Why Dollar General Stock Is Moving Higher

Dollar General Corp DG shares are trading higher in Thursday's after-hours session after the company updated its outlook and appointed a new CEO.

What Happened: Dollar General narrowed its outlook for fiscal-year 2023. The company now expects net sales growth to be between 1.5% and 2.5% versus prior expectations of 1.3% to 3.3%. Same-store sales are now expected to be flat to down 1% versus prior expectations for flat growth, plus or minus 1%.

Earnings are expected to be in the range of $7.10 to $7.60 per share versus previous expectations of $7.10 to $8.30. 

Dollar General also announced that Jeff Owen has resigned as CEO and the company has selected current board member and former CEO Todd Vasos to take over Owen's role, effective immediately. Vasos previously served as CEO from 2015 to November 2022. 

"At this time the Board has determined that a change in leadership is necessary to restore stability and confidence in the Company moving forward," said Michael Calbert, chairman of Dollar General's board. 

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DG Price Action: Dollar General shares were up 8.09% after hours at $109.99 at the time of publication, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.