup champions started Tuesday with the Panthers all gazing toward the top of Amerant Bank Arena to watch another championship banner hoisted to the rafters. It’s basically the same as last year’s — white background, red lettering — with the only change being the year, 2025 instead of 2024.

“This is a new year and it’s a new opportunity for us,” Panthers forward Brad Marchand said. “And when it starts, it’s time to turn the page and start working toward a chance to hopefully do it again.”

The banner swayed over the end of the ice that the Panthers defended twice for Tuesday. By the next home game Thursday, it’ll take its more-permanent place over the team bench alongside the Panthers’ other banners for division and conference titles.

“You kind of look back at what you achieved but at the same time you’re proud of the achievement,” Panthers forward Anton Lundell said. “But it gives you more hunger to do it again.”

Fans lined up for one more picture with the Cup outside the doors of the arena Tuesday afternoon, many of them arriving long before the unusual 5 p.m. weekday start time — one that was used to accommodate being part of a nationally televised tripleheader. Once they came inside, the new scoreboard over center ice displayed a replay of some moments from the third period of Game 6 of last season’s Stanley Cup Final just in case anyone forgot how that season ended.

And after all the warmups were complete, just as they did in June 2024 and June 2025 — the Panthers finished off the Cup championship runs by beating the Edmonton Oilers on home ice in each of the past two title matchups — the fans roared when the trophy was brought onto the rink. Assistant captain Aaron Ekblad did the honors this year, carrying the trophy onto the ice, then hoisting it before placing it onto a stand next to the spot where the banner was being unfurled and raised.

Once the banner was raised, the players lifted their sticks in a salute to the fans.

“We want three! We want three! We want three!” the fans chanted back.

It capped a two-day celebration for the champs. The Panthers’ players and coaches got their championship rings in a private ceremony Monday night.

“Last night was a little bit of a nice reminder for them what the payoff for all that hard work is,” Panthers coach Paul Maurice said. “And it kind of lifts everybody’s spirits and gets them excited about tonight.”

It won’t be an easy road for the Panthers this season. Captain Aleksander Barkov is going to miss several months and potentially the entire season with two torn knee ligaments, an injury suffered 20 minutes into his first practice of training camp. And forward Matthew Tkachuk is out until likely December while recovering from offseason surgery. Barkov and Tkachuk, dressed in street clothes, watched the hoisting from the Florida bench.

The Panthers know how rare this opportunity is. They could be the first back-to-back-to-back NHL champion since the New York Islanders won four consecutive Cups from 1980 through 1983.

“It’ll be up there forever,” Panthers defenseman Seth Jones said of the banner. “This is a special group. And it’s a celebration, but at the same time, it’s a turning of the page. It is a new chapter.”

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Bettman sees importance in NHL’s Olympic break

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Bettman sees importance in NHL's Olympic break

SUNRISE, Fla. — NHL Commissioner Gary Bettman isn’t the biggest fan of taking a nearly three-week break in the middle of the season so players can participate in the Milan-Cortina Olympics.

That said, he obviously sees the value.

Bettman spoke at the season-opening game Tuesday between the Florida Panthers — who raised their second consecutive Stanley Cup championship banner — and the Chicago Blackhawks. He made clear again that he knows what having NHL players back on the Olympic stage can do for the game.

“I think it’s going to be great,” Bettman said between the first and second periods. “It’s important to our players. That’s why we’re doing it. Listen, there are lots of reasons that I’m never thrilled about taking a couple of week break in the season. Changes a lot of things.

“But on balance, I think it’ll be worth it, A) for the exposure, B) for the fan engagement, but C) and most importantly, this is and has always been very important to our players. And that’s why we’re doing this.”

The NHL got tons of exposure and engagement during last season’s 4 Nations Face-Off event, and the Olympics are obviously going to be bigger than that tournament.

“We came off of 4 Nations on a high,” Bettman said. “It shows you what our players can do representing hockey and what we think is the best best-on-best in international competition.”

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Golden Knights keep Holtz, 23, with 2-year deal

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Golden Knights keep Holtz, 23, with 2-year deal

LAS VEGAS — A day before they open the regular season, the Vegas Golden Knights on Tuesday signed veteran forward Alexander Holtz to a two-year, $1.675 million contract.

Holtz, traded to Vegas last offseason from the New Jersey Devils, was on a professional tryout agreement with the Golden Knights this fall after a topsy-turvy first season.

The 23-year-old played in 53 games last season for the Golden Knights, recording just four goals and eight assists. The former first-round selection split his time between Vegas and its AHL affiliate, the Henderson Silver Knights.

Where Holtz settles this season remains to be seen, but he could wind up as one of Bruce Cassidy’s 12 active forwards, a group the coach has been impressed with.

“This could be the best group in terms of player one to 12 that I could ever coach just because of the depth and how it’s lining up for the Vegas Golden Knights,” Cassidy said. “Other teams have ways they access and that’s not disrespect. … Now we’ve got to get it off the paper and onto the rink looking like it’s supposed to.”

For his career, Holtz has garnered 23 goals and 46 points.

Vegas opens up at home Wednesday night against the Los Angeles Kings.

The Associated Press contributed to this report.

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