Luxury brands face new competition from discount stores as Dollar General reports 2.5% increase in same-store sales and customer traffic. High inflation at 3% in September due to rising grocery, shelter, and electricity costs. Dollar General’s revenue rose 4.6% to $10.6 billion, with net profit climbing 44% to $283 million.

Dollar Tree CEO reports 4.2% increase in same-store sales, adding 3 million new households to its customer base, 60% with annual incomes over $100,000. Dollar General shares surge 14%, Dollar Tree rises 2.9%. Dollar General raises projected annual earnings per share and same-store yearly sales outlook.

Dollar stores attract higher-income customers as affordability concerns rise. Dollar General and Dollar Tree see significant growth in sales and customer base from higher-income households. Dollar General’s revenue and net profit increase, while Dollar Tree reports a rise in same-store sales and new customer households.

Read more at Yahoo Finance: Dollar Stores Increasingly Make Sense for Crunched Consumers