Dollar Tree and Dollar General Stocks Beat Nvidia This Year

Two retail chains with no ties to the biggest stock-market drivers — not AI, not big tech, and not crypto — are currently delivering some of the strongest gains on Wall Street. Their success says more about the U.S. economy than any rally in Silicon Valley.

Dollar Tree and Dollar General, both built around low-price shopping essentials, have seen their stock prices surge roughly 55% and 65% this year. Nvidia, one of the market’s top tech gainers, is up about 35% by comparison.

The latest earnings reports from the two discounters reveal why: more Americans are turning toward cheaper stores as everyday expenses stay high.

Dollar General reported a 2.5% increase in same-store sales for the third quarter. Dollar Tree posted a 4.2% rise. Meanwhile, several mainstream retailers are struggling — Target most recently reported a 3.8% decline in same-store sales.

Dollar Tree also added 3 million new customers, lifting its total shopper count to around 100 million. The majority of these new visitors come from households earning above $100,000 a year — a major shift for a chain historically driven by lower-income traffic.

Company leaders say the pattern is unmistakable:

• Higher-income families are trading down to stretch their budgets
• Lower-income families are relying on discount stores at record levels
• Spending by lower-income customers is rising faster than higher-income groups

Dollar General sees similar behavior. More shoppers are walking through the doors, but they are buying fewer items per trip — a classic sign of budget strain.

These trends aren’t likely to reverse anytime soon. Food, rent, healthcare, and basic necessities continue to cost more, even as the top of the economy looks strong on paper. Stock portfolios and home prices may be lifting wealthier households, but confidence among most consumers remains weak.

Discount chains have become a clear indicator of the pressure many Americans feel. Their stock momentum reflects that reality — and suggests this shift in spending is far from temporary.

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