Dollar General continues to be one of the fastest-growing retailers in the United States, attracting low-cost customers for snacks and household items. He is so convinced of this strategy that, as in previous years, he plans to open 1,000 new stores in 2020.
The company took better care of its customers in the last quarter and increased open store sales by at least 4.6% compared to the same period last year. This is the fastest revenue growth for Dollar General (DG) in the quarter in five years.
Earnings also increased by 11% in the quarter, and the company increased its outlook and increased its interest in its first operations to 5%. Dollar General has grown more than 50% in the past two years.
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With the opening of 1,000 new stores next year, Dollar General’s growth in this sector is almost unmatched when many traditional retailers close or close their stores. Walmart (WMT), which had been destroying new cities with large supermarkets for decades, basically stopped opening new ones. On the other hand, Dollar General enters new cities with small stores and opens in areas where it has already won.
Dollar General currently has more than 16,000 stores in the United States and primarily serves low- and middle-income customers in rural and suburban areas, while rival Dollar Tree (DLTR) serves low- and middle-income customers. Family Dollar targets low-income urban and rural clients. Dollar Tree bought Family Dollar in 2015 but had difficulty integrating the chain into the business.
Despite the strengthening of the US economy in recent years, the popularity of dollar stores has continued. The wages of many Americans have increased only marginally. Americans living on wages and salaries have been a boon to the overall dollar, and many people’s wages have risen only marginally. The chains also reached out to high-income buyers looking for discounts.
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Dollar General’s best customers earn around $ 40,000 a year.
“We are looking at where we are in the last few quarters,” dollar chief Todd Vasos said Thursday in a conversation with analysts. He still has a little more money in his pocket, he’s still pretty tall, but remember, our main customer is still a little stiff.
Gary Tree CEO Phil Philbin added last week that low-income consumers often “have a medical or auto repair bill that’s not in such good shape.”
The Trump administration has brought into practice a final rule on Wednesday that needs more food stamp recipients to work to get some predefined benefits. The new requirement restricts states’ ability to relinquish existing labor mandates at the official site and could result in the loss of 688,000 people, according to the US Department of Agriculture. USA
Dollar General said that almost 5% of its sales came from the Supplemental Nutrition Assistance Program (SNAP), the official name of the food brand program.
“We don’t see this as a significant impact next year,” CEO Vasos said Thursday. We continue to see a long-term trend toward a gradual decline in earnings over time, but our share also increased during that period.