Discount retailer Dollar General Corp (DG.N) said it was cutting prices on its most popular items such as bread, eggs and milk, intensifying a price war with retail giant Wal-Mart Stores Inc (WMT.N) to win back market share.
Dollar General's shares fell as much as 14 percent on Thursday after the company reported quarterly sales below estimates, blaming aggressive competition, lower food prices and a reduction of food stamp coverage in several U.S. states.
Larger rival Dollar Tree Inc (DLTR.O) also reported lower-than-expected sales, sending its shares down 8.3 percent.
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