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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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Sports

Maple Leafs vs. Panthers (May 11, 2025) Live Score – ESPN

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Maple Leafs vs. Panthers (May 11, 2025) Live Score - ESPN

— Mikko Rantanen had a goal and two assists, including on the tiebreaking goal by Alexander Petrovic that was finally confirmed after a lengthy review as the Dallas Stars beat the Winnipeg Jets 5-2 on Sunday to take 2-1 lead in the second-round…

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US

Trump sets up week that could define his presidency

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Trump sets up week that could define his presidency

It has been an extraordinary few hours which may well set the tone for a hugely consequential week ahead.

In the time that it took me to fly from London to Saudi Arabia, where President Donald Trump will begin a pivotal Middle East tour this week, a flurry of news has emerged on a range of key global challenges.

Chinese and U.S. flags flutter outside the building of an American company in Beijing.
Pic: Reuters/Tingshu Wang
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Could a US-China trade deal be on the way?
Pic: Reuters/Tingshu Wang

On the Gaza war: The Trump administration has confirmed it’s holding talks with Hamas, who say it will release a hostage amid renewed hopes of a ceasefire.

On the Ukraine war: President Volodymyr Zelenskyy has said he is prepared to meet Russian President Vladimir Putin in Istanbul – this announcement came minutes after Trump urged Zelenskyy to agree to the meeting.

On the China-US trade war: The White House says the two countries have agreed to a “trade deal”. China said the talks, in Geneva, were “candid, in-depth and constructive”.

All three of these developments represent dramatic shifts in three separate challenges and hint at the remarkable influence the US president is having globally.

This sets the ground for what could be a truly consequential week for Trump’s presidency and his ability to effect change.

More on China

With his unique style, Trump is seeking to align numerous stars as he embarks on his first foreign diplomatic trip of his second presidency.

For days, it’s been unclear how the week ahead would unfold and which global challenge would be dominant.

The Saudi government has been instrumental as a broker in the Ukraine-Russia conflict and Qatar has been a mediator in the Gaza war.

Trump will visit both countries this week.

Putin under pressure?

On Ukraine, Putin held a late-night news conference at the Kremlin on Saturday at which he made the surprise proposal of talks with Zelenskyy in Istanbul this Thursday.

But he rejected European and US calls for an immediate ceasefire.

The move was widely interpreted as a delay tactic.

Trump then issued a social media post urging Zelenskyy to accept the Russian proposal; effectively to call Putin’s bluff.

President Volodymyr Zelenskyy welcomes other world leaders to Kyiv. 
Pic: Presidential Office of Ukraine/dpa/AP Images
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President Volodymyr Zelenskyy welcomes other world leaders to Kyiv. Pic: Presidential Office of Ukraine/dpa/AP Images

The American president wrote: “President Putin of Russia doesn’t want to have a Cease Fire Agreement with Ukraine, but rather wants to meet on Thursday, in Turkey, to negotiate a possible end to the BLOODBATH. Ukraine should agree to this, IMMEDIATELY. At least they will be able to determine whether or not a deal is possible, and if it is not, European leaders, and the U.S., will know where everything stands, and can proceed accordingly! I’m starting to doubt that Ukraine will make a deal with Putin, who’s too busy celebrating the Victory of World War ll, which could not have been won (not even close!) without the United States of America. HAVE THE MEETING, NOW!!!”

Within minutes, Zelenskyy responded, agreeing to the talks.

“We await a full and lasting ceasefire, starting from tomorrow, to provide the necessary basis for diplomacy. There is no point in prolonging the killings. And I will be waiting for Putin in Türkiye on Thursday. Personally. I hope that this time the Russians will not look for excuses.” Zelenskyy wrote on X.

The prospect of Putin and Zelenskyy together in Istanbul on Thursday is remarkable.

It raises the possibility that Trump would want to be there too.

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Putin’s call for peace talks genuine?

Israel’s war in Gaza

On Gaza, it’s been announced that US envoy Steve Witkoff will arrive in Israel on Monday to finalise details for the release of Idan Alexander, an Israeli-American hostage being held by Hamas.

The development comes after it was confirmed that Mr Witkoff has been holding discussions with Israel, Qatar and Egypt and, through them, with Hamas.

The talks focused on a possible Gaza hostage deal and larger peace discussions for a ceasefire.

Read more:
Trump faces criticism over Kashmir post
Pope addresses major wars in first Sunday message

Gaza after around a year and a half of Israeli attacks.
Pic: Reuters/Mahmoud Issa
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Gaza after around a year and a half of Israeli attacks. Pic: Reuters/Mahmoud Issa

Just days ago, Israel announced a new military plan to move back into Gaza.

When do candid talks become a trade deal?

Meanwhile, officials from the United States and China have been holding talks in Geneva, Switzerland, to resolve their trade war, which was instigated by Trump’s tariffs against China.

Late on Sunday evening, the White House released a statement claiming that a trade deal had been struck.

In a written statement, titled “U.S. Announces China Trade Deal in Geneva”, treasury secretary Scott Bessent said: “I’m happy to report that we made substantial progress between the United States and China in the very important trade talks… We will be giving details tomorrow, but I can tell you that the talks were productive. We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.”

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Trump 100: A new trade deal and a new pope

Beijing Global Times newspaper quoted the Chinese vice premier as saying that the talks were candid, in-depth and constructive.

However, the Chinese fell short of calling it a trade deal.

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A Qatari gift

In a separate development, US media reports say that Qatar is preparing to gift Trump a Boeing 747 from its royal fleet, which he would use as a replacement for the existing and aging Air Force One plane.

The Qatari government says no deal has been finalised, but the development is already causing controversy because of the optics of accepting gifts of this value.

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UK

Government to announce new English language and British citizenship requirements for migrants

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Government to announce new English language and British citizenship requirements for migrants

Migrants will have to live in the UK for a decade before they can apply for citizenship under plans to reduce reliance on foreign workers. 

The change from five to 10 years will come with exceptions for people who make a “high contribution” to the economy or society, who will able to be fast-tracked for permanent settlement rights.

It comes on top of new English language requirements across every visa route, which will extend to adult dependents for the first time.

The measures will be announced by Sir Keir Starmer on Monday ahead of the Immigration White Paper, which will set out further reforms to bring net migration down.

At a press conference later, the prime minister will say: “This is a clean break from the past and will ensure settlement in this country is a privilege that must be earned, not a right.

“And when people come to our country, they should also commit to integration and to learning our language.

“Lower net migration, higher skills and backing British workers – that is what this White Paper will deliver.”

Net migration – the difference between the number of people immigrating and emigrating to a country – soared when the UK left the EU in January 2020.

It reached 903,000 in the year to June 2023 before falling to 728,000 in mid-2024. But that is still well above its pre-Brexit high of 329,000 in the year up to June 2015.

The government is under pressure to tackle legal migration, as well as illegal immigration, amid Reform UK’s surge in the polls.

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Reform: Immigration ‘should be frozen’

However, experts have questioned whether some of the changes announced by Sir Keir today will have much of an impact, at least in the short term.

Currently, migrants have to live in the UK for five years to get indefinite leave to remain, or “settled status” if they are from the EU. They can then use this to apply for British citizenship, usually 12 months after settlement.

There were 162,000 grants of settlement in 2024, up 35% from 2023, and 270,000 grants of citizenship in 2024, up nearly a third on the previous year.

‘Contributions-based’ citizenship model

The new “contributions-based model” means people must spend a decade in the UK before applying to stay, unless they can show a “real and lasting contribution to the economy and society”.

Sir Keir Starmer at a summit in Oslo. Pic: PA
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Sir Keir Starmer at a summit in Oslo. Pic: PA

The Home Office said this will include “high-skilled” and “high-contributing” individuals like nurses, doctors, engineers and AI leaders.

The details are still being fleshed out and will be put to consultation later this year rather than in the white paper, Sky News understands.

However, the thinking is that those who pay higher taxes or who work in a priority sector will be eligible to be fast-tracked. Home Secretary Yvette Cooper is also keen for discounts to apply to those who make an “outstanding contribution” to society, such as community leaders, it is understood.

English language requirements

The government also plans to raise English language requirements across every immigration route, so foreign workers speak a higher standard of English.

For the first time, this will also extend to all adult dependents by requiring them to demonstrate a basic understanding of English, which the government says will help people integrate and find employment.

Dr Madeleine Sumption, director of the Migration Observatory at the University of Oxford, told Sky News that extending the amount of time people need to be in the UK to get permanent settlement rights is unlikely to significantly affect migration levels, as there is “no evidence” this affects their decision about whether to migrate.

Any impact would be seen in five to ten years, “when people get to that point of the visa journey”, she said, adding that the main effect of this policy would be to “bring in more visa-fee revenue to the Home Office” and “to make it harder for migrants to settle in”.

She said that language requirements “are more likely to have an impact on the number of visas granted”, as more than half of skilled worker visas over the past couple of years have gone to dependents.

“However, there’s no data on how many of them would have passed a language test so it is hard to say how big,” Dr Sumption added.

The home office has not put a figure on what sort of reduction these policies could achieve, with Ms Cooper to give more details in parliament on Monday afternoon.

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Minister reveals new immigration plans

On Sunday, she told Sky News’s Trevor Phillips that plans to close the care worker visa route and change the skilled visa threshold to require a graduate qualification would cut the number of overseas workers by about 50,000 this year.

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However, she refused to put a target on the overall levels of net migration the government is aiming for, saying that approach “failed” under the Conservatives.

The Tories have admitted making mistakes in office, but are still calling for a binding immigration cap and want to repeal the Human Rights Act for immigration issues.

Shadow Home Secretary Chris Philp said Labour has “overseen the worst ever start to a year for illegal immigrants crossing the channel” adding: “The idea that Starmer is tough on immigration is a joke.”

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