Earnings releases issued Thursday from both stores revealed increases for the quarter ending in late July - with Dollar Tree growing 4.9 percent, and Dollar General rising a similar 4.6 percent.
The revelation reinforces the notion that discount stores tend to perform well amid economic turmoil - as appeared in the early months of the COVID-19 pandemic as well as the 2008 financial crisis - as cash-strapped consumers pursue cheaper alternatives to ease the burden being put on their wallets.
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After the release of the upbeat earnings, the CEOs of both companies issued announcements praising their company's recent success despite the nation's sky-high inflation rate, which at the moment sits at 8.52 percent 18 months into Joe Biden's presidency.
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That's slightly down from what was recorded in June, when the rate rocketed to a whopping 9.1 percent - the highest witnessed in 42 years.
It comes as prominent retailers including Walmart Inc. and Target Corp. in recent weeks have stressed that consumers are pulling back on discretionary spending, and rathter giving priority to food and fuel amid rising prices.
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"We are pleased with our second quarter results, and I want to thank our associates for delivering another quarter of strong performance during a period of inflation and economic uncertainty," Dollar General CEO Todd Vasos announced in a press release.
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The executive continued that shoppers were visiting the chain's more than 18,400 stores in record numbers - with the vast majority of them spending more on consumables like food, yet less on apparel, seasonal goods, and home products.
Vasos, a retail legend who assumed control of the company in 2015 after years of building up the company as a division president and later its COO, continued that he expects this growth to proceed as inflation rates remain unusually high.
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Looking forward to the remainder of the fiscal year, the head of the US' most popular dollar store said he expects same-store growth of somewhere between 4.0 percent to 4.5 percent - a while percent higher than its previous expectation range.
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"During the quarter, we also made significant progress advancing our operating priorities and strategic initiatives, further enhancing our unique value and convenience proposition," Vasos wrote in the release.
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The chain's biggest competitor, Dollar Tree, announced it further expects to see a mid-single-digit increase in comparable store sales increase over the full fiscal year, despite decreasing its full-year profit forecast Thursday, blaming price cuts at its 7,871 stores throughout the nation.
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