Why Dollar General Corporation (DG) Skyrocketed On Tuesday

We recently published a list of 10 Stocks Leaving Wall Street in The Dust. In this article, we are going to take a look at where Dollar General Corporation (NYSE:DG)stands against other Tuesday’s best performers.

Dollar General grew its share prices by 15.85 percent on Tuesday to finish at $112.57 apiece as investors cheered the company’s increasing number of middle- and high-income household customers.

Dollar General Corporation (NYSE:DG), which mostly targets the low-income class, said Tuesday that it is now seeing an increasing number of middle- and high-income households checking out its offerings, a trend that it didn’t experience for years.

According to its CEO, Todd Vasos, the low-income shoppers, however, remain financially stressed.

Based on its own study, Vasos said that one fourth of its surveyed customers reported having less income than a year earlier, while 60 percent said that they “felt the need to sacrifice some necessities in the coming year.”

In the first quarter of the year, Dollar General Corporation (NYSE:DG) netted $391.9 million, higher by 7.87 percent than the $363 million registered in the same period last year.

Net sales also grew by 5 percent to $10.4 million from $9.9 million year-on-year.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.