两天前的傍晚，母亲、儿子和我在宾夕法尼亚州北部的Coudersport小镇落脚，住进了一家红色木屋旅馆。 门前是大片的草地，屋后是风吹松影的小山坡和一条安静的小溪。房东提供的资料上说，这几座聚集于此的小木屋修建于1930年代，1980年代重新修缮过 两次，使它更适应现代居住条件。 山里夜晚太静，天还没黑下来，街上的店铺早已打烊，唯一还在营业的，是几百米外的一家Dollar General，亮黄色的招牌分外显眼。 一路上，我都有个疑问：为什么是人们口中的"穷鬼超市"之一Dollar General、而不是别的品牌，似乎成了美国最深入腹地的杂货店之一？ 从北卡出发，穿越弗吉尼亚、西弗吉尼亚、宾州到纽约，是一条典型的阿巴拉契亚山系和锈带（Rust Belt）腹地线。这些地区是被主流零售系统遗忘的地 方，在这里，它不再是"廉价"的代名词，而是"底线"的化身。撑起了人们日常的最基本需要。 我跟儿子说，感觉Dollar General之于美国，有点类似红旗超市之于四川省我实在想不出有什么超市品牌可以占领中国全境，因此只能缩小到熟悉的一省。 为什么它一直在那里 这其实已经不是这趟旅行途中第一次看到Dollar Genera ...

Core Viewpoint - Dollar General has experienced a significant stock rally following its fiscal first-quarter earnings report, with a 50% increase in 2025, despite previous struggles due to inflation affecting its lower-income consumer base [1]. Financial Performance - The company reported a 5% year-over-year revenue increase to $10.4 billion, with earnings per share (EPS) rising 8% to $1.78, surpassing analyst expectations of $10.3 billion in revenue and adjusted EPS of $1.48 [7]. - Same-store sales increased by 2.4%, driven by higher-income consumers, despite a 0.3% decline in traffic and a 2.7% rise in average checkout tickets [4][5]. Strategic Initiatives - Dollar General plans to mitigate the impact of tariffs on gross margins by collaborating with vendors to reduce costs, relocating some manufacturing, and adjusting its product lineup, with a significant portion of purchases linked to China [3]. - The company is focusing on enhancing customer experience and merchandising, particularly in high-margin categories like seasonal items, to attract higher-income consumers [5]. Future Outlook - The company raised its full-year guidance, expecting revenue growth between 3.7% and 4.7% and same-store sales growth between 1.5% and 2.5%, an improvement from previous forecasts [9][10]. - Dollar General aims to open 575 new stores in the U.S. and up to 15 in Mexico this year [10]. Market Dynamics - The retailer is benefiting from a trade-down effect, attracting higher-income customers who are seeking value, a shift that was previously not capitalized on by dollar stores [11]. - The sustainability of this momentum depends on retaining these higher-income customers and continuing to attract new ones, supported by remodeling efforts and digital initiatives [12]. Valuation Perspective - Dollar General currently trades at a forward price-to-earnings (P/E) ratio of 20 based on fiscal year 2025 estimates, indicating that the stock is no longer considered a bargain despite recent progress [13].