Dollar General shares plunge 20% after gloomy sales forecast

A squeeze on budget shoppers has forced US discount retailer Dollar General to cut its sales forecast, sending its shares down 20 per cent in a sign of mounting pressures in the American economy.

The store chain known for dollar-priced goods on Thursday predicted net sales growth in the range of 3.5-5 per cent in 2023, down from a previous estimate of between 5.5-6 per cent.