Dollar General Corporation Reports Fourth Quarter and Fiscal Year 2023 Results
- Positive: Fiscal year net sales increased by 2.2%, annual cash flows from operations rose by 20.5%, and the company declared a quarterly cash dividend of $0.59 per share.
- Negative: Fourth-quarter net sales decreased by 3.4%, operating profit dropped by 37.9%, and diluted EPS declined by 38.2%.
- None.
Insights
The reported decrease in fourth quarter net sales by 3.4% to $9.9 billion, coupled with the 37.9% decrease in operating profit and the 38.2% decline in diluted EPS, indicates a significant contraction in profitability for Dollar General Corporation. This contraction could be attributed to various factors, including increased operational costs, reduced margins, or a competitive retail environment. The slight increase in fiscal year net sales by 2.2% suggests that there is growth, albeit at a slow pace, which could be perceived as resilience in a challenging economic climate.
The 20.5% increase in annual cash flows from operations to $2.4 billion is a positive indicator of the company's ability to generate cash, which is crucial for future investments, debt repayment and sustaining dividend payments. The declaration of a quarterly cash dividend of $0.59 per share reflects confidence in the company's liquidity and commitment to shareholder returns. However, investors should consider the possibility of future dividends being affected if profitability continues to decline.
Dollar General’s same-store sales growth, though modest at 0.7% for the quarter and 0.2% for the fiscal year, highlights a critical aspect of retail performance. Same-store sales, a key indicator of retail health, measures the sales growth from existing stores over a certain period. The positive growth here suggests that existing stores are still attracting customers, which is encouraging in the face of the net sales decline. Furthermore, the CEO's mention of customer traffic growth and market share gains during the quarter suggests that the company's strategies are effectively driving customer engagement and retention.
The focus on a 'Back to Basics' strategy implies a strategic redirection towards core business practices and cost management, which could streamline operations and improve margins over time. Investors should monitor how these operational improvements translate into financial performance in the competitive discount retail sector.
The financial results of Dollar General must be contextualized within the broader economic landscape. The decrease in operating profit and EPS during the fourth quarter could reflect broader economic pressures such as inflation, which affects both consumer spending and operational costs. The company's performance, particularly the operational improvements and customer traffic growth, may indicate resilience against economic headwinds, which is a positive signal for stakeholders.
Moreover, the company's ability to increase its cash flows from operations significantly in a year could be seen as a buffer against potential economic downturns. This financial cushion can be strategically important for maintaining operations and investing in growth opportunities even during periods of economic uncertainty. Stakeholders should assess the company's long-term strategy and operational efficiency in the context of economic trends and consumer behavior changes.
Provides Financial Guidance for Fiscal 2024 First Quarter and Full Year
Note: Dollar General's results for the fiscal full year and fourth quarter ended February 3, 2023 (“fiscal 2022”) contain an additional, non-comparable week, or the "53rd week”, when compared to the full year and fourth quarter results for the respective 52- and 13-week periods ended February 2, 2024. By definition, the Company's same-store sales growth calculations do not include the non-comparable 53rd week in the fiscal 2022 periods. Financial metrics discussed in this release, such as net sales, operating income, net income and earnings per share (“EPS”), are calculated in accordance with generally accepted accounting principles (“GAAP”) and therefore include the 53rd week for the applicable fiscal 2022 periods.
-
Fourth Quarter Net Sales Decreased
3.4% to$9.9 Billion 2.2% to$38.7 Billion -
Fourth Quarter Same-Store Sales Increased
0.7% ; Fiscal Year Same-Store Sales Increased0.2% -
Fourth Quarter Operating Profit Decreased
37.9% to$579.7 Million 26.5% to$2.4 Billion -
Fourth Quarter Diluted EPS Decreased
38.2% to$1.83 29.3% to$7.55 -
Annual Cash Flows From Operations Increased
20.5% to$2.4 Billion -
Board of Directors Declares Quarterly Cash Dividend of
$0.59
“We were pleased to deliver fourth quarter top and bottom-line results at the upper end of our internal expectations,” said Todd Vasos, Dollar General’s chief executive officer. “With customer traffic growth and market share gains during the quarter, we believe our actions are resonating with customers as they turn to Dollar General for our unique combination of value and convenience.”
“We have made solid progress executing on our Back to Basics strategy, which we believe supported our improved operational performance during the quarter. While we are pleased with the operational improvement we have seen, we believe that significant opportunity remains, as we continue to focus on enhancing the way we support our teams and serve our customers.”
“I want to thank our associates for their resilience and commitment to serving our customers every day. Looking ahead, we are excited about our plans for 2024 and are confident that we are taking the right actions to further solidify our foundation for future growth and create sustainable long-term value for our shareholders.”
Fourth Quarter Fiscal 2023 Highlights
Net sales decreased
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 fiscal 2023 decreased
Interest expense for the fourth quarter of fiscal 2023 increased
The effective income tax rate in the fourth quarter of fiscal 2023 was
The Company reported net income of
Fiscal Year 2023 Highlights
Fiscal 2023 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 2023 decreased
Interest expense for fiscal 2023 increased
The effective income tax rate in fiscal 2023 was
The Company reported net income of
Merchandise Inventories
As of February 2, 2024, total merchandise inventories, at cost, were
Capital Expenditures
Total additions to property and equipment in fiscal 2023 were
Share Repurchases
In fiscal 2023, 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 March 13, 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 expects 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 is also reiterating its plans to execute approximately 2,385 real estate projects in fiscal year 2024, including approximately 800 new store openings, 1,500 remodels, and 85 store relocations.
The Company’s guidance assumes no share repurchases in fiscal year 2024.
Fiscal Year 2024 First Quarter Financial Guidance
For the 13-week quarter ending May 3, 2024, the Company currently expects a same-store sales increase of
“We are encouraged by the progress we are making with our efforts in getting Back to the Basics, and we anticipate the benefit of these actions will continue to grow as we move throughout fiscal year 2024,” said Kelly Dilts, Dollar General’s chief financial officer. “While we anticipate the first quarter will be pressured by our lowest expected same-store-sales increase of any quarter in fiscal 2024, as well as the annualization of prior year headwinds such as retail labor and shrink, we are focused on delivering our full year plans, including anticipated strong EPS growth in the back half of the year.”
Conference Call Information
The Company will hold a conference call on March 14, 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 13743905. 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 11, 2024, and will be accessible via webcast replay or by calling (877) 660-6853. The conference ID for the telephonic replay is 13743905.
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 First 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); 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 potential regulatory changes related to the overtime exemption under the Fair Labor Standards Act if implemented) 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;
- 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 potential regulatory changes related to the overtime exemption under the Fair Labor Standards Act if implemented); 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, 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 February 2, 2024, the Company’s 19,986 Dollar General, DG Market, DGX and pOpshelf stores across
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||
| Consolidated Balance Sheets | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| February 2 | February 3, | ||||||
2024 |
2023 |
||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
537,283 |
$ |
381,576 |
|||
| Merchandise inventories |
|
6,994,266 |
|
6,760,733 |
|||
| Income taxes receivable |
|
112,262 |
|
135,775 |
|||
| Prepaid expenses and other current assets |
|
366,913 |
|
302,925 |
|||
| Total current assets |
|
8,010,724 |
|
7,581,009 |
|||
| Net property and equipment |
|
6,087,722 |
|
5,236,309 |
|||
| Operating lease assets |
|
11,098,228 |
|
10,670,014 |
|||
| Goodwill |
|
4,338,589 |
|
4,338,589 |
|||
| Other intangible assets, net |
|
1,199,700 |
|
1,199,700 |
|||
| Other assets, net |
|
60,628 |
|
57,746 |
|||
| Total assets | $ |
30,795,591 |
$ |
29,083,367 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term obligations | $ |
768,645 |
$ |
- |
|||
| Current portion of operating lease liabilities |
|
1,387,083 |
|
1,288,939 |
|||
| Accounts payable |
|
3,587,374 |
|
3,552,991 |
|||
| Accrued expenses and other |
|
971,890 |
|
1,036,919 |
|||
| Income taxes payable |
|
10,709 |
|
8,919 |
|||
| Total current liabilities |
|
6,725,701 |
|
5,887,768 |
|||
| Long-term obligations |
|
6,231,539 |
|
7,009,399 |
|||
| Long-term operating lease liabilities |
|
9,703,499 |
|
9,362,761 |
|||
| Deferred income taxes |
|
1,133,784 |
|
1,060,906 |
|||
| Other liabilities |
|
251,949 |
|
220,761 |
|||
| Total liabilities |
|
24,046,472 |
|
23,541,595 |
|||
| Commitments and contingencies | |||||||
| Shareholders' equity: | |||||||
| Preferred stock |
|
- |
|
- |
|||
| Common stock |
|
192,206 |
|
191,718 |
|||
| Additional paid-in capital |
|
3,757,005 |
|
3,693,871 |
|||
| Retained earnings |
|
2,799,415 |
|
1,656,140 |
|||
| Accumulated other comprehensive income (loss) |
|
493 |
|
43 |
|||
| Total shareholders' equity |
|
6,749,119 |
|
5,541,772 |
|||
| Total liabilities and shareholders' equity | $ |
30,795,591 |
$ |
29,083,367 |
|||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||||
| Consolidated Statements of Income | ||||||||||
| (In thousands, except per share amounts) | ||||||||||
| (Unaudited) | ||||||||||
| For the Quarter Ended | ||||||||||
| (13 Weeks) | (14 Weeks) | |||||||||
| February 2 | % of Net | February 3, | % of Net | |||||||
2024 |
Sales | 2023 |
Sales | |||||||
| Net sales | $ |
9,858,514 |
100.00 |
% |
$ |
10,202,907 |
100.00 |
% |
||
| Cost of goods sold |
|
6,952,178 |
70.52 |
|
7,054,590 |
69.14 |
||||
| Gross profit |
|
2,906,336 |
29.48 |
|
3,148,317 |
30.86 |
||||
| Selling, general and administrative expenses |
|
2,326,682 |
23.60 |
|
2,215,143 |
21.71 |
||||
| Operating profit |
|
579,654 |
5.88 |
|
933,174 |
9.15 |
||||
| Interest expense |
|
77,117 |
0.78 |
|
74,818 |
0.73 |
||||
| Income before income taxes |
|
502,537 |
5.10 |
|
858,356 |
8.41 |
||||
| Income tax expense |
|
100,724 |
1.02 |
|
199,221 |
1.95 |
||||
| Net income | $ |
401,813 |
4.08 |
% |
$ |
659,135 |
6.46 |
% |
||
| Earnings per share: | ||||||||||
| Basic | $ |
1.83 |
$ |
2.97 |
||||||
| Diluted | $ |
1.83 |
$ |
2.96 |
||||||
| Weighted average shares outstanding: | ||||||||||
| Basic |
|
219,585 |
|
221,564 |
||||||
| Diluted |
|
219,893 |
|
222,702 |
||||||
| For the Year Ended | ||||||||||
| (52 Weeks) | (53 Weeks) | |||||||||
| February 2 | % of Net | February 3, | % of Net | |||||||
2024 |
Sales | 2023 |
Sales | |||||||
| Net sales | $ |
38,691,609 |
100.00 |
% |
$ |
37,844,863 |
100.00 |
% |
||
| Cost of goods sold |
|
26,972,585 |
69.71 |
|
26,024,765 |
68.77 |
||||
| Gross profit |
|
11,719,024 |
30.29 |
|
11,820,098 |
31.23 |
||||
| Selling, general and administrative expenses |
|
9,272,724 |
23.97 |
|
8,491,796 |
22.44 |
||||
| Operating profit |
|
2,446,300 |
6.32 |
|
3,328,302 |
8.79 |
||||
| Interest expense |
|
326,781 |
0.84 |
|
211,273 |
0.56 |
||||
| Other (income) expense |
|
- |
0.00 |
|
415 |
0.00 |
||||
| Income before income taxes |
|
2,119,519 |
5.48 |
|
3,116,614 |
8.24 |
||||
| Income tax expense |
|
458,245 |
1.18 |
|
700,625 |
1.85 |
||||
| Net income | $ |
1,661,274 |
4.29 |
% |
$ |
2,415,989 |
6.38 |
% |
||
| Earnings per share: | ||||||||||
| Basic | $ |
7.57 |
$ |
10.73 |
||||||
| Diluted | $ |
7.55 |
$ |
10.68 |
||||||
| Weighted average shares outstanding: | ||||||||||
| Basic |
|
219,415 |
|
225,148 |
||||||
| Diluted |
|
219,938 |
|
226,297 |
||||||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||||
| Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| For the Year Ended | |||||||||||
| (52 Weeks) | (53 Weeks) | ||||||||||
| February 2 | February 3, | ||||||||||
|
2024 |
|
|
2023 |
|
||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ |
1,661,274 |
|
$ |
2,415,989 |
|
|||||
| Adjustments to reconcile net income to net cash | |||||||||||
| from operating activities: | |||||||||||
| Depreciation and amortization |
|
848,793 |
|
|
724,877 |
|
|||||
| Deferred income taxes |
|
72,847 |
|
|
235,299 |
|
|||||
| Noncash share-based compensation |
|
51,891 |
|
|
72,712 |
|
|||||
| Other noncash (gains) and losses |
|
88,982 |
|
|
530,530 |
|
|||||
| Change in operating assets and liabilities: | |||||||||||
| Merchandise inventories |
|
(299,066 |
) |
|
(1,665,352 |
) |
|||||
| Prepaid expenses and other current assets |
|
(63,576 |
) |
|
(65,102 |
) |
|||||
| Accounts payable |
|
36,940 |
|
|
(194,722 |
) |
|||||
| Accrued expenses and other liabilities |
|
(39,189 |
) |
|
(25,409 |
) |
|||||
| Income taxes |
|
25,303 |
|
|
(37,517 |
) |
|||||
| Other |
|
7,599 |
|
|
(6,750 |
) |
|||||
| Net cash provided by (used in) operating activities |
|
2,391,798 |
|
|
1,984,555 |
|
|||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment |
|
(1,700,222 |
) |
|
(1,560,582 |
) |
|||||
| Proceeds from sales of property and equipment |
|
6,199 |
|
|
5,236 |
|
|||||
| Net cash provided by (used in) investing activities |
|
(1,694,023 |
) |
|
(1,555,346 |
) |
|||||
| Cash flows from financing activities: | |||||||||||
| Issuance of long-term obligations |
|
1,498,260 |
|
|
2,296,053 |
|
|||||
| Repayments of long-term obligations |
|
(19,723 |
) |
|
(911,330 |
) |
|||||
| Net increase (decrease) in commercial paper outstanding |
|
(1,501,900 |
) |
|
1,447,600 |
|
|||||
| Borrowings under revolving credit facilities |
|
500,000 |
|
|
- |
|
|||||
| Repayments of borrowings under revolving credit facilities |
|
(500,000 |
) |
|
- |
|
|||||
| Costs associated with issuance of debt |
|
(12,438 |
) |
|
(16,925 |
) |
|||||
| Repurchases of common stock |
|
- |
|
|
(2,748,014 |
) |
|||||
| Payments of cash dividends |
|
(517,979 |
) |
|
(493,726 |
) |
|||||
| Other equity and related transactions |
|
11,712 |
|
|
33,880 |
|
|||||
| Net cash provided by (used in) financing activities |
|
(542,068 |
) |
|
(392,462 |
) |
|||||
| Net increase (decrease) in cash and cash equivalents |
|
155,707 |
|
|
36,747 |
|
|||||
| Cash and cash equivalents, beginning of period |
|
381,576 |
|
|
344,829 |
|
|||||
| Cash and cash equivalents, end of period | $ |
537,283 |
|
$ |
381,576 |
|
|||||
| Supplemental cash flow information: | |||||||||||
| Cash paid for: | |||||||||||
| Interest | $ |
352,473 |
|
$ |
195,312 |
|
|||||
| Income taxes | $ |
359,578 |
|
$ |
500,814 |
|
|||||
| Supplemental schedule of non-cash investing and financing activities: | |||||||||||
| Right of use assets obtained in exchange for new operating lease liabilities | $ |
1,804,934 |
|
$ |
1,836,718 |
|
|||||
| Purchases of property and equipment awaiting processing for payment, | |||||||||||
| included in Accounts payable | $ |
148,137 |
|
$ |
150,694 |
|
|||||
| DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||||
| Selected Additional Information | |||||||||||
| (Unaudited) | |||||||||||
| Sales by Category (in thousands) | |||||||||||
| For the Quarter Ended | |||||||||||
| (13 Weeks) | (14 Weeks) | ||||||||||
| February 2 | February 3, | ||||||||||
|
2024 |
|
2023 |
|
% Change | ||||||
| Consumables | $ |
7,897,564 |
$ |
8,054,072 |
|
-1.9 |
% |
||||
| Seasonal |
|
1,104,316 |
|
1,191,702 |
|
-7.3 |
% |
||||
| Home products |
|
581,501 |
|
658,398 |
|
-11.7 |
% |
||||
| Apparel |
|
275,133 |
|
298,735 |
|
-7.9 |
% |
||||
| Net sales | $ |
9,858,514 |
$ |
10,202,907 |
|
-3.4 |
% |
||||
| For the Year Ended | |||||||||||
| (52 Weeks) | (53 Weeks) | ||||||||||
| February 2 | February 3, | ||||||||||
|
2024 |
|
2023 |
|
% Change | ||||||
| Consumables | $ |
31,342,595 |
$ |
30,155,218 |
|
3.9 |
% |
||||
| Seasonal |
|
4,083,790 |
|
4,182,815 |
|
-2.4 |
% |
||||
| Home products |
|
2,163,806 |
|
2,332,411 |
|
-7.2 |
% |
||||
| Apparel |
|
1,101,418 |
|
1,174,419 |
|
-6.2 |
% |
||||
| Net sales | $ |
38,691,609 |
$ |
37,844,863 |
|
2.2 |
% |
||||
| Store Activity | |||||||||||
| For the 52 Weeks Ended | |||||||||||
| (52 Weeks) | (53 Weeks) | ||||||||||
| February 2 | February 3, | ||||||||||
|
2024 |
|
2023 |
|
|||||||
| Beginning store count |
|
19,104 |
|
18,130 |
|
||||||
| New store openings |
|
987 |
|
1,039 |
|
||||||
| Store closings |
|
(105 |
) |
(65 |
) |
||||||
| Net new stores |
|
882 |
|
974 |
|
||||||
| Ending store count |
|
19,986 |
|
19,104 |
|
||||||
| Total selling square footage (000's) |
|
151,095 |
|
142,987 |
|
||||||
| Growth rate (square footage) |
|
5.7 |
% |
6.3 |
% |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312291397/en/
Investor Contact:
investorrelations@dollargeneral.com
Media Contact:
dgpr@dollargeneral.com
Source: Dollar General Corporation
FAQ
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