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Dollar General had a record quarter

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Staff writer ▼ | June 5, 2013
Dollar General Corporation reported record sales, operating profit and net income for its Q1 2013 ended May 3, 2013. The company's net income was $220 million.
Dollar General
Dollar GeneralDollar General Corporation reported record sales, operating profit and net income for its Q1 2013 ended May 3, 2013. The company's net income was $220 million.


"For the quarter, we achieved same-store sales growth of 2.6 percent reflecting strong growth in our consumables categories offset by softer sales in seasonal and weather-sensitive categories," said Rick Dreiling, Dollar General's chairman and chief executive officer.

The Company's net income was $220 million, or $0.67 per diluted share, in the 2013 first quarter, compared to net income of $213 million, or $0.63 per diluted share, in the 2012 first quarter. Adjusted net income increased 8 percent to $232 million in the 2013 first quarter, compared to $215 million in the 2012 first quarter. Adjusted diluted EPS increased 13 percent to $0.71 in the 2013 first quarter from $0.63 in the 2012 first quarter.

Adjusted net income is defined as net income excluding specifically identified expenses. Adjustments include the expenses relating to secondary offerings of the Company's stock in both the 2013 and 2012 periods and losses associated with restructuring the Company's credit facility in 2013 and an amendment of the Company's revolving credit facility in 2012.

Net sales increased 8.5 percent to $4.23 billion in the 2013 first quarter compared to $3.90 billion in the 2012 first quarter. Same-store sales increased 2.6 percent resulting from increases in both customer traffic and average transaction amount.

Gross profit, as a percentage of sales, was 30.6 percent in the 2013 first quarter, a decrease of 89 basis points from the 2012 first quarter.

Selling, general and administrative expenses, as a percentage of sales, were 21.3 percent in the 2013 first quarter compared to 21.6 percent in the 2012 first quarter, an improvement of 37 basis points.

Operating profit was $395 million, or 9.3 percent of sales, in the 2013 first quarter compared to $384 million, or 9.9 percent of sales, in Q1 2012.

For the 2013 fiscal year, the company expects total sales to increase 10 to 11 percent over the 2012 fiscal year. Same-store sales are expected to increase 4 to 5 percent. Adjusted operating profit for 2013 is expected to be in the range of $1.73 billion to $1.77 billion.


 

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