Dollar General's in-store investments help support its strong traffic trends.
Narrow-moat Dollar General's third-quarter results support its intangible assets and cost advantages, as the firm drove strong 4.3% comparable-store growth (both traffic and ticket were positive) and modest gross margin expansion (8 basis points to 29.9%), despite the competitive landscape. These results and time value of money warrant us to increase our $80 fair value estimate by a mid-single-digit percentage, but we now recommend investors wait for a better margin of safety. While we plan to r...
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