Dollar General Corporation Reports First Quarter 2024 Results
Dollar General (NYSE: DG) announced its first quarter 2024 financial results, with net sales rising 6.1% to $9.9 billion. Same-store sales grew by 2.4%, driven by increased customer traffic. However, operating profit fell by 26.3% to $546.1 million, and diluted EPS dropped 29.5% to $1.65. Despite these declines, cash flows from operations surged by 247.3% to $663.8 million. The company declared a quarterly dividend of $0.59 per share. For the full fiscal year 2024, Dollar General reiterated its guidance, expecting net sales growth between 6.0% to 6.7% and EPS between $6.80 to $7.55. The company also updated its real estate plans to focus more on store remodels over new openings.
- Net sales increased by 6.1% to $9.9 billion.
- Same-store sales rose by 2.4%.
- Cash flows from operations increased by 247.3% to $663.8 million.
- Declared a quarterly dividend of $0.59 per share.
- Net interest expense decreased by 12.8% to $72.4 million.
- Reiterated full-year guidance: net sales growth between 6.0% to 6.7% and EPS between $6.80 to $7.55.
- Operating profit decreased by 26.3% to $546.1 million.
- Diluted EPS fell by 29.5% to $1.65.
- Gross profit margin decreased to 30.2% from 31.6%, impacted by increased shrink and inventory markdowns.
- SG&A expenses rose to 24.7% of net sales from 23.7%, due to higher retail labor and other costs.
- Net income declined by 29.4% to $363.3 million.
Insights
Dollar General's first quarter results show a mixed picture. While net sales increased by 6.1% to
However, it's not all negative. Dollar General's same-store sales grew by 2.4%, driven by increased customer traffic, which is a positive indicator of demand. Moreover, the dramatic increase in cash flows from operations by 247.3% to
Investors should weigh the substantial drop in operating profit and EPS against the positive sales trends and cash flow improvements. The mixed results imply some underlying operational challenges despite robust sales performance. The declared quarterly cash dividend of $0.59 per share shows the company's commitment to returning value to shareholders, though the long-term sustainability of such payouts could be questioned if profitability issues persist.
Dollar General’s first quarter data shows the company continues to expand its footprint with 197 new store openings and 463 remodels. This aggressive expansion strategy indicates confidence in market demand and potential for long-term growth. However, the company is also reducing the number of expected new store openings for the year to optimize capital expenditures, focusing instead on remodeling existing stores. This strategic shift suggests a focus on enhancing customer experience in established locations rather than just expanding reach.
The decline in home products, seasonal and apparel sales categories is notable, especially as consumables show growth. This shift in sales mix towards consumables, which typically have lower margins, partially explains the drop in operating profit margins. The emphasis on consumables aligns with current consumer trends favoring necessities over discretionary items amid economic uncertainties.
The unchanged full-year financial guidance despite early-year challenges indicates management's confidence in mitigating these issues and delivering consistent results. However, it remains to be seen how effectively the company can address the higher shrink and sales mix headwinds.
Dollar General's strategy to remodel more stores while cutting back on new openings is a smart move to enhance the shopping experience, catering to loyal customers. With 1,620 remodels planned, the company aims to boost same-store sales by making existing stores more appealing and efficient. This focus on mature stores could drive higher customer satisfaction and repeat visits, contributing to stable revenue growth.
The increased cash flow from operations is a significant positive, providing the company with more flexibility to manage capital projects and dividends. The robust cash position indicates sound financial health, which could be a buffer against the operational challenges impacting profit margins.
The dividend declaration reflects a balanced approach to shareholder returns, ensuring investors receive consistent returns even amid a profit squeeze. However, the company's ability to sustain such dividends will depend on its success in improving profitability and managing costs effectively.
The unchanged future guidance suggests the management's belief in the resilience of their business model and strategic initiatives. Investors should monitor how these strategic changes play out over the year, especially with the planned reduction in new store openings.
Provides Financial Guidance for 2024 Second Quarter; Reiterates 2024 Full Year Financial Guidance
Updates Real Estate Plans for 2024 Full Year
-
Net Sales Increased
6.1% to$9.9 Billion -
Same-Store Sales Increased
2.4% -
Operating Profit Decreased
26.3% to$546.1 Million -
Diluted EPS Decreased
29.5% to$1.65 -
Cash Flows From Operations Increased
247.3% to$663.8 Million -
Board of Directors Declares Quarterly Cash Dividend of
$0.59
“We are pleased with our start to 2024, including top and bottom-line results that exceeded our expectations in the first quarter,” said Todd Vasos, Dollar General’s chief executive officer. “These results were driven by strong customer traffic growth and market share gains during the quarter, which we believe is a testament to the relevance of our unique combination of value and convenience, as well as to improved execution across our organization.”
“I want to thank our entire team for their dedication to fulfilling our mission of Serving Others every day. Because of their efforts, we continue to make progress executing on our Back to Basics strategy, which we believe is resonating positively with our customers in the store. Looking ahead, we continue to focus on actions designed to enhance the way we support our teams and serve our customers, while creating sustainable long-term value for our shareholders.”
First Quarter Fiscal 2024 Highlights
Net sales increased
Gross profit as a percentage of net sales was
Selling, general and administrative expenses (“SG&A”) as a percentage of net sales were
Operating profit for the first quarter of 2024 decreased
Net interest expense for the first quarter of 2024 decreased
The effective income tax rate in the first quarter of 2024 was
The Company reported net income of
Merchandise Inventories
As of May 3, 2024, total merchandise inventories, at cost, were
Capital Expenditures
Total additions to property and equipment in the first quarter of 2024 were
Share Repurchases
In the first quarter of 2024, as planned, the Company did not repurchase any shares under its share repurchase program. The total remaining authorization for future repurchases was
Under the authorization, repurchases may be made from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions. The timing, manner and number of shares repurchased will depend on a variety of factors, including price, market conditions, compliance with the covenants and restrictions under the Company’s debt agreements, cash requirements, excess debt capacity, results of operations, financial condition and other factors. The authorization has no expiration date. See also “Fiscal Year 2024 Financial Guidance and Store Growth Outlook.”
Dividend
On May 28, 2024, the Company’s Board of Directors declared a quarterly cash dividend of
Fiscal Year 2024 Financial Guidance and Store Growth Outlook
For the 52-week fiscal year ending January 31, 2025 (“fiscal year 2024”), the Company continues to expect the following:
-
Net sales growth in the range of approximately
6.0% to6.7% -
Same-store sales growth in the range of
2.0% to2.7% -
Diluted EPS in the range of approximately
$6.80 $7.55 -
The Company currently anticipates an estimated negative impact to EPS of approximately
$0.50 -
Diluted EPS guidance assumes an effective tax rate in the range of approximately
22.5% to23.5%
-
The Company currently anticipates an estimated negative impact to EPS of approximately
-
Capital expenditures, including those related to investments in the Company’s strategic initiatives, in the range of
$1.3 billion $1.4 billion
The Company’s financial guidance continues to assume no share repurchases in fiscal year 2024.
In order to better optimize the planned capital expenditures for fiscal year 2024 and to expand the investment in mature stores, the Company is increasing the number of store remodels and reducing the number of expected new store openings, resulting in an overall net increase in the number of total expected real estate projects for the year.
The Company now expects to execute 2,435 real estate projects, including 730 new store openings, 1,620 remodels, and 85 store relocations, which compares to its previous expectation of 2,385 real estate projects in fiscal 2024, including 800 new store openings, 1,500 remodels, and 85 store relocations.
“While it is still early in our fiscal year, we are encouraged by our first quarter financial results,” said Kelly Dilts, Dollar General’s chief financial officer. “Although we are experiencing shrink and sales mix headwinds that are greater than we had initially anticipated coming into the year, we are working to mitigate the impact of these challenges and are reiterating our full-year financial guidance as we remain focused on our goal of delivering consistent, strong financial performance.”
Fiscal Year 2024 Second Quarter Financial Guidance
For the 13-week quarter ending August 2, 2024, the Company currently expects same-store sales growth in the low
Conference Call Information
The Company will hold a conference call on May 30, 2024 at 9:00 a.m. CT/10:00 a.m. ET, hosted by Todd Vasos, chief executive officer, and Kelly Dilts, chief financial officer. To participate via telephone, please call (877) 407-0890 at least 10 minutes before the conference call is scheduled to begin. The conference ID is 13746305. There will also be a live webcast of the call available at https://investor.dollargeneral.com under “News & Events, Events & Presentations.” A replay of the conference call will be available through June 27, 2024, and will be accessible via webcast replay or by calling (877) 660-6853. The conference ID for the telephonic replay is 13746305.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act. Forward-looking statements include those regarding the Company’s outlook, strategy, initiatives, plans, intentions or beliefs, including, but not limited to, statements made within the quotations of Mr. Vasos and Ms. Dilts, and in the sections entitled “Share Repurchases,” “Dividend,” “Fiscal Year 2024 Financial Guidance and Store Growth Outlook,” and “Fiscal Year 2024 Second Quarter Financial Guidance.” A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “outlook,” “may,” “will,” “should,” “could,” “would,” “can,” “believe,” “anticipate,” “plan,” “project,” “expect,” “estimate,” “target,” “forecast,” “accelerate,” “predict,” “position,” “assume,” “opportunities,” “prospects,” “investments,” “intend,” “continue,” “future,” “beyond,” “ongoing,” “potential,” “long-term,” “longer term,” “near-term,” “guidance,” “goal,” “outcome,” “uncertainty,” “look to,” “move into,” “moving forward,” “looking ahead,” “years ahead,” “subject to,” “committed,” “confident,” “focus on,” or “likely to,” and similar expressions that concern the Company’s outlook, strategies, plans, initiatives, intentions or beliefs about future occurrences or results. These matters involve risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those which the Company expected. Many of these statements are derived from the Company’s operating budgets and forecasts as of the date of this release, which are based on many detailed assumptions and estimates that the Company believes are reasonable. However, it is very difficult to predict the effect of known factors on future results, and the Company cannot anticipate all factors that could affect future results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors. Important factors that could cause actual results to differ materially from the expectations expressed in or implied by such forward-looking statements include, but are not limited to:
- economic factors, including but not limited to employment levels; inflation (and the Company’s ability to adjust prices sufficiently to offset the effect of inflation); pandemics (such as the COVID-19 pandemic); higher fuel, energy, healthcare, housing and product costs; higher interest rates, consumer debt levels, and tax rates; lack of available credit; tax law changes that negatively affect credits and refunds; decreases in, or elimination of, government assistance programs or subsidies such as unemployment and food/nutrition assistance programs, student loan repayment forgiveness and economic stimulus payments; commodity rates; transportation, lease and insurance costs; wage rates (including the heightened possibility of increased federal, and further increased state and/or local minimum wage rates/salary levels); foreign exchange rate fluctuations; measures that create barriers to or increase the costs of international trade (including increased import duties or tariffs); and changes in laws and regulations and their effect on, as applicable, customer spending and disposable income, the Company’s ability to execute its strategies and initiatives, the Company’s cost of goods sold, the Company’s SG&A expenses (including real estate costs), and the Company’s sales and profitability;
- failure to achieve or sustain the Company’s strategies, initiatives and investments, including those relating to merchandising (including those related to non-consumable products), real estate and new store development, international expansion, store formats and concepts, digital, marketing, shrink, damages, sourcing, private brand, inventory management, supply chain, private fleet, store operations, expense reduction, technology, pOpshelf, self-checkout, and DG Media Network;
- competitive pressures and changes in the competitive environment and the geographic and product markets where the Company operates, including, but not limited to, pricing, promotional activity, expanded availability of mobile, web-based and other digital technologies, and alliances or other business combinations;
- failure to timely and cost-effectively execute the Company’s real estate projects or to anticipate or successfully address the challenges imposed by the Company’s expansion, including into new countries or domestic markets, states, or urban or suburban areas;
- levels of inventory shrinkage and damages;
- failure to successfully manage inventory balances and in-stock levels, as well as to predict customer trends;
-
failure to maintain the security of the Company’s business, customer, employee or vendor information or to comply with privacy laws, or the Company or one of its vendors falling victim to a cyberattack (which risk is heightened as a result of political uncertainty involving
China , the conflict betweenRussia andUkraine and the conflict in theMiddle East ) that prevents the Company from operating all or a portion of its business; - damage or interruption to the Company’s information systems as a result of external factors, staffing shortages or challenges in maintaining or updating the Company’s existing technology or developing, implementing or integrating new technology;
- a significant disruption to the Company’s distribution network, the capacity of the Company’s distribution centers or the timely receipt of inventory; increased fuel or transportation costs; issues related to supply chain disruptions or seasonal buying pattern disruptions; or delays in constructing, opening or staffing new distribution centers (including temperature-controlled distribution centers);
-
risks and challenges associated with sourcing merchandise from suppliers, including, but not limited to, those related to international trade (for example, political uncertainty involving
China and disruptive political events such as the conflict betweenRussia andUkraine and the conflict in theMiddle East ); -
natural disasters, unusual weather conditions (whether or not caused by climate change), pandemic outbreaks or other health crises (for example, the COVID-19 pandemic), political or civil unrest, acts of war, violence or terrorism, and disruptive global political events (for example, political uncertainty involving
China , the conflict betweenRussia andUkraine and the conflict in theMiddle East ); - product liability, product recall or other product safety or labeling claims;
- incurrence of material uninsured losses, excessive insurance costs or accident costs;
- failure to attract, develop and retain qualified employees while controlling labor costs (including the heightened possibility of increased federal, and further increased state and/or local minimum wage rates/salary levels, including the effects of regulatory changes related to the overtime exemption under the Fair Labor Standards Act if implemented as currently written) and other labor issues, including employee safety issues and employee expectations and productivity;
- loss of key personnel or inability to hire additional qualified personnel, ability to successfully execute management transitions within the Company’s senior leadership; or inability to enforce non-compete agreements that we have in place with management personnel or enter into new non-compete agreements;
- risks associated with the Company’s private brands, including, but not limited to, the Company’s level of success in improving their gross profit rate at expected levels;
- failure to protect the Company’s reputation;
- seasonality of the Company’s business;
-
the impact of changes in or noncompliance with governmental regulations and requirements, including, but not limited to, those dealing with the sale of products, including without limitation, product and food safety, marketing, labeling or pricing; information security and privacy; labor and employment; employee wages, salary levels and benefits (including the heightened possibility of increased federal, and further increased state and/or local minimum wage rates and the effects of regulatory changes related to the overtime exemption under the Fair Labor Standards Act if implemented as currently written); health and safety; real property; public accommodations; imports and customs; transportation; intellectual property; bribery; climate change; and environmental compliance (including required public disclosures related thereto), as well as tax laws (including those related to the federal, state or foreign corporate tax rate), the interpretation of existing tax laws, or the Company’s failure to sustain its reporting positions negatively affecting the Company’s tax rate, and developments in or outcomes of private actions, class actions, multi-district litigation, arbitrations, derivative actions, administrative proceedings, regulatory actions or other litigation or of inquiries from federal, state and local agencies, regulatory authorities, attorneys general, committees, subcommittees and members of the
U.S. Congress, and other local, state, federal and international governmental authorities; - new accounting guidance or changes in the interpretation or application of existing guidance;
- deterioration in market conditions, including market disruptions, adverse conditions in the financial markets including financial institution failures, limited liquidity and interest rate increases, changes in the Company’s credit profile (including any downgrade to our credit ratings), compliance with covenants and restrictions under the Company’s debt agreements, and the amount of the Company’s available excess capital;
- the factors disclosed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q; and
- such other factors as may be discussed or identified in this press release.
All forward-looking statements are qualified in their entirety by these and other cautionary statements that the Company makes from time to time in its SEC filings and public communications. The Company cannot assure the reader that it will realize the results or developments the Company anticipates or, even if substantially realized, that they will result in the consequences or affect the Company or its operations in the way the Company expects. Forward-looking statements speak only as of the date made. The Company undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements as a result of new information, future events or circumstances, or otherwise, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.
Investors should also be aware that while the Company does, from time to time, communicate with securities analysts and others, it is against the Company’s policy to disclose to them any material, nonpublic information or other confidential commercial information. Accordingly, shareholders should not assume that the Company agrees with any statement or report issued by any securities analyst regardless of the content of the statement or report. Furthermore, the Company has a policy against confirming projections, forecasts or opinions issued by others. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the Company’s responsibility.
About Dollar General Corporation
Dollar General Corporation (NYSE: DG) is proud to serve as America’s neighborhood general store. Founded in 1939, Dollar General lives its mission of Serving Others every day by providing access to affordable products and services for its customers, career opportunities for its employees, and literacy and education support for its hometown communities. As of May 3, 2024, the Company’s 20,149 Dollar General, DG Market, DGX and pOpshelf stores across
|
|||||||||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||
| Condensed Consolidated Balance Sheets | |||||||||
| (In thousands) | |||||||||
| (Unaudited) | |||||||||
| May 3, | May 5, | February 2, | |||||||
2024 |
2023 |
2024 |
|||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ |
720,700 |
$ |
313,064 |
$ |
537,283 |
|||
| Merchandise inventories |
|
6,934,389 |
|
7,335,845 |
|
6,994,266 |
|||
| Income taxes receivable |
|
34,946 |
|
50,863 |
|
112,262 |
|||
| Prepaid expenses and other current assets |
|
406,936 |
|
355,688 |
|
366,913 |
|||
| Total current assets |
|
8,096,971 |
|
8,055,460 |
|
8,010,724 |
|||
| Net property and equipment |
|
6,172,496 |
|
5,420,134 |
|
6,087,722 |
|||
| Operating lease assets |
|
11,138,733 |
|
10,726,523 |
|
11,098,228 |
|||
| Goodwill |
|
4,338,589 |
|
4,338,589 |
|
4,338,589 |
|||
| Other intangible assets, net |
|
1,199,700 |
|
1,199,700 |
|
1,199,700 |
|||
| Other assets, net |
|
63,010 |
|
63,527 |
|
60,628 |
|||
| Total assets | $ |
31,009,499 |
$ |
29,803,933 |
$ |
30,795,591 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Current liabilities: | |||||||||
| Current portion of long-term obligations | $ |
769,139 |
$ |
- |
$ |
768,645 |
|||
| Short-term borrowings |
|
- |
|
250,000 |
|
- |
|||
| Current portion of operating lease liabilities |
|
1,406,970 |
|
1,311,753 |
|
1,387,083 |
|||
| Accounts payable |
|
3,472,487 |
|
3,679,170 |
|
3,587,374 |
|||
| Accrued expenses and other |
|
976,076 |
|
848,757 |
|
971,890 |
|||
| Income taxes payable |
|
17,190 |
|
10,999 |
|
10,709 |
|||
| Total current liabilities |
|
6,641,862 |
|
6,100,679 |
|
6,725,701 |
|||
| Long-term obligations |
|
6,222,387 |
|
7,028,767 |
|
6,231,539 |
|||
| Long-term operating lease liabilities |
|
9,723,314 |
|
9,399,833 |
|
9,703,499 |
|||
| Deferred income taxes |
|
1,157,660 |
|
1,111,434 |
|
1,133,784 |
|||
| Other liabilities |
|
264,097 |
|
227,969 |
|
251,949 |
|||
| Total liabilities |
|
24,009,320 |
|
23,868,682 |
|
24,046,472 |
|||
| Commitments and contingencies | |||||||||
| Shareholders' equity: | |||||||||
| Preferred stock |
|
- |
|
- |
|
- |
|||
| Common stock |
|
192,407 |
|
191,921 |
|
192,206 |
|||
| Additional paid-in capital |
|
3,774,363 |
|
3,701,564 |
|
3,757,005 |
|||
| Retained earnings |
|
3,032,996 |
|
2,041,118 |
|
2,799,415 |
|||
| Accumulated other comprehensive income (loss) |
|
413 |
|
648 |
|
493 |
|||
| Total shareholders' equity |
|
7,000,179 |
|
5,935,251 |
|
6,749,119 |
|||
| Total liabilities and shareholders' equity | $ |
31,009,499 |
$ |
29,803,933 |
$ |
30,795,591 |
|||
|
|||||||||||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||||
| Consolidated Statements of Income | |||||||||||
| (In thousands, except per share amounts) | |||||||||||
| (Unaudited) | |||||||||||
| For the Quarter Ended | |||||||||||
| May 3, | % of Net | May 5, | % of Net | ||||||||
2024 |
Sales | 2023 |
Sales | ||||||||
| Net sales | $ |
9,914,021 |
100.00 |
% |
$ |
9,342,832 |
100.00 |
% |
|||
| Cost of goods sold |
|
6,921,872 |
69.82 |
|
|
6,387,358 |
68.37 |
|
|||
| Gross profit |
|
2,992,149 |
30.18 |
|
|
2,955,474 |
31.63 |
|
|||
| Selling, general and administrative expenses |
|
2,446,045 |
24.67 |
|
|
2,214,616 |
23.70 |
|
|||
| Operating profit |
|
546,104 |
5.51 |
|
|
740,858 |
7.93 |
|
|||
| Interest expense, net |
|
72,433 |
0.73 |
|
|
83,038 |
0.89 |
|
|||
| Income before income taxes |
|
473,671 |
4.78 |
|
|
657,820 |
7.04 |
|
|||
| Income tax expense |
|
110,354 |
1.11 |
|
|
143,440 |
1.54 |
|
|||
| Net income | $ |
363,317 |
3.66 |
% |
$ |
514,380 |
5.51 |
% |
|||
| Earnings per share: | |||||||||||
| Basic | $ |
1.65 |
$ |
2.35 |
|||||||
| Diluted | $ |
1.65 |
$ |
2.34 |
|||||||
| Weighted average shares outstanding: | |||||||||||
| Basic |
|
219,748 |
|
219,193 |
|||||||
| Diluted |
|
220,052 |
|
220,107 |
|||||||
|
||||||||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| For the Year Ended | ||||||||
| (13 Weeks) | (13 Weeks) | |||||||
| May 3, | May 5, | |||||||
2024 |
2023 |
|||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ |
363,317 |
|
$ |
514,380 |
|
||
| Adjustments to reconcile net income to net cash | ||||||||
| from operating activities: | ||||||||
| Depreciation and amortization |
|
232,286 |
|
|
201,907 |
|
||
| Deferred income taxes |
|
23,876 |
|
|
50,442 |
|
||
| Noncash share-based compensation |
|
21,846 |
|
|
25,083 |
|
||
| Other noncash (gains) and losses |
|
15,052 |
|
|
28,630 |
|
||
| Change in operating assets and liabilities: | ||||||||
| Merchandise inventories |
|
49,562 |
|
|
(601,138 |
) |
||
| Prepaid expenses and other current assets |
|
(42,650 |
) |
|
(56,866 |
) |
||
| Accounts payable |
|
(95,686 |
) |
|
116,363 |
|
||
| Accrued expenses and other liabilities |
|
14,814 |
|
|
(176,804 |
) |
||
| Income taxes |
|
83,797 |
|
|
86,992 |
|
||
| Other |
|
(2,408 |
) |
|
2,126 |
|
||
| Net cash provided by (used in) operating activities |
|
663,806 |
|
|
191,115 |
|
||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment |
|
(341,975 |
) |
|
(363,141 |
) |
||
| Proceeds from sales of property and equipment |
|
814 |
|
|
1,539 |
|
||
| Net cash provided by (used in) investing activities |
|
(341,161 |
) |
|
(361,602 |
) |
||
| Cash flows from financing activities: | ||||||||
| Repayments of long-term obligations |
|
(5,205 |
) |
|
(4,505 |
) |
||
| Net increase (decrease) in commercial paper outstanding |
|
- |
|
|
3,068 |
|
||
| Borrowings under revolving credit facilities |
|
- |
|
|
500,000 |
|
||
| Repayments of borrowings under revolving credit facilities |
|
- |
|
|
(250,000 |
) |
||
| Payments of cash dividends |
|
(129,736 |
) |
|
(129,401 |
) |
||
| Other equity and related transactions |
|
(4,287 |
) |
|
(17,187 |
) |
||
| Net cash provided by (used in) financing activities |
|
(139,228 |
) |
|
101,975 |
|
||
| Net increase (decrease) in cash and cash equivalents |
|
183,417 |
|
|
(68,512 |
) |
||
| Cash and cash equivalents, beginning of period |
|
537,283 |
|
|
381,576 |
|
||
| Cash and cash equivalents, end of period | $ |
720,700 |
|
$ |
313,064 |
|
||
| Supplemental cash flow information: | ||||||||
| Cash paid for: | ||||||||
| Interest | $ |
117,837 |
|
$ |
145,419 |
|
||
| Income taxes | $ |
3,036 |
|
$ |
5,992 |
|
||
| Supplemental schedule of non-cash investing and financing activities: | ||||||||
| Right of use assets obtained in exchange for new operating lease liabilities | $ |
404,716 |
|
$ |
386,055 |
|
||
| Purchases of property and equipment awaiting processing for payment, | ||||||||
| included in Accounts payable | $ |
128,936 |
|
$ |
160,510 |
|
||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||
| Selected Additional Information | |||||||||
| (Unaudited) | |||||||||
| Sales by Category (in thousands) | |||||||||
| For the Quarter Ended | |||||||||
| May 3, | May 5, | ||||||||
2024 |
2023 |
% Change | |||||||
| Consumables | $ |
8,210,850 |
$ |
7,582,882 |
|
8.3 |
% |
||
| Seasonal |
|
963,514 |
|
962,681 |
|
0.1 |
% |
||
| Home products |
|
478,791 |
|
531,189 |
|
-9.9 |
% |
||
| Apparel |
|
260,866 |
|
266,080 |
|
-2.0 |
% |
||
| Net sales | $ |
9,914,021 |
$ |
9,342,832 |
|
6.1 |
% |
||
| Store Activity | |||||||||
| For the Quarter Ended | |||||||||
| May 3, | May 5, | ||||||||
2024 |
2023 |
||||||||
| Beginning store count |
|
19,986 |
|
19,104 |
|
||||
| New store openings |
|
197 |
|
212 |
|
||||
| Store closings |
|
(34 |
) |
(22 |
) |
||||
| Net new stores |
|
163 |
|
190 |
|
||||
| Ending store count |
|
20,149 |
|
19,294 |
|
||||
| Total selling square footage (000's) |
|
152,609 |
|
144,696 |
|
||||
| Growth rate (square footage) |
|
5.5 |
% |
6.0 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240530065818/en/
Investor Contact:
investorrelations@dollargeneral.com
Media Contact:
dgpr@dollargeneral.com
Source: Dollar General Corporation
FAQ
What were Dollar General's Q1 2024 net sales?
How did Dollar General's same-store sales perform in Q1 2024?
What was Dollar General's operating profit in Q1 2024?
What is Dollar General's Q1 2024 diluted EPS?
How did Dollar General's cash flows from operations change in Q1 2024?
What is Dollar General's quarterly dividend as of Q1 2024?
What is Dollar General's full-year 2024 financial guidance?
How many new stores did Dollar General open in Q1 2024?
