Dollar General Corporation Reports Fourth Quarter 2020 Results
Dollar General Corporation (NYSE: DG) reported robust financial results for Q4 and FY 2020, highlighting a 17.6% increase in Q4 net sales ($8.4 billion) and a 21.6% increase for the fiscal year ($33.7 billion). Same-store sales rose 12.7% in Q4 and 16.3% for the year. Operating profit surged 21.0% in Q4 to $872.2 million and 54.4% for the full year to $3.6 billion. Diluted EPS reached $2.62 in Q4 (+24.8%) and $10.62 for the year (+59.9%). The company announced a quarterly dividend increase of 16.7% and expanded its share repurchase program.
- Net sales up 17.6% in Q4 and 21.6% for FY 2020.
- Same-store sales rose 12.7% in Q4 and 16.3% for the fiscal year.
- Operating profit increased 21.0% in Q4 and 54.4% for FY 2020.
- Diluted EPS increased 24.8% in Q4 and 59.9% for the full year.
- Annual cash flows from operations rose 73.2% to $3.9 billion.
- Expansion in share repurchase program by $2.0 billion.
- Quarterly cash dividend increased by 16.7% to $0.42 per share.
- Increased distribution and transportation costs impacting gross profits.
- Incremental COVID-19 related expenses of approximately $248 million for FY 2020.
- Decline in customer traffic partially offsetting sales growth.
Dollar General Corporation (NYSE: DG) today reported financial results for its fiscal year 2020 fourth quarter (13 weeks) and fiscal year (52 weeks) ended January 29, 2021.
-
Fourth Quarter Net Sales Increased
17.6% ; Fiscal Year Net Sales Increased21.6% -
Fourth Quarter Same-Store Sales Increased
12.7% ; Fiscal Year Same-Store Sales Increased16.3% -
Fourth Quarter Operating Profit Increased
21.0% to$872.2 Million ; Fiscal Year Operating Profit Increased54.4% to$3.6 Billion -
Fourth Quarter Diluted Earnings Per Share (“EPS”) Increased
24.8% to$2.62 ; Fiscal Year Diluted EPS Increased59.9% to$10.62 -
Annual Cash Flows From Operations Increased
73.2% to$3.9 Billion -
Board of Directors Increases Share Repurchase Program Authorization; Declares Quarterly Cash Dividend of
$0.42 per share, an Increase of16.7% Compared to Prior Quarter
“We are pleased with our strong finish to fiscal 2020, and I thank all of our associates for their extraordinary efforts over the past year to support our customers, our communities and each other,” said Todd Vasos, Dollar General’s chief executive officer. “Despite a challenging operating environment, our team members have remained steadfast in their dedication to fulfilling our mission of Serving Others, resulting in exceptional fourth-quarter and full-year financial results.”
“Our full-year results were highlighted by significant growth on both the top and bottom lines, including a net sales increase of
Fourth Quarter 2020 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 fourth quarter of 2020 increased
The effective income tax rate in the fourth quarter of 2020 was
The Company reported net income of
Fiscal Year 2020 Highlights
Fiscal year 2020 net sales increased
Gross profit as a percentage of net sales was
SG&A as a percentage of net sales was
Operating profit for fiscal year 2020 grew
The effective income tax rate in fiscal year 2020 was
The Company reported net income of
1 See “Non-GAAP Disclosure” herein.
Merchandise Inventories
As of January 29, 2021, total merchandise inventories, at cost, were
Capital Expenditures
Total additions to property and equipment in fiscal year 2020 were
Share Repurchases
In fiscal year 2020, the Company repurchased
Dividend
On March 16, 2021, the Company’s Board of Directors declared a quarterly cash dividend of
Fiscal Year 2021 Financial Guidance and Store Growth Outlook
As noted above, the Company realized a significant sales benefit in the 2020 fiscal year as a result of COVID-19. Significant uncertainty continues to exist regarding the severity and duration of the COVID-19 pandemic, including its impact on the U.S. economy, consumer behavior and the Company’s business.
Given this uncertainty, it is difficult to predict specific outcomes. In addition, these outcomes could be impacted by several variables, which include, but are not limited to, economic stimulus payments, economic recovery, employment levels, COVID-19 vaccine status, and the ongoing impact of the COVID-19 pandemic.
For the fiscal year ending January 28, 2022 (“fiscal year 2021”), the Company currently expects:
-
Net sales in the range of a
2% decline to flat -
Same-store sales decline of
4% to6% , which reflects growth of approximately10% to12% on a two-year stack basis2 -
Diluted EPS in the range of
$8.80 t o$9.50 , which reflects a compound annual growth rate between15% and20% (or between14% and19% on an adjusted basis) over a two-year period3-
This Diluted EPS guidance assumes an effective tax rate in the range of
22% to23%
-
This Diluted EPS guidance assumes an effective tax rate in the range of
-
Share repurchases of approximately
$1.8 billion -
Capital expenditures, including those related to investments in the Company’s strategic initiatives, in the range of
$1.05 billion to$1.15 billion
The diluted EPS guidance outlined above includes the anticipated impact of ongoing expenses related to COVID-19 health and safety measures and continued investment in the Company’s strategic initiatives.
The Company is also reiterating its plans to execute 2,900 real estate projects in fiscal year 2021, including 1,050 new store openings, 1,750 store remodels, and 100 store relocations.
“We believe the fundamentals of the business are strong, and we are confident in the team’s ability to execute on our robust plans for 2021,” said John Garratt, Dollar General’s chief financial officer. “While we remain cautious in our 2021 sales outlook given the significant uncertainty that still exists, our guidance reflects low-double-digit same-store sales growth on a two-year stack basis2, which we believe speaks to the underlying strength of the business. In addition, our diluted EPS guidance reflects a compound annual growth rate over a two-year period3 that is well above our long-term goal of delivering at least
“We are executing well against our operating priorities and strategic initiatives, which we believe positions us well to drive long-term sustainable growth. As always, we continue to be disciplined in how we manage expenses and capital with the goal of delivering consistent, strong financial performance, while strategically investing for the long term.”
Given the wide range of potential outcomes and ongoing uncertainty around specific financial results, the Company is also providing an update on same-store sales performance in fiscal year 2021. From January 30, 2021 through February 26, 2021 (the Company’s first accounting period of fiscal year 2021), same-store sales increased approximately
2 Same-store sales on a two-year stack basis represents the sum of actual 2020 same-store sales and the corresponding low and high ends of the 2021 guidance range.
3 Two-year compound annual growth rates utilize 2019 diluted EPS and 2019 Adjusted diluted EPS as the base.
Conference Call Information
The Company will hold a conference call on March 18, 2021 at 9:00 a.m. CT/10:00 a.m. ET, hosted by Todd Vasos, chief executive officer, Jeff Owen, chief operating officer, and John Garratt, 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 13715128. 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 April 15, 2021, and will be accessible via webcast replay or by calling (877) 660-6853. The conference ID for the telephonic replay is 13715128.
Non-GAAP Disclosure
Adjusted SG&A, Adjusted operating profit, Adjusted net income and Adjusted diluted EPS, and their respective growth metrics, for the fiscal year ended January 31, 2020 have not been derived in accordance with U.S. GAAP, but rather exclude the impact of the Significant Legal Expenses, which are associated with wage and hour and consumer/product certified class action litigation and related matters. Due to the nature, infrequency, and financial magnitude of such matters, the Company believes these non-GAAP financial measures provide useful information to investors in assessing the Company’s operating performance as these measures provide an additional relevant comparison of the Company’s operating performance across periods. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are provided in the accompanying schedules.
The non-GAAP measures discussed above are not measures of financial performance or condition, liquidity or profitability in accordance with GAAP, and should not be considered as alternatives to SG&A, operating profit, net income, diluted EPS or any other measure derived in accordance with GAAP. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company’s financial results as reported in accordance with GAAP. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies.
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 and intentions including, but not limited to, statements made within the quotations of Mr. Vasos and Mr. Garratt, and in the sections entitled “Share Repurchases,” “Dividend,” and “Fiscal Year 2021 Financial Guidance and Store Growth Outlook.” 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,” “expect,” “estimate,” “forecast,” “predict,” “position,” “assume,” “opportunities,” “intend,” “continue,” ”future,” “ongoing,” “potential,” “long-term,” ”guidance,” “goal,” “outcome,” “uncertainty,” “look to,” “looking ahead,” “subject to,” “committed,” “focus on,” or “likely to,” and similar expressions that concern the Company’s strategy, plans, intentions or beliefs about future occurrences or results. These matters involve risks, uncertainties and other factors that may cause the actual performance of the Company to differ materially from that 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 that the Company believes are reasonable. However, it is very difficult to predict the effect of known factors on the Company’s 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:
- risks related to the COVID-19 pandemic, including but not limited to, the effects on the Company’s supply chain, distribution network, store and distribution center growth, store and distribution center closures, transportation and distribution costs, SG&A expenses, share repurchase activity, and cybersecurity risk profile, as well as the effects on domestic and foreign economies and customers’ spending patterns;
- economic factors, including but not limited to employment levels; inflation; pandemics; higher fuel, energy, healthcare and housing costs, interest rates, consumer debt levels, and tax rates; tax law changes that negatively affect credits and refunds; lack of available credit; decreases in, or elimination of, government subsidies such as unemployment and food/nutrition assistance programs; commodity rates; transportation, lease and insurance costs; wage rates (including the heightened possibility of increased federal, state and/or local minimum wage rates); 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 and initiatives, including those relating to merchandising, real estate and new store development, store formats and concepts, digital, shrink, sourcing, private brand, inventory management, supply chain, store operations, expense reduction, technology, the Company’s Fresh initiative and the Company’s Fast Track initiative;
- 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 states or urban areas;
- levels of inventory shrinkage;
- failure to successfully manage inventory balances;
- failure to maintain the security of the Company’s business, customer, employee or vendor information or to comply with privacy laws;
- 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 or implementing 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, or delays in constructing or opening new distribution centers;
- risks and challenges associated with sourcing merchandise from suppliers, including, but not limited to, those related to international trade;
- natural disasters, unusual weather conditions (whether or not caused by climate change), pandemic outbreaks or other health crises, political or civil unrest, acts of violence or terrorism, and disruptive global political events;
- 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, state and/or local minimum wage rates) and other labor issues;
- loss of key personnel or inability to hire additional qualified personnel;
- 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;
- 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 or labeling; information security and privacy; labor and employment; employee wages and benefits (including the heightened possibility of increased federal, state and/or local minimum wage rates); health and safety; imports and customs; and environmental compliance, as well as tax laws (including those related to the 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;
- new accounting guidance or changes in the interpretation or application of existing guidance;
- deterioration in market conditions, including market disruptions, limited liquidity and interest rate fluctuations, or changes in the Company’s credit profile;
- 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 to reflect events or circumstances arising after the date on which they were made, 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 has been delivering value to shoppers for more than 80 years. Dollar General helps shoppers Save time. Save money. Every day.® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares and seasonal items at everyday low prices in convenient neighborhood locations. Dollar General operated 17,177 stores in 46 states as of January 29, 2021. In addition to high-quality private brands, Dollar General sells products from America's most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg's, General Mills, and PepsiCo. Learn more about Dollar General at www.dollargeneral.com.
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES |
||||||||
Consolidated Balance Sheets |
||||||||
(In thousands) |
||||||||
|
|
|
|
|
||||
|
|
(Unaudited) |
|
|
||||
|
|
January 29 |
|
January 31 |
||||
|
|
2021 |
|
2020 |
||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
1,376,577 |
|
$ |
240,320 |
|
||
| Merchandise inventories |
|
5,247,477 |
|
|
4,676,848 |
|
||
| Income taxes receivable |
|
90,760 |
|
|
76,537 |
|
||
| Prepaid expenses and other current assets |
|
199,405 |
|
|
184,163 |
|
||
| Total current assets |
|
6,914,219 |
|
|
5,177,868 |
|
||
| Net property and equipment |
|
3,899,997 |
|
|
3,278,359 |
|
||
| Operating lease assets |
|
9,473,330 |
|
|
8,796,183 |
|
||
| Goodwill |
|
4,338,589 |
|
|
4,338,589 |
|
||
| Other intangible assets, net |
|
1,199,870 |
|
|
1,200,006 |
|
||
| Other assets, net |
|
36,619 |
|
|
34,079 |
|
||
| Total assets | $ |
25,862,624 |
|
$ |
22,825,084 |
|
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of operating lease liabilities | $ |
1,074,079 |
|
$ |
964,805 |
|
||
| Accounts payable |
|
3,614,089 |
|
|
2,860,682 |
|
||
| Accrued expenses and other |
|
1,006,552 |
|
|
709,156 |
|
||
| Income taxes payable |
|
16,063 |
|
|
8,362 |
|
||
| Total current liabilities |
|
5,710,783 |
|
|
4,543,005 |
|
||
| Long-term obligations |
|
4,130,975 |
|
|
2,911,993 |
|
||
| Long-term operating lease liabilities |
|
8,385,388 |
|
|
7,819,683 |
|
||
| Deferred income taxes |
|
710,549 |
|
|
675,227 |
|
||
| Other liabilities |
|
263,691 |
|
|
172,676 |
|
||
| Total liabilities |
|
19,201,386 |
|
|
16,122,584 |
|
||
| Commitments and contingencies | ||||||||
| Shareholders' equity: | ||||||||
| Preferred stock |
|
- |
|
|
- |
|
||
| Common stock |
|
210,687 |
|
|
220,444 |
|
||
| Additional paid-in capital |
|
3,446,612 |
|
|
3,322,531 |
|
||
| Retained earnings |
|
3,006,102 |
|
|
3,162,660 |
|
||
| Accumulated other comprehensive loss |
|
(2,163 |
) |
|
(3,135 |
) |
||
| Total shareholders' equity |
|
6,661,238 |
|
|
6,702,500 |
|
||
| Total liabilities and shareholders' equity | $ |
25,862,624 |
|
$ |
22,825,084 |
|
||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||||||
| Consolidated Statements of Income | ||||||||||||
| (In thousands, except per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
For the Quarter Ended |
||||||||||||
January 29 |
|
% of Net |
|
January 31 |
|
% of Net |
||||||
2021 |
|
Sales |
|
2020 |
|
Sales |
||||||
| Net sales | $ |
8,414,524 |
100.00 |
% |
$ |
7,157,642 |
100.00 |
% |
||||
| Cost of goods sold |
|
5,677,829 |
67.48 |
|
|
4,884,879 |
68.25 |
|
||||
| Gross profit |
|
2,736,695 |
32.52 |
|
|
2,272,763 |
31.75 |
|
||||
| Selling, general and administrative expenses |
|
1,864,471 |
22.16 |
|
|
1,551,888 |
21.68 |
|
||||
| Operating profit |
|
872,224 |
10.37 |
|
|
720,875 |
10.07 |
|
||||
| Interest expense |
|
40,268 |
0.48 |
|
|
25,567 |
0.36 |
|
||||
| Income before income taxes |
|
831,956 |
9.89 |
|
|
695,308 |
9.71 |
|
||||
| Income tax expense |
|
189,213 |
2.25 |
|
|
159,871 |
2.23 |
|
||||
| Net income | $ |
642,743 |
7.64 |
% |
$ |
535,437 |
7.48 |
% |
||||
| Earnings per share: | ||||||||||||
| Basic | $ |
2.64 |
$ |
2.11 |
||||||||
| Diluted | $ |
2.62 |
$ |
2.10 |
||||||||
| Weighted average shares outstanding: | ||||||||||||
| Basic |
|
243,490 |
|
253,357 |
||||||||
| Diluted |
|
245,423 |
|
255,146 |
||||||||
For the Year Ended |
||||||||||||
January 29 |
|
% of Net |
|
January 31 |
|
% of Net |
||||||
2021 |
|
Sales |
|
2020 |
|
Sales |
||||||
| Net sales | $ |
33,746,839 |
100.00 |
% |
$ |
27,753,973 |
100.00 |
% |
||||
| Cost of goods sold |
|
23,027,977 |
68.24 |
|
|
19,264,912 |
69.41 |
|
||||
| Gross profit |
|
10,718,862 |
31.76 |
|
|
8,489,061 |
30.59 |
|
||||
| Selling, general and administrative expenses |
|
7,164,097 |
21.23 |
|
|
6,186,757 |
22.29 |
|
||||
| Operating profit |
|
3,554,765 |
10.53 |
|
|
2,302,304 |
8.30 |
|
||||
| Interest expense |
|
150,385 |
0.45 |
|
|
100,574 |
0.36 |
|
||||
| Income before income taxes |
|
3,404,380 |
10.09 |
|
|
2,201,730 |
7.93 |
|
||||
| Income tax expense |
|
749,330 |
2.22 |
|
|
489,175 |
1.76 |
|
||||
| Net income | $ |
2,655,050 |
7.87 |
% |
$ |
1,712,555 |
6.17 |
% |
||||
| Earnings per share: | ||||||||||||
| Basic | $ |
10.70 |
$ |
6.68 |
||||||||
| Diluted | $ |
10.62 |
$ |
6.64 |
||||||||
| Weighted average shares outstanding: | ||||||||||||
| Basic |
|
248,171 |
|
256,553 |
||||||||
| Diluted |
|
250,076 |
|
258,053 |
||||||||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
For the Year Ended |
||||||||
January 29 |
|
January 31 |
||||||
2021 |
|
2020 |
||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ |
2,655,050 |
|
$ |
1,712,555 |
|
||
| Adjustments to reconcile net income to net cash from operating activities: | ||||||||
| Depreciation and amortization |
|
574,237 |
|
|
504,804 |
|
||
| Deferred income taxes |
|
34,976 |
|
|
55,407 |
|
||
| Noncash share-based compensation |
|
68,609 |
|
|
48,589 |
|
||
| Other noncash (gains) and losses |
|
11,570 |
|
|
8,293 |
|
||
| Change in operating assets and liabilities: | ||||||||
| Merchandise inventories |
|
(575,827 |
) |
|
(578,783 |
) |
||
| Prepaid expenses and other current assets |
|
(16,516 |
) |
|
(14,453 |
) |
||
| Accounts payable |
|
745,596 |
|
|
428,627 |
|
||
| Accrued expenses and other liabilities |
|
388,597 |
|
|
100,322 |
|
||
| Income taxes |
|
(6,522 |
) |
|
(20,404 |
) |
||
| Other |
|
(3,611 |
) |
|
(6,959 |
) |
||
| Net cash provided by (used in) operating activities |
|
3,876,159 |
|
|
2,237,998 |
|
||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment |
|
(1,027,963 |
) |
|
(784,843 |
) |
||
| Proceeds from sales of property and equipment |
|
3,053 |
|
|
2,358 |
|
||
| Net cash provided by (used in) investing activities |
|
(1,024,910 |
) |
|
(782,485 |
) |
||
| Cash flows from financing activities: | ||||||||
| Issuance of long-term obligations |
|
1,494,315 |
|
|
- |
|
||
| Repayments of long-term obligations |
|
(4,640 |
) |
|
(1,465 |
) |
||
| Net increase (decrease) in commercial paper outstanding |
|
(425,200 |
) |
|
58,300 |
|
||
| Borrowings under revolving credit facilities |
|
300,000 |
|
|
- |
|
||
| Repayments of borrowings under revolving credit facilities |
|
(300,000 |
) |
|
- |
|
||
| Costs associated with issuance of debt |
|
(13,574 |
) |
|
(1,675 |
) |
||
| Repurchases of common stock |
|
(2,466,434 |
) |
|
(1,200,376 |
) |
||
| Payments of cash dividends |
|
(355,926 |
) |
|
(327,568 |
) |
||
| Other equity and related transactions |
|
56,467 |
|
|
22,104 |
|
||
| Net cash provided by (used in) financing activities |
|
(1,714,992 |
) |
|
(1,450,680 |
) |
||
| Net increase (decrease) in cash and cash equivalents |
|
1,136,257 |
|
|
4,833 |
|
||
| Cash and cash equivalents, beginning of period |
|
240,320 |
|
|
235,487 |
|
||
| Cash and cash equivalents, end of period | $ |
1,376,577 |
|
$ |
240,320 |
|
||
| Supplemental cash flow information: | ||||||||
| Cash paid for: | ||||||||
| Interest | $ |
128,211 |
|
$ |
100,033 |
|
||
| Income taxes | $ |
721,570 |
|
$ |
457,119 |
|
||
| Supplemental schedule of non-cash investing and financing activities: | ||||||||
| Right of use assets obtained in exchange for new operating lease liabilities | $ |
1,721,530 |
|
$ |
1,705,988 |
|
||
| Purchases of property and equipment awaiting processing for payment, included in Accounts payable | $ |
118,059 |
|
$ |
110,248 |
|
||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||||
| Selected Additional Information | ||||||||||
| (Unaudited) | ||||||||||
| Sales by Category (in thousands) | ||||||||||
For the Quarter Ended |
|
|
||||||||
January 29 |
|
January 31 |
|
|
||||||
2021 |
|
2020 |
|
% Change |
||||||
| Consumables | $ |
6,321,571 |
$ |
5,471,573 |
|
15.5 |
% |
|||
| Seasonal |
|
1,097,504 |
|
916,960 |
|
19.7 |
% |
|||
| Home products |
|
608,500 |
|
460,184 |
|
32.2 |
% |
|||
| Apparel |
|
386,949 |
|
308,925 |
|
25.3 |
% |
|||
| Net sales | $ |
8,414,524 |
$ |
7,157,642 |
|
17.6 |
% |
|||
For the Year Ended |
|
|
||||||||
January 29 |
|
January 31 |
|
|
||||||
2021 |
|
2020 |
|
% Change |
||||||
| Consumables | $ |
25,906,685 |
$ |
21,635,890 |
|
19.7 |
% |
|||
| Seasonal |
|
4,083,650 |
|
3,258,874 |
|
25.3 |
% |
|||
| Home products |
|
2,209,950 |
|
1,611,899 |
|
37.1 |
% |
|||
| Apparel |
|
1,546,554 |
|
1,247,310 |
|
24.0 |
% |
|||
| Net sales | $ |
33,746,839 |
$ |
27,753,973 |
|
21.6 |
% |
|||
| Store Activity | ||||||||||
For the Year Ended |
||||||||||
January 29 |
|
January 31 |
||||||||
2021 |
|
2020 |
||||||||
| Beginning store count |
|
16,278 |
|
15,370 |
|
|||||
| New store openings |
|
1,000 |
|
975 |
|
|||||
| Store closings |
|
(101 |
) |
(67 |
) |
|||||
| Net new stores |
|
899 |
|
908 |
|
|||||
| Ending store count |
|
17,177 |
|
16,278 |
|
|||||
| Total selling square footage (000's) |
|
127,056 |
|
120,342 |
|
|||||
| Growth rate (square footage) |
|
5.6 |
% |
5.8 |
% |
|||||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||
| Adjusted Selling General and Administrative Expenses, Adjusted Operating Profit, | |||||||||||||||||
| Adjusted Net Income, and Adjusted Diluted Earnings Per Share | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
For the Year Ended |
|
|
|
|
|
|
|||||||||||
January 29 |
|
|
|
January 31 |
|
|
|
|
|
|
|||||||
2021 |
|
% Net Sales |
|
2020 |
|
% Net Sales |
|
bps Change |
|
% Change |
|||||||
| Net sales | $ |
33,746.8 |
$ |
27,754.0 |
|
||||||||||||
| Selling, general and administrative expenses | $ |
7,164.1 |
21.23 |
$ |
6,186.8 |
|
22.29 |
|
(1.06 |
) |
15.8 |
||||||
| Significant Legal Expenses |
|
- |
- |
|
(31.0 |
) |
(0.11 |
) |
0.11 |
|
|||||||
| Adjusted selling, general and administrative expenses | $ |
7,164.1 |
21.23 |
$ |
6,155.8 |
|
22.18 |
|
(0.95 |
) |
16.4 |
||||||
| Operating profit | $ |
3,554.8 |
10.53 |
$ |
2,302.3 |
|
8.30 |
|
2.23 |
|
54.4 |
||||||
| Significant Legal Expenses |
|
- |
- |
|
31.0 |
|
0.11 |
|
(0.11 |
) |
|||||||
| Adjusted operating profit | $ |
3,554.8 |
10.53 |
$ |
2,333.3 |
|
8.41 |
|
2.12 |
|
52.4 |
||||||
| Net income | $ |
2,655.1 |
7.87 |
$ |
1,712.6 |
|
6.17 |
|
1.70 |
|
55.0 |
||||||
| Significant Legal Expenses |
|
- |
- |
|
31.0 |
|
0.11 |
|
(0.11 |
) |
|||||||
| Deferred tax benefit of Significant Legal Expenses |
|
- |
- |
|
(6.9 |
) |
(0.02 |
) |
0.02 |
|
|||||||
| Significant Legal Expenses net of deferred tax benefit |
|
- |
- |
|
24.1 |
|
0.09 |
|
(0.09 |
) |
|||||||
| Adjusted net income | $ |
2,655.1 |
7.87 |
$ |
1,736.7 |
|
6.26 |
|
1.61 |
|
52.9 |
||||||
| Diluted earnings per share: | |||||||||||||||||
| As reported | $ |
10.62 |
$ |
6.64 |
|
59.9 |
|||||||||||
| After-tax impact of Significant Legal Expenses |
|
- |
|
0.09 |
|
||||||||||||
| Adjusted | $ |
10.62 |
$ |
6.73 |
|
57.8 |
|||||||||||
| Weighted average diluted shares outstanding: |
|
250.1 |
|
258.1 |
|
||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210318005242/en/
FAQ
What were Dollar General's Q4 2020 net sales results?
How much did Dollar General's same-store sales grow in FY 2020?
What is the diluted EPS reported by Dollar General for FY 2020?
What dividend increase was announced by Dollar General?
How much did Dollar General repurchase in shares during FY 2020?
What are the expectations for Dollar General's FY 2021 sales?
