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

• 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.

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Dollar General’s sales spike as ‘$100,000-plus cohort’ hit the value store due to soaring prices