Even as coronavirus fears prompt consumers to rethink their shopping strategies, dollar-store giants Dollar Tree and Dollar General continue to win over deal seekers.
Both chains posted second-quarter earnings results on Thursday. Dollar Tree reported a 3.1% increase in year-over-year same-store sales, while subsidiary Family Dollar saw comparable sales climb 11.6%. Combined, the Virginia-based retailer’s net sales increased 9.4% to $6.28 billion. Tennessee-based Dollar General’s same-store sales also grew by 18.8%, with net sales jumping 24.4% to $8.7 billion. The dollar-store segment of the retail market has long been known to thrive during tough economic times. Dollar stores have been soaring during the pandemic to date, even eclipsing rivals in the adjacent grocery market. Dollar stores like Dollar Tree and Dollar General additionally represent “one of the few bright spots in the retail sector” in terms of customer store visits during the coronavirus, according to foot-traffic tracker Placer.ai.