Dollar General set a quarterly sales record as Americans tighten their budgets and spend more at dollar stores.

CEO Todd Vasos said the company has worked to reduce its exposure to China — and limit price hikes for shoppers.

Some 60% of Dollar General's core low-income customers feel the need to give up necessities in the year ahead, execs said.

People are spending more at Dollar General. In part, that's thanks to shoppers trading down from more expensive stores.