<p><strong>标准普尔 500 指数</strong>（SNPINDEX: ^GSPC）在 2025 年基本上没有什么变化，但其过程却相当引人注目。然而，市场的调整似乎对 <strong>达乐</strong>（DG 0.59%）的股价没有影响，在标准普尔 500 指数下跌时，达乐的股价却上涨。截至本文撰写时，达乐的股价上涨了约 15%，而市场则保持平稳。</p>
<p>在你急于购买表现优异的达乐股票之前，你需要了解这个被忽视的 “增长” 故事。</p>
<h2>达乐是做什么的？</h2>
<p>从大局来看，达乐是一家零售商。但它专注于以低价销售产品。此外，它的目标是那些被大型零售商（尤其是像 <strong>沃尔玛</strong> 和 <strong>塔吉特</strong> 这样的超市）服务不足的低收入市场。其目标是为消费者提供便利和低价的产品组合。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2MDEvMjJfMDJfMDctYS1zbWFsbC1jaGlsZC1zaXR0aW5nLWluLWEtcGlsZS1vZi10b2lsZXQtcGFwZXItX2dldHR5aW1hZ2VzLTEwNzAwNDE1MzQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2MDEvMjJfMDJfMDctYS1zbWFsbC1jaGlsZC1zaXR0aW5nLWluLWEtcGlsZS1vZi10b2lsZXQtcGFwZXItX2dldHR5aW1hZ2VzLTEwNzAwNDE1MzQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>也就是说，投资者需要理解，低价位并不一定意味着低价格。例如，在达乐，一卷卫生纸的价格很低。但在大型超市购买的超大包装卫生纸每卷可能实际上是更便宜的选择。达乐主要针对那些无法负担超大包装、或不想额外前往大型超市的顾客，或者两者兼而有之。</p>
<p>目前，达乐的商业模式在华尔街受到青睐。这是因为其低价位模式在经济疲软时期表现相对良好。由于地缘政治和关税问题，人们对美国经济在 2025 年可能陷入衰退表示担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fe8ca6441c6d686017d99020870c1931.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fe8ca6441c6d686017d99020870c1931.png"/></p>
<p>SPY 数据来源于 YCharts</p>
<h2>达乐是如何赚取最多利润的？</h2>
<p>在许多方面，投资者对达乐的兴趣是可以理解的。其核心的低收入顾客可能会继续在店内购物，而高收入顾客可能会因经济担忧而选择降级消费。但深入挖掘达乐的业务时，会发现一个有趣的故事。</p>
<p>达乐销售的核心产品实际上是消费品——如个人卫生产品、纸制品和食品。在 2024 年，这一类别占销售额的 82.2%。其余销售来自季节性商品、家居产品和服装，分别占 10%、5.1% 和 2.7%。这三类产品对达乐的利润至关重要，因为它们的利润率高于其销售的消费品。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9e133696da3a82f1fad2746726582693.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9e133696da3a82f1fad2746726582693.png"/></p>
<p>DG 数据来源于 YCharts</p>
<p>这就是 “增长” 问题出现的地方。消费品在销售额中的比例从 2022 年的 79.7% 上升到目前的 82.2%。而其他三类高利润类别在此期间均稳步下降。</p>
<p>这看似是一个小变化，但零售商往往在非常紧张的利润率中生存。对于以低价位模式向低收入顾客销售的零售商来说，这一点尤其如此。达乐的消费品销售在增长，但因此，其利润率却在下降。股价也随之波动，正如图表所示。</p>
<h2>达乐正在进行转型</h2>
<p>在经济不确定时期，投资者将达乐视为避风港投资，这一点是有道理的。然而，随着公司努力扭转业务，背后还有更深层次的问题。它正在削减成本，专注于调整产品组合，并升级门店，所有这些都是为了改善业绩。</p>
<p>这对合适的投资者来说是一个长期投资机会。但如果你仅仅因为认为达乐在衰退中表现良好而持有其股票，你可能会错过潜在的 “增长” 故事（低利润产品销售的增加），这实际上对业务构成了阻力。</p>

达乐

塔吉特

开市客

克罗格

<p>尽管标准普尔 500 指数持平，达乐的股票仍上涨了 15%，吸引了投资者的关注，因为其低价模式针对的是服务不足的市场。然而，该公司的销售越来越依赖于利润率较低的消费品，这些产品现在占销售额的 82.2%，导致利润率下降。虽然在经济不确定性中被视为安全投资，达乐正面临挑战，并正在通过削减成本和升级门店来进行转型。投资者应保持谨慎，因为增长故事可能并不像看起来那么乐观</p>

<p>The <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) has basically gone nowhere so far in 2025, but it has done it in an exciting way. The market's correction, however, didn't seem to have an impact on <strong>Dollar General</strong>(DG 0.59%) shares, which rose while the S&amp;P 500 index was falling. At the time of this writing, Dollar General is up around 15% while the market is flat.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong>（SNPINDEX: ^GSPC）在 2025 年基本上没有什么变化，但其过程却相当引人注目。然而，市场的调整似乎对 <strong>达乐</strong>（DG 0.59%）的股价没有影响，在标准普尔 500 指数下跌时，达乐的股价却上涨。截至本文撰写时，达乐的股价上涨了约 15%，而市场则保持平稳。</p>
</div><p>Before you rush out and buy outperforming Dollar General stock, you need to understand this one overlooked &#34;growth&#34; story.</p>
<div class="lb-trans"><p>在你急于购买表现优异的达乐股票之前，你需要了解这个被忽视的 “增长” 故事。</p>
</div><h2>What does Dollar General do?</h2>
<div class="lb-trans"><h2>达乐是做什么的？</h2>
</div><p>Dollar General is, from a big-picture perspective, a retailer. But it is focused on selling products at low price points. Further, it targets less affluent markets that are underserved by larger retailers, notably big-box stores like <strong>Walmart</strong> and <strong>Target</strong>. The goal is to provide a mix of convenience and low price points for consumers.</p>
<div class="lb-trans"><p>从大局来看，达乐是一家零售商。但它专注于以低价销售产品。此外，它的目标是那些被大型零售商（尤其是像 <strong>沃尔玛</strong> 和 <strong>塔吉特</strong> 这样的超市）服务不足的低收入市场。其目标是为消费者提供便利和低价的产品组合。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2MDEvMjJfMDJfMDctYS1zbWFsbC1jaGlsZC1zaXR0aW5nLWluLWEtcGlsZS1vZi10b2lsZXQtcGFwZXItX2dldHR5aW1hZ2VzLTEwNzAwNDE1MzQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818601%2F22_02_07-a-small-child-sitting-in-a-pile-of-toilet-paper-_gettyimages-1070041534.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>That said, it is important for investors to understand that low price points don't necessarily mean low prices. For example, at Dollar General, a person can buy a roll of toilet paper for a low price point. But each roll of toilet paper in a mega-pack from a big-box store might actually end up being a cheaper alternative. Dollar General is basically targeting customers who either can't afford the mega-pack, don't want to travel the extra distance to a big-box store, or both.</p>
<div class="lb-trans"><p>也就是说，投资者需要理解，低价位并不一定意味着低价格。例如，在达乐，一卷卫生纸的价格很低。但在大型超市购买的超大包装卫生纸每卷可能实际上是更便宜的选择。达乐主要针对那些无法负担超大包装、或不想额外前往大型超市的顾客，或者两者兼而有之。</p>
</div><p>Right now, Dollar General's business model is in favor on Wall Street. That's because its low price point model tends to do relatively well during periods of economic weakness. There have been concerns that the U.S. economy could fall into a recession in 2025 thanks to geopolitical and tariff issues.</p>
<div class="lb-trans"><p>目前，达乐的商业模式在华尔街受到青睐。这是因为其低价位模式在经济疲软时期表现相对良好。由于地缘政治和关税问题，人们对美国经济在 2025 年可能陷入衰退表示担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fe8ca6441c6d686017d99020870c1931.png" alt="" original-src="https://media.ycharts.com/charts/fe8ca6441c6d686017d99020870c1931.png"/></p>
<p>SPY data by YCharts</p>
<div class="lb-trans"><p>SPY 数据来源于 YCharts</p>
</div><h2>How does Dollar General make the most money?</h2>
<div class="lb-trans"><h2>达乐是如何赚取最多利润的？</h2>
</div><p>In many ways, it is understandable that investors would be interested in Dollar General right now. Its core lower-income customers will likely need to continue shopping at the store, while higher-income customers might trade down in the face of economic concerns. But there's an interesting story when you dig a bit deeper into Dollar General's business.</p>
<div class="lb-trans"><p>在许多方面，投资者对达乐的兴趣是可以理解的。其核心的低收入顾客可能会继续在店内购物，而高收入顾客可能会因经济担忧而选择降级消费。但深入挖掘达乐的业务时，会发现一个有趣的故事。</p>
</div><p>The core of what Dollar General sells are, effectively, consumer staples items -- things like personal hygiene products, paper products, and food. In 2024, this category accounted for 82.2% of sales. The rest of sales came from seasonal goods, home products, and clothing, which accounted for 10%, 5.1%, and 2.7% of sales, respectively. This trio of categories is vitally important to Dollar General's bottom line because they have higher margins than the consumer staples products it sells.</p>
<div class="lb-trans"><p>达乐销售的核心产品实际上是消费品——如个人卫生产品、纸制品和食品。在 2024 年，这一类别占销售额的 82.2%。其余销售来自季节性商品、家居产品和服装，分别占 10%、5.1% 和 2.7%。这三类产品对达乐的利润至关重要，因为它们的利润率高于其销售的消费品。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9e133696da3a82f1fad2746726582693.png" alt="" original-src="https://media.ycharts.com/charts/9e133696da3a82f1fad2746726582693.png"/></p>
<p>DG data by YCharts</p>
<div class="lb-trans"><p>DG 数据来源于 YCharts</p>
</div><p>This is where the &#34;growth&#34; problem comes in. Consumer staples as a percentage of sales has increased from 79.7% in 2022 to the current level of 82.2%. The other three higher-margin categories have all fallen steadily over that time.</p>
<div class="lb-trans"><p>这就是 “增长” 问题出现的地方。消费品在销售额中的比例从 2022 年的 79.7% 上升到目前的 82.2%。而其他三类高利润类别在此期间均稳步下降。</p>
</div><p>This may seem like a small change, but retailers often live on very tight margins. And that's particularly true for a retailer selling to lower-income customers with a low-price point model. Dollar General's consumer staples sales have been growing, but because of this, its profit margins have been falling. The stock has followed along for the ride, as the chart highlights.</p>
<div class="lb-trans"><p>这看似是一个小变化，但零售商往往在非常紧张的利润率中生存。对于以低价位模式向低收入顾客销售的零售商来说，这一点尤其如此。达乐的消费品销售在增长，但因此，其利润率却在下降。股价也随之波动，正如图表所示。</p>
</div><h2>Dollar General is working on a turnaround</h2>
<div class="lb-trans"><h2>达乐正在进行转型</h2>
</div><p>Investors have turned to Dollar General as a safe-haven investment in a time of economic uncertainty, which makes sense. However, there are deeper issues here, as the company looks to turn its business around. It is cutting costs, focusing on adjusting its product mix, and upgrading its stores, all in an effort to improve performance.</p>
<div class="lb-trans"><p>在经济不确定时期，投资者将达乐视为避风港投资，这一点是有道理的。然而，随着公司努力扭转业务，背后还有更深层次的问题。它正在削减成本，专注于调整产品组合，并升级门店，所有这些都是为了改善业绩。</p>
</div><p>This is a long-term investment opportunity for the right kind of investor. But if you only own Dollar General because you think it will perform well in a recession, you might be missing the underlying &#34;growth&#34; story (increasing sales of lower-margin products) that is actually acting as a business headwind.</p>
<div class="lb-trans"><p>这对合适的投资者来说是一个长期投资机会。但如果你仅仅因为认为达乐在衰退中表现良好而持有其股票，你可能会错过潜在的 “增长” 故事（低利润产品销售的增加），这实际上对业务构成了阻力。</p>
</div>

达乐股价正在上涨，但投资者是否忽视了这个关键的增长故事？