New York CNN —
After years of prolific growth, US dollar stores have hit a downturn.
Dollar Tree (DLTR) shares plunged 20% Wednesday after the company cut its outlook for the rest of the year, citing “immense pressures” on its low- and middle-income customer base. Dollar Tree also owns the long-struggling Family Dollar chain.
The stock slump came on the heels of Dollar General (DG) slashing its full-year forecast, sending shares to their worst day on record last week.
Dollar General and Dollar Tree have been the fastest-growing retailers by new store openings
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