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The Call @ Hedgeye | March 28, 2024

Takeaway: DG's blowup is coming at the same time we're seeing the best ICSC reading in yrs. We think the latter is a better barometer for the consumer

Don't let Dollar General's weak results today fool you. Consumption is not rolling over en masse. In fact, today's ICSC reading -- which is based on a sample of 80 store chains spanning different demographic groups -- reported the best trends we've seen in over two-years. The results on a 1-week, 3-week, and 12-week basis all turned up sequentially with this morning's reading, which supports Hedgeye's bullish stance on the US Consumer.

1-WEEK ICSC INDEX % CHG

RETAIL:  DG ≠ Consumer Spending - 1wk

3-WEEK ICSC INDEX % CHG

 RETAIL:  DG ≠ Consumer Spending - 3wk

12-WEEK ICSC INDEX % CHG

RETAIL:  DG ≠ Consumer Spending - 12wk