Dollar General set a quarterly sales record of $10.44 billion and it upgraded its annual profit and sales outlook as Americans tighten their budgets and spend more at dollar stores and off-price retailers amid economic uncertainty
ByMICHELLE CHAPMAN AP business writer
Dollar General set a quarterly sales record of $10.44 billion and upgraded its annual profit and sales outlook as Americans tighten their budgets and spend more at bargain stores and off-price retailers amid economic uncertainty.
The U.S. economy shrank at a 0.2% annual pace from January through March, the first drop in three years, as President Donald Trump’s trade wars dented spending by businesses. Consumer spending slowed sharply.
For the period ended May 2, Dollar General’s sales climbed 5% to $10.44 billion from $9.91 billion. That’s better than the $10.29 billion that Wall Street was expecting, according to a poll by Zacks Investment Research.
Sales at stores open at least a year, a key indicator of a retailer’s health, increased 2.4%.
Customer traffic dipped 0.3%, but the average transaction amount rose 2.7%.
Shares jumped more than 10% before the opening bell Tuesday and shares of rival Dollar Tree, which reports its quarterly perform
