Dollar General (NYSE:DG) reported fiscal Q1 earnings of $2.34, down from $2.41 a year earlier.
Analysts polled by Capital IQ expected $2.39.
Net sales for the quarter ended May 5 were $9.34 billion, up from $8.75 billion a year earlier.
Analysts surveyed by Capital IQ expected $9.46 billion.
The retailer’s same-store sales increased 1.6% in fiscal Q1. Analysts polled by Capital IQ expected an increase of 3.8%.
Dollar General said it now expects fiscal 2023 EPS to be in the range of 8% decline to flat, compared with its previous projection of 4% to 6% growth. Net sales for the fiscal year are now projected to grow 3.5% to 5%, down from 5.5% to 6% previously, the company said.
The company said its guidance assumes no share buybacks in 2023, as compared with its prior expectation of $500 million in share buybacks.
Dollar General said it now expects to implement 3,110 real estate projects, including 990 new store openings, in fiscal 2023, compared with its prior expectation of 3,170 real estate projects, including 1,050 store openings.