<p><strong>標準普爾 500 指數</strong>（SNPINDEX: ^GSPC）在 2025 年基本上沒有什麼變化，但其過程卻相當引人注目。然而，市場的調整似乎對 <strong>達樂</strong>（DG 0.59%）的股價沒有影響，在標準普爾 500 指數下跌時，達樂的股價卻上漲。截至本文撰寫時，達樂的股價上漲了約 15%，而市場則保持平穩。</p>
<p>在你急於購買表現優異的達樂股票之前，你需要了解這個被忽視的 “增長” 故事。</p>
<h2>達樂是做什麼的？</h2>
<p>從大局來看，達樂是一家零售商。但它專注於以低價銷售產品。此外，它的目標是那些被大型零售商（尤其是像 <strong>沃爾瑪</strong> 和 <strong>塔吉特</strong> 這樣的超市）服務不足的低收入市場。其目標是為消費者提供便利和低價的產品組合。</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>圖片來源：Getty Images。</p>
<p>也就是説，投資者需要理解，低價位並不一定意味着低價格。例如，在達樂，一卷衞生紙的價格很低。但在大型超市購買的超大包裝衞生紙每卷可能實際上是更便宜的選擇。達樂主要針對那些無法負擔超大包裝、或不想額外前往大型超市的顧客，或者兩者兼而有之。</p>
<p>目前，達樂的商業模式在華爾街受到青睞。這是因為其低價位模式在經濟疲軟時期表現相對良好。由於地緣政治和關税問題，人們對美國經濟在 2025 年可能陷入衰退表示擔憂。</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 數據來源於 YCharts</p>
<h2>達樂是如何賺取最多利潤的？</h2>
<p>在許多方面，投資者對達樂的興趣是可以理解的。其核心的低收入顧客可能會繼續在店內購物，而高收入顧客可能會因經濟擔憂而選擇降級消費。但深入挖掘達樂的業務時，會發現一個有趣的故事。</p>
<p>達樂銷售的核心產品實際上是消費品——如個人衞生產品、紙製品和食品。在 2024 年，這一類別佔銷售額的 82.2%。其餘銷售來自季節性商品、家居產品和服裝，分別佔 10%、5.1% 和 2.7%。這三類產品對達樂的利潤至關重要，因為它們的利潤率高於其銷售的消費品。</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 數據來源於 YCharts</p>
<p>這就是 “增長” 問題出現的地方。消費品在銷售額中的比例從 2022 年的 79.7% 上升到目前的 82.2%。而其他三類高利潤類別在此期間均穩步下降。</p>
<p>這看似是一個小變化，但零售商往往在非常緊張的利潤率中生存。對於以低價位模式向低收入顧客銷售的零售商來説，這一點尤其如此。達樂的消費品銷售在增長，但因此，其利潤率卻在下降。股價也隨之波動，正如圖表所示。</p>
<h2>達樂正在進行轉型</h2>
<p>在經濟不確定時期，投資者將達樂視為避風港投資，這一點是有道理的。然而，隨着公司努力扭轉業務，背後還有更深層次的問題。它正在削減成本，專注於調整產品組合，並升級門店，所有這些都是為了改善業績。</p>
<p>這對合適的投資者來説是一個長期投資機會。但如果你僅僅因為認為達樂在衰退中表現良好而持有其股票，你可能會錯過潛在的 “增長” 故事（低利潤產品銷售的增加），這實際上對業務構成了阻力。</p>

達樂

塔吉特

開市客

克羅格

<p>儘管標準普爾 500 指數持平，達樂的股票仍上漲了 15%，吸引了投資者的關注，因為其低價模式針對的是服務不足的市場。然而，該公司的銷售越來越依賴於利潤率較低的消費品，這些產品現在佔銷售額的 82.2%，導致利潤率下降。雖然在經濟不確定性中被視為安全投資，達樂正面臨挑戰，並正在通過削減成本和升級門店來進行轉型。投資者應保持謹慎，因為增長故事可能並不像看起來那麼樂觀</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>標準普爾 500 指數</strong>（SNPINDEX: ^GSPC）在 2025 年基本上沒有什麼變化，但其過程卻相當引人注目。然而，市場的調整似乎對 <strong>達樂</strong>（DG 0.59%）的股價沒有影響，在標準普爾 500 指數下跌時，達樂的股價卻上漲。截至本文撰寫時，達樂的股價上漲了約 15%，而市場則保持平穩。</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>在你急於購買表現優異的達樂股票之前，你需要了解這個被忽視的 “增長” 故事。</p>
</div><h2>What does Dollar General do?</h2>
<div class="lb-trans"><h2>達樂是做什麼的？</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>從大局來看，達樂是一家零售商。但它專注於以低價銷售產品。此外，它的目標是那些被大型零售商（尤其是像 <strong>沃爾瑪</strong> 和 <strong>塔吉特</strong> 這樣的超市）服務不足的低收入市場。其目標是為消費者提供便利和低價的產品組合。</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>圖片來源：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>也就是説，投資者需要理解，低價位並不一定意味着低價格。例如，在達樂，一卷衞生紙的價格很低。但在大型超市購買的超大包裝衞生紙每卷可能實際上是更便宜的選擇。達樂主要針對那些無法負擔超大包裝、或不想額外前往大型超市的顧客，或者兩者兼而有之。</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，達樂的商業模式在華爾街受到青睞。這是因為其低價位模式在經濟疲軟時期表現相對良好。由於地緣政治和關税問題，人們對美國經濟在 2025 年可能陷入衰退表示擔憂。</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 數據來源於 YCharts</p>
</div><h2>How does Dollar General make the most money?</h2>
<div class="lb-trans"><h2>達樂是如何賺取最多利潤的？</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>在許多方面，投資者對達樂的興趣是可以理解的。其核心的低收入顧客可能會繼續在店內購物，而高收入顧客可能會因經濟擔憂而選擇降級消費。但深入挖掘達樂的業務時，會發現一個有趣的故事。</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>達樂銷售的核心產品實際上是消費品——如個人衞生產品、紙製品和食品。在 2024 年，這一類別佔銷售額的 82.2%。其餘銷售來自季節性商品、家居產品和服裝，分別佔 10%、5.1% 和 2.7%。這三類產品對達樂的利潤至關重要，因為它們的利潤率高於其銷售的消費品。</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 數據來源於 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>這就是 “增長” 問題出現的地方。消費品在銷售額中的比例從 2022 年的 79.7% 上升到目前的 82.2%。而其他三類高利潤類別在此期間均穩步下降。</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>這看似是一個小變化，但零售商往往在非常緊張的利潤率中生存。對於以低價位模式向低收入顧客銷售的零售商來説，這一點尤其如此。達樂的消費品銷售在增長，但因此，其利潤率卻在下降。股價也隨之波動，正如圖表所示。</p>
</div><h2>Dollar General is working on a turnaround</h2>
<div class="lb-trans"><h2>達樂正在進行轉型</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>在經濟不確定時期，投資者將達樂視為避風港投資，這一點是有道理的。然而，隨着公司努力扭轉業務，背後還有更深層次的問題。它正在削減成本，專注於調整產品組合，並升級門店，所有這些都是為了改善業績。</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>這對合適的投資者來説是一個長期投資機會。但如果你僅僅因為認為達樂在衰退中表現良好而持有其股票，你可能會錯過潛在的 “增長” 故事（低利潤產品銷售的增加），這實際上對業務構成了阻力。</p>
</div>

達樂股價正在上漲，但投資者是否忽視了這個關鍵的增長故事？