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Dollar General Corporation Message Board

  • bluecheese4u bluecheese4u Jun 4, 2012 7:02 PM Flag

    Dollar General Reports Record First Quarter Financial Results

    June 4, 2012

    Dollar General Reports Record First Quarter Financial Results

    •Same-Store Sales Increase of 6.7%; Total Sales Improved 13.0%
    •Reported Net Income Up 36%; Adjusted Net Income Up 29%
    •Reported EPS of $0.63, Up 40%; Adjusted EPS of $0.63, Up 31%
    •Company Raises Full Year 2012 Financial Outlook

    GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)-- Dollar General Corporation (NYSE: DG) today reported record sales, operating profit and net income for its fiscal 2012 first quarter (13 weeks) ended May 4, 2012.

    "Dollar General is starting off 2012 with strong performance in the first quarter due to excellent same-store sales growth of 6.7 percent, representing the fifth consecutive quarter of accelerating improvement," said Rick Dreiling, chairman and chief executive officer. "We are pleased to raise our full year financial outlook to now reflect adjusted EPS of $2.68 to $2.78. Our first quarter was strong, and we are pleased with our May sales performance."

    "I believe we are positioned well to invest in the future of our business as we continue to redefine small-box retailing and reinforce Dollar General's role as America's general store," said Dreiling.

    The Company's net income increased by 36 percent to $213 million in the 2012 first quarter, compared to net income of $157 million in the 2011 first quarter. Adjusted net income, as defined below, increased 29 percent to $215 million in the 2012 first quarter, compared to $166 million in the 2011 first quarter. Diluted earnings per share ("EPS") increased by 40 percent to $0.63 in the 2012 first quarter from $0.45 in the 2011 quarter. Adjusted diluted EPS increased 31 percent to $0.63 in the 2012 first quarter from $0.48 in the 2011 first quarter.

    Adjusted net income is defined as net income excluding specifically identified expenses. For the 2012 first quarter, acceleration of equity-based compensation and other expenses relating to a secondary offering of the Company's stock and a loss resulting from the amendment of the Company's revolving credit facility were excluded. For the 2011 quarter, expenses related to certain litigation settlements and a net loss on the repurchase of debt were excluded. The income tax effect of adjustments is also excluded from both periods. A reconciliation of adjusted net income to net income is presented in the accompanying schedules.

    Financial Highlights

    Net sales increased 13.0 percent to $3.90 billion in the 2012 first quarter compared to $3.45 billion in the 2011 first quarter. Same-store sales increased 6.7 percent resulting from increases in both customer traffic and average transaction amount.

    Gross profit, as a

    http://investor.shareholder.com/dollar/releasedetail.cfm?ReleaseID=679797

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