Dollar General says October was strongest period of quarter
Says retail environment continued to be challenging in Q3. Says some traffic, sales-driving actions starting to take hold. Says that in terms of sales cadence, August and October were both positive, with October being strongest period of quarter. Says invested in incremental promotional activity, but says results did not meet expectations in Q3. Estimates headwinds from average unit retail price deflation, reduction in SNAP benefits hurt Q3 SSS by 150-175bps. Believes many of these issues are "transitory." Says "committed to controlling the factors we can control." Says "realistic" about operating environment. Comments taken from the Q3 earnings conference call. Dollar General is down 6.6% to $72.21 in morning trading.