Former Dollar General CEO Todd Vasos is returning from retirement to lead the company as it addresses challenges such as slowing growth and allegations of unsafe working conditions. Vasos, who served as CEO from June 2015 to November 2022, is replacing Jeff Owen, who held the position for less than a year.
Dollar General, with over 19,000 locations in 47 states, is undergoing leadership changes to restore stability and confidence. The company’s recent performance includes a slowdown in sales growth, leading to a revised full-year profit guidance.
The new earnings per share expectation is $7.10 to $7.60, down from the previous range of $7.10 to $8.30. Net sales growth is anticipated to be 1.5% to 2.5%, revised from 1.3% to 3.3%. Same-store sales are expected to range from flat to down 1%, compared to the previous guidance of a 1% decline to a 1% increase.
Dollar General has faced criticism for unsafe working conditions, and shareholders passed a resolution calling for an independent audit into worker safety. The company has accumulated over $21 million in fines for issues such as blocked fire exits and electrical outlet obstructions.
Vasos expresses his honor in rejoining Dollar General during a pivotal time and aims to work with the team to achieve operational excellence, providing long-term growth and value for shareholders. The leadership change seeks to address challenges and position Dollar General for sustainable success in the retail landscape.
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