DG - Highlights from meetings with Dollar General’s senior management team

研报英文原文证据摘录

DG - Highlights from meetings with Dollar General’s senior management team

Truist Securities

Equity Research Report June 24, 2026

CONSUMER: Hardlines/Broadlines Dollar General Corporation (DG)

DG - Highlights from meetings with Dollar General’s senior Scot Ciccarelli, CFA

212-319-3920 management team

Scot.Ciccarelli@truist.com

Joseph Civello What happened? – Yesterday, we hosted investor meetings with Dollar General’s senior

212-590-0968 management team including CEO Todd Vasos, CFO Donny Lau, COO Emily Taylor and the

Joseph.Civello@truist.com IR team including Kevin Walker and Marianne Denenberg.

Net/net – While Dollar General’s core lower/middle income consumer is always stretched,

Stock Rating HOLD they remain resilient and, importantly, employed. In addition, the company continues to see

Unchanged “trade-in” activity given their value & convenience offering, while 3P delivery activity has

broadened Dollar General’s appeal to higher income customers (which are their fastest

Price Target $114.00 growing cohorts). Further, the company sounds very comfortable with their competitive

Unchanged pricing and positioning and keeps gaining share against drug and grocery competitors. LSD

store growth, 2%-3% comps, moderate margin expansion and, eventually, buybacks,

should generate favorable EPS growth and total shareholder returns. We remain Hold

rated on the stock, but could become more constructive if trends continue to improve.

TR to Target 1.6%

Price (Jun. 23, 2026) $114.58 Core consumer is always stretched, but remains resilient (and most importantly,

52-Wk Range $156.24-$95.94 employed) – Dollar General’s core lower/middle income consumer is always stretched.

Market Cap ($M) $25,264 Sticky inflation and, more recently, higher gas prices have added to this pressure.