Goldman Sachs cites ‘improving discretionary cash flow’ outlook for lower- and middle-income consumers next year
Shares of discount chain Dollar Tree Inc. DLTR, +4.61% are down 17.9% so far this year, amid concerns about still-cautious consumer spending, competition from online discounters abroad, and the possibility the company might have to spend more to attract workers and cut prices to compete.
Shares of Dollar Tree rallied 4.5% in afternoon trading. The move higher put the stock on pace for its largest percentage increase since Nov. 10. And they said sales momentum could endure, thanks to the roughly 5 million new customers the company attracted over the past year. Around half of those customers have household incomes over $125,000, the analysts said, adding that they visit an average of five times following their first trip.
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