09:13 AM EDT, 09/04/2024 (MT Newswires) -- Consumer stocks were leaning lower pre-bell Wednesday as the Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.1% and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) recently fell by 0.4%.

Dollar Tree ( DLTR ) shares declined by over 12% after the company reported fiscal Q2 adjusted earnings of $0.67 per diluted share, down from $0.91 a year earlier. The company also lowered its fiscal year outlook for adjusted earnings per share and net sales.

Hormel Foods ( HRL ) shares were down more than 9% after the company reported lower fiscal Q3 adjusted earnings and net sales. The company also narrowed its fiscal year 2024 guidance for adjusted earnings per share and lowered its revenue outlook.

Dick's Sporting Goods (DKS) shares were 0.6% lower even after it reported higher fiscal Q2 non-GAAP earnings and net sales.