Goldman Sachs' retail desk found that SNAP dependency across major retail chains is very alarming and clear, with Dollar General (DG) and Dollar Tree (DLTR) most exposed if SNAP reductions are seen.
SNAP-linked exposure to sub-$70K income households hits 5.2% at DG, 3.5% at DLTR—compared to just .4% at Sprouts (SFM). Even Walmart (WMT) isn't safe, with a 3% exposure to SNAP.
"Based on household income profiles and average county exposures, we found that DG and DLTR have the highest exposure to SNAP consumers relative to the other companies, with BJ and SFM having the smallest exposure," Goldman analysts, led by Kate McShane, wrote in a note on Tuesday.
I apologize to the readers for this coming up 'paywall.' It didn't when I posted it the first time. I don't send money for news, any news.