Dollar General Corp. (DG) was the best-performing stock in the S&P 500 Friday with shares rising over 9% after the company's board announced it 🐎had brought back forme🍷r Chief Executive Officer (CEO) Todd Vasos to help the struggling discount retailer regain its financial footing. 

Vasos, who retired in 2022 after seven years leading the firm, replaces CEO Jeff Owen immediately. Owen held the position for less than a year. 

Chairman Michael Calbert said Thursday in a statement that the move was made because the board “has determined that a change in leadership is necessary to restore stability and confidence in the company moving forward.”

Dollar General’s sales and profit have been hit hard by consumers changing their buying habits because of rising inflation. The company said in its 澳洲幸运5官方开奖结果体彩网:second-quarter earnings report that shoppers have been spending more on groceries and less on more profitable items, such as home goods and apparel. In addition, it said it was dealing with higher capital expenses and increased shrink, the industry term for theft. 

In its statement announcing the return of Vasos, Dollar General also narrowed its full-year guidance. The retailer is now predicting sales will grow 1.5% to 2.5%, compared with the previous 1.3% to 3.3% range. It sees 澳洲幸运5官方开奖结果体彩网:same-store sales to be flat to down 1%, rather than in a range of down 1% to up 1%. The company indicated earnings per share (EPS) would be $7.10 to $7.60, or a decline of 29% to 34% from the year-earlier quarter, versus the earlier estimate of $7.10 to $8.30, equaling a drop of 22% to 34%.

Shares of Dollar General hit a nearly five-year low on Thursday, and even with Fꦫriday’s gains, they’ve los♓t more than half their value this year.