Witynski said customers are “feeling pressured like they never have before,” and amidst inflation, “our consumers are relying on our stores to meet their budget goals.”
Dollar Tree’s revenue was $6.8 billion — 7% increase — while its net profit grew by 27%.
Wealthier consumers are not only turning to dollar stores to find lower-cost alternatives as inflation dramatically affect Americans’ budgets. Applebee’s and IHOP both saw an increase of wealthier customers who usually dine at expensive restaurants. Chipotle, too, saw a rise in sales among its higher-income customers — a majority of its customer base, and Walmart has attributed 75% of recent market-share gains to customers with household incomes of $100,000 or more.
