Dollar General Corp reported better-than-expected quarterly results, as the discount retailer benefited from higher demand for cheaper groceries and household items during the coronavirus-induced economic downturn.
High unemployment and falling household income this year have boosted demand for lower-priced cereals, vegetables and other essentials, lifting sales at dollar stores.
Dollar General said same-store sales rose about 14% between 31 October and 1 December.
Net income rose to $574.26 million, or $2.31 cents per share, in the third quarter ended 30 October, from $365.55 million, or $1.42 cents per share, a year earlier.
Analysts on average were expecting a profit of $2.00 per share, Refinitiv IBES data showed.
Net sales rose to $8.20 billion, beating estimates of $8.15 billion.
