低价折扣商，拥有1.8万家店，23年Q3保持了良好的增长，营收+11.1%，利润+8.4%,毛利率30.5%，净利率5.6%。似乎低收入者消费更具韧性。开始拓展新业态——POPSHELF，面向中等收入群体。收入增长来自于单店收入及店铺数量的扩张。在过去的衰退期间表现良好。
股价表现：246.88元，历史高点附近。市值550亿。市盈率24倍。22年涨幅5.6%，表现优于标普500的-18%及其他零售商。
Q3业绩和一致预期相比。
About 18,800 stores in 47 states
Carries many everyday items, such as food, cleaning supplies and paper products
A mix of price points, with about 20% of items for $1 or less
About 75% of stores are in small towns or rural areas with 20,000 people or less
Core customers have an annual household income of $40,000 or less
POPSHELF
About 100 stores in nine states
Carries mix of home goods, seasonal decor, party supplies, crafts and toys
Most items for $5 or less
Suburban locations
Draws shoppers with a household annual income from $50,000 to $125,000
Discounters and off-price brands have led the way with store expansion in recent years. Dollar General is the fastest-growing retailer in the country by store count, according to Coresight Research, a retail-focused advisory firm. Its namesake banner has grown at a rapid clip, too. The company plans to open about 1,050 new stores in the U.S. in the coming fiscal year — including the Popshelf locations.
历史表现良好
Dollar General has historically performed well in economic downturns. It posted same-store sales gains during every quarter of the Great Recession in the late 2000s. On the other hand, Target, Macy’s, Nordstrom and Kohl’s were among the retailers with seven or eight quarters of negative same-store sales in that period.
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