The Law Offices of Frank R. Cruz Announces Investigation of Dollar General Corporation (DG) on Behalf of Investors

The Law Offices of Frank R. Cruz announces an investigation of Dollar General Corporation (“Dollar General” or the “Company”) (NASDAQ: DG) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On February 23, 2023, Dollar General released its preliminary fourth quarter 2022 and fiscal year 2022 financial results, disclosing that fourth quarter sales and earnings would come in significantly lower than expected due to lower sales and higher inventory damages. On this news, Dollar General’s stock price fell $8.16, or 3.6%, to close at $217.11 per share on February 23, 2023, thereby injuring investors.

Then, on March 16, 2023, Dollar General released its final fourth quarter 2022 and fiscal year 2022 financial results, revealing that the Company’s net sales had risen on 17.9% year-over-year for the quarter, and only 10.6% year-over-year for the full year. The Company blamed the poor results on a “decrease in customer traffic” as an “impact of store closures.” On this news, Dollar General’s stock price fell $6.47, or 3%, to close at $212.09 per share on March 16, 2023.

Then, on June 1, 2023, Dollar General reported disappointing first quarter 2023 financial results with revenue falling $130 million below analyst estimates. Additionally, the Company lowered its fiscal year 2023 earnings forecast, expecting same-store sales to rise between 1% and 2% for the year, a reduction of more than 50% at the midpoint from its prior same-store sales growth forecast of 3% to 3.5%, and that it only expected FY23 sales growth in the range of 3.5% to 5% for the year, down 26% at the midpoint from the prior 5.5% to 6% range provided in March 2023. Further, the Company reported that its EPS were on track to decline by up to 8% year-over-year, not grow by 4% to 6% as previously stated. On this news, Dollar General’s stock price fell $39.23, or 19.5%, to close at $161.86 per share on June 1, 2023.

Then, on August 31, 2023, Dollar General released its second quarter 2023 financial results, revealing that same-store sales had decreased 0.1%, operating profits decreased 24.2%, and EPS decreased 28.5%. On this news, Dollar General’s stock price fell $19.16, or 12.2%, to close at $138.50 per share on August 31, 2023, thereby injuring investors further.

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If you purchased Dollar General securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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