The top two U.S. dollar store chains reported better-than-expected quarterly sales and profit on Thursday, benefiting from a surge in demand for affordable groceries and household essentials amid the COVID-19 pandemic.
) were allowed to stay open while much of the United States remained shut under coronavirus lockdown measures, and the companies saw a rush in panic buying in late March and early April.
Dollar General, which reported its biggest rise in quarterly sales in at least 14 years on Thursday, said demand in stores has remained elevated but has become more volatile in recent days. Still, that was ahead of analysts’ expectations of $6.14 billion, which sent Dollar Tree’s share up over 7% before the opening bell.
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