Dollar General reports sales bump as higher-income Americans flock to chain

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleThe company’s $1 price point for certain items has been a ‘real savior’ for the company’s core customers, Vasos said (Getty Images)Dollar General reported a 3.4 percent increase in sales in its first quarter year-on-year as higher-income shoppers flock to the discount chain. CEO Todd Vasos noted that consumers earning $100,000 or more are increasingly choosing Dollar General to save money. “We’re seeing … that $100,000-plus cohort that’s trading in,” Vasos said. “When [the gas] price hits that $4 mark and then crosses it and then sustains for a while, you start to see that trade-in come in and you start to see that our core customer needs us most. It's exactly what's happening.”The company's $1 price point for certain items has been a significant factor in supporting its core customer base. The sales growth occurred as inflation reached a three-year high of 3.8 percent in April, leading consumers to seek out discount retailers. In fullDollar General’s sales spike as ‘$100,000-plus cohort’ hit the value store due to soaring pricesThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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