Dollar Tree (DLTR) 🐽shares tumbled in premarket trading Wednesday after the discount retailer reportꦜed another earnings miss and said it is facing "immense pressures from a challenging macro environment."

The retailer posted $132.4 million in 澳洲幸运5官方开奖结果体彩网:net income for the second quarter of fiscal 2024, down from $200.4 million last year and well below analysts' estimates compiled by Visible Alpha. Revenue rose slightly to $7.38 billion but was still below expectations.

The retailer also lowered sales and profit projections for fiscal 2024, expecting revenue from $30.6 billion to $30.9 billion, down from $31.0 billion to $32.0 billion previously. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) are now expected to be within a range of $5.20 to $5.60, compared with $6.50 to $7.00 previously.

Dollar Tree Executives See Pressured Consumer

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Rick Dreiling said the company is making progress despite "immense pressures from a challenging macro environment," while 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Jeff Davis said earnings were negatively impa🐎cted by the "increasing effect of macro pressures on the purchasing behavior of Dollar Tree's middle- and higher-income customers."

Their comments echo those made last week by executives at 澳洲幸运5官方开奖结果体彩网:rival Dollar General (DG), who said they see "financially constrained" consumers who are 澳洲幸运5官方开奖结果体彩网:"less confident" iཧn their finanไcial position and spends less on discretionary products as a result.

Wednesday's results are another disappointment for Dollar Tree, which reported earnings below estimates in the two previous quarters. In its Q1 report, the company said it was 澳洲幸运5官方开奖结果体彩网:exploring "strategic alternatives" including selling or spinning off the Family Dollar brand roughly a decade after acquiring it, while in the prior quarter 澳洲幸运5官方开奖结果体彩网:Dollar Tree said it 🦂🌄planned to close about 1,000 stores.

Dollar Trಌee shares sank almost 10% to $73.72 about ꦯ45 minutes before the opening bell Wednesday. They are down more than 40% year-to-date.