(Reuters) -Discount store operator Dollar Tree ( DLTR ) cut annual forecasts on Wednesday, as it struggled to lure in price-sensitive shoppers for its more profitable higher-margin goods amid sticky inflation, sending shares down about 9% in premarket trading.

Peer Dollar General also cut its annual forecasts after its quarterly sales came below expectations, signaling strained spending from lower-income customers as well as value-seeking behavior from middle and higher-income households.

Dollar stores have struggled to attract shoppers as bigger rivals such as Walmart ( WMT ), Target ( TGT ) and PDD Holding's ecommerce platform Temu compete for customers.

Chesapeake, Virginia-based Dollar Tree ( DLTR ) expects annual sales between $30.6 billion and $30.9 billion, compared with its prior forecast range of $31 billion to $32 billion.

The company sees annual adjusted earnings per share in the range of $5.20 to $5.60, compared with its prior forecast range of $6.50 to $7 per share.