Retailers saw strong demand for discounted items during the
COVID-19 pandemic, but port congestions and higher labor costs
have made it difficult to keep shelves stocked up.
The discount store operator forecast full-year sales between
$27.22 billion to $27.85 billion, below analysts' average
estimate of $28.04 billion, according to IBES data from
Refinitiv .
It forecast full-year profit between $7.60 and $8.00 per share,
compared with analysts' average estimate of $7.60 per share,
according to IBES data from Refinitiv.
America's other biggest discount store, Dollar General Corp, is
also combating spiraling freight costs, shipping delays and
other supply-chain snarls, and has cut its annual forecast for
sales and profit.
It will report its fourth-quarter earnings on March 17.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by
Shinjini Ganguli)
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