Market Updates
Dollar General Same Store Sales Up 4.6%, Adds 227 New Stores
Scott Peters
25 Aug, 2022
New York City
Dollar General Corp was nearly unchanged at $247.09 after the deep discount retailer reported stronger quarterly results.
Revenues in fiscal second quarter 2022 ending in July increased 9.0% to $9.4 billion on a comparable same store sales rise of 4.6%.
Same-store sales increase was driven primarily by an increase in average transaction amount, as well as a slight increase in customer traffic.
higher fuel costs and prices forced many customers to stick to basic items.
Same-store sales in the second quarter included growth in the consumables category, partially offset by declines in each of the apparel, seasonal, and home products categories.
Net income in the second quarter increased 6.4% to $678 million from $637 million a year ago. Diluted earnings per share rose to $2.98 from $2.69 a year ago.
Total merchandise inventories rose 25.1% to $6.9 billion compared to $5.3 billion as of July 30, 2021.
During the second quarter of 2022, the company opened 227 new stores, remodeled 533 stores, and relocated 30 stores at a total cot of $659 million.
Share Repurchase and Dividend
In the second quarter of 2022, the company repurchased 1.5 million of its own shares for $349 million at an average price of $233.36 a share, under its share repurchase program.
The total remaining authorization for future repurchases was $1.0 billion at the end of the second quarter of 2022.
On August 24, 2022, the company
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