<p><strong>達樂</strong>(DG 2.52%) 近年來在股市上表現不佳，因為該公司失去了市場份額給 <strong>沃爾瑪</strong>，並在消費可自由支配支出疲軟的環境中掙扎。在過去三年中，達樂的股價下跌了 63%，而大盤則大幅上漲。</p>
<p>然而，有跡象表明達樂已經觸底。2024 年對這家折扣零售商來説無疑是艱難的一年，運營收入因經濟挑戰、增加的降價、庫存損失增加以及銷售組合的不利變化而在 2024 年暴跌 30%，降至 17 億美元。</p>
<p>上週該公司的第四季度財報總體上令人失望，嚴重低於預期的淨利潤估計，其每股收益（EPS）指引也低於市場共識。</p>
<p>儘管如此，股價在財報發佈後實際上上漲了 7%，因為該 EPS 指引仍然預示着今年的增長，公司提供的長期指引讓投資者對公司恢復穩定增長充滿信心。</p>
<p>此外，達樂似乎在最近的市場修正中逆勢而上，儘管 <strong>標準普爾 500 指數</strong> 下跌了大約 10%，但該股在過去一個月中實際上上漲了 9%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE3MTIvc3RvcmUtYWlzbGUtNS1iZWxvdy1kb2xsYXItZ2VuZXJhbC1kb2xsYXItdHJlZS0xMjAxeDc3NS02YWQwOWI0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE3MTIvc3RvcmUtYWlzbGUtNS1iZWxvdy1kb2xsYXItZ2VuZXJhbC1kb2xsYXItdHJlZS0xMjAxeDc3NS02YWQwOWI0LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>達樂的轉型計劃</h2>
<p>該零售商已經宣佈了其 “迴歸基礎” 計劃，重點改善缺貨情況，確保結賬區域有足夠的員工，並通過關閉一些臨時存儲設施來簡化供應鏈。</p>
<p>在其第四季度財報中，達樂還分享了一項新的房地產優化計劃，表示計劃關閉 96 家達樂門店和 45 家 Popshelf 門店（其家居用品子品牌），並在關閉中計提 2.32 億美元的費用。</p>
<p>儘管這聽起來像是公司的一個挫折，但關閉表現不佳的門店應該會使基礎業務更具盈利能力，而達樂仍計劃積極開設新店。2025 年，它計劃在美國開設 575 家新店，在墨西哥開設 15 家新店，並對 4250 家門店進行改造，其中 2250 家在其提升項目下進行，該項目旨在提升客户體驗，但並不是全面改造。</p>
<p>該公司還提供了長期指引，表示未來五年同店銷售將每年增長 2% 至 3%，並從明年開始每年增加 10% 的每股收益（EPS）。它還設想到 2028 年至 2029 年恢復 6% 至 7% 的調整後運營利潤率。</p>
<p>如果達樂能夠實現這些數字，那麼該股看起來將是一個輕鬆的贏家，因為目前該公司的市盈率為 16，遠低於 <strong>標準普爾 500 指數</strong>。</p>
<h2>投資者需要耐心</h2>
<p>儘管有恢復計劃，但宏觀經濟環境依然充滿挑戰，管理層表示今年不預期宏觀經濟環境會有所改善，“特別是對於我們的核心客户。”</p>
<p>達樂確實面臨挑戰，但該公司在提供穩定增長方面有着長期的良好記錄，並在小型折扣零售領域佔據主導地位。該公司是美國最大的零售品牌，擁有超過 20,000 家門店，這再次證明了其成功。</p>
<p>總體而言，達樂是一家經過驗證的零售領導者，目前的交易價格低於標準普爾 500 指數，其業績已經開始好轉，指引顯示 2025 年盈利增長的預期。在估值壓縮、投資者擔心貿易戰加劇的時刻，達樂專注於食品等必需品以及其穩定的增長計劃，應該使其在未來五年內成為市場的贏家。</p>

達樂

<p>達樂（Dollar General，DG）近年來面臨困境，股價下跌了 63%，但復甦的跡象正在顯現。儘管 2024 年面臨挑戰，股價在一份令人失望的財報發佈後上漲了 7%，這表明投資者信心回升。公司計劃關閉表現不佳的門店，同時在 2025 年開設 575 家新店，並目標實現每年 2-3% 的同店銷售增長和 10% 的每股收益增長。當前達樂的市盈率為 16，定位為潛在的市場領跑者，專注於經濟挑戰中的必需品</p>

<p><strong>Dollar General</strong>(DG 2.52%) has been a laggard on the stock market in recent years as the company has lost market share to <strong>Walmart</strong> and struggled in an environment with weak consumer discretionary spending. Over the last three years, Dollar General's stock is down 63% while the broad market has surged.</p>
<div class="lb-trans"><p><strong>達樂</strong>(DG 2.52%) 近年來在股市上表現不佳，因為該公司失去了市場份額給 <strong>沃爾瑪</strong>，並在消費可自由支配支出疲軟的環境中掙扎。在過去三年中，達樂的股價下跌了 63%，而大盤則大幅上漲。</p>
</div><p>However, there are signs that Dollar General has hit rock bottom. 2024 was no doubt a rough year for the discount retailer as operating income plunged 30% in 2024 to $1.7 billion due to the economic challenges as well as increased markdowns, increased inventory damage, and an unfavorable shift in sales mix.</p>
<div class="lb-trans"><p>然而，有跡象表明達樂已經觸底。2024 年對這家折扣零售商來説無疑是艱難的一年，運營收入因經濟挑戰、增加的降價、庫存損失增加以及銷售組合的不利變化而在 2024 年暴跌 30%，降至 17 億美元。</p>
</div><p>The company's fourth-quarter earnings report last week was generally dismal as it badly missed bottom-line estimates, and its earnings-per-share (EPS) guidance was also below the consensus.</p>
<div class="lb-trans"><p>上週該公司的第四季度財報總體上令人失望，嚴重低於預期的淨利潤估計，其每股收益（EPS）指引也低於市場共識。</p>
</div><p>In spite of that, the stock actually jumped 7% on the report as that EPS guidance still called for growth this year, and the company offered longer-term guidance that gave investors confidence that the company would return to steady growth.</p>
<div class="lb-trans"><p>儘管如此，股價在財報發佈後實際上上漲了 7%，因為該 EPS 指引仍然預示着今年的增長，公司提供的長期指引讓投資者對公司恢復穩定增長充滿信心。</p>
</div><p>Additionally, Dollar General seems to have bucked the broader stock market sell-off during the recent correction as the stock is actually up 9% over the last month even as the <strong>S&amp;P 500</strong> is down roughly 10%.</p>
<div class="lb-trans"><p>此外，達樂似乎在最近的市場修正中逆勢而上，儘管 <strong>標準普爾 500 指數</strong> 下跌了大約 10%，但該股在過去一個月中實際上上漲了 9%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE3MTIvc3RvcmUtYWlzbGUtNS1iZWxvdy1kb2xsYXItZ2VuZXJhbC1kb2xsYXItdHJlZS0xMjAxeDc3NS02YWQwOWI0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F811712%2Fstore-aisle-5-below-dollar-general-dollar-tree-1201x775-6ad09b4.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Dollar General's turnaround plan</h2>
<div class="lb-trans"><h2>達樂的轉型計劃</h2>
</div><p>The retailer had already announced its &#34;Back to Basics&#34; plan, which includes a focus on improving out-of-stocks, making sure the checkout area is adequately staffed, and streamlining its supply chain by closing some temporary storage facilities.</p>
<div class="lb-trans"><p>該零售商已經宣佈了其 “迴歸基礎” 計劃，重點改善缺貨情況，確保結賬區域有足夠的員工，並通過關閉一些臨時存儲設施來簡化供應鏈。</p>
</div><p>In its Q4 earnings report, Dollar General also shared a new real estate optimization plan, saying it planned to close 96 Dollar General stores and 45 Popshelf stores (its home goods sub brand), taking a charge of $232 million on the closures.</p>
<div class="lb-trans"><p>在其第四季度財報中，達樂還分享了一項新的房地產優化計劃，表示計劃關閉 96 家達樂門店和 45 家 Popshelf 門店（其家居用品子品牌），並在關閉中計提 2.32 億美元的費用。</p>
</div><p>Though that may sound like a setback for the company, closing underperforming stores should make the underlying business more profitable, and Dollar General still plans to aggressively open new stores. In 2025 it plans to open 575 new stores in the U.S. and 15 stores in Mexico in addition to remodeling 4,250 stores, including 2,250 under its Project Elevate program, which is designed to enhance the customer experience but is not a full remodel.</p>
<div class="lb-trans"><p>儘管這聽起來像是公司的一個挫折，但關閉表現不佳的門店應該會使基礎業務更具盈利能力，而達樂仍計劃積極開設新店。2025 年，它計劃在美國開設 575 家新店，在墨西哥開設 15 家新店，並對 4250 家門店進行改造，其中 2250 家在其提升項目下進行，該項目旨在提升客户體驗，但並不是全面改造。</p>
</div><p>The company also gave long-term guidance, saying it would grow same-store sales by 2% to 3% annually over the next five years and increase EPS by 10% annually starting next year. It also envisions returning to an adjusted operating margin of 6% to 7% by 2028 to 2029.</p>
<div class="lb-trans"><p>該公司還提供了長期指引，表示未來五年同店銷售將每年增長 2% 至 3%，並從明年開始每年增加 10% 的每股收益（EPS）。它還設想到 2028 年至 2029 年恢復 6% 至 7% 的調整後運營利潤率。</p>
</div><p>If Dollar General can hit those numbers, the stock looks like an easy winner from here as the company trades at a price-to-earnings ratio of 16 currently, a substantial discount to the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>如果達樂能夠實現這些數字，那麼該股看起來將是一個輕鬆的贏家，因為目前該公司的市盈率為 16，遠低於 <strong>標準普爾 500 指數</strong>。</p>
</div><h2>Investors will have to be patient</h2>
<div class="lb-trans"><h2>投資者需要耐心</h2>
</div><p>Despite the recovery plan, the macroeconomic landscape remains challenging, and management said it was not anticipating any improvement in the macroeconomic environment this year, &#34;particularly for our core customer.&#34;</p>
<div class="lb-trans"><p>儘管有恢復計劃，但宏觀經濟環境依然充滿挑戰，管理層表示今年不預期宏觀經濟環境會有所改善，“特別是對於我們的核心客户。”</p>
</div><p>Dollar General does face challenges, but the company has a long-term track record of delivering steady growth and dominates its niche in small-footprint discount retail. The company is the country's largest retail banner with more than 20,000 stores in the U.S., another testament to its success.</p>
<div class="lb-trans"><p>達樂確實面臨挑戰，但該公司在提供穩定增長方面有着長期的良好記錄，並在小型折扣零售領域佔據主導地位。該公司是美國最大的零售品牌，擁有超過 20,000 家門店，這再次證明了其成功。</p>
</div><p>Overall, Dollar General is a proven retail leader that's trading at a discount to the S&amp;P 500, and its performance is already turning around as its guidance calling for 2025 earnings growth indicates. At a time when valuations are compressing, and investors are worried about an intensifying trade war, Dollar General's focus on necessities like groceries and its steady growth plan should make it a market-beater over the next five years.</p>
<div class="lb-trans"><p>總體而言，達樂是一家經過驗證的零售領導者，目前的交易價格低於標準普爾 500 指數，其業績已經開始好轉，指引顯示 2025 年盈利增長的預期。在估值壓縮、投資者擔心貿易戰加劇的時刻，達樂專注於食品等必需品以及其穩定的增長計劃，應該使其在未來五年內成為市場的贏家。</p>
</div>

預測：達樂將跑贏市場。以下是原因