Dollar General Corporation
DOLLAR GENERAL CORP (Form: 8-K, Received: 12/07/2017 07:05:10)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  December 7, 2017


Dollar General Corporation

(Exact name of registrant as specified in its charter)


Tennessee

001-11421

61-0502302

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)


100 Mission Ridge

Goodlettsville, Tennessee

 

37072

(Address of principal executive offices)

  (Zip Code)


Registrant’s telephone number, including area code:     (615) 855-4000

 

(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  


ITEM 2.02

 

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

          On December 7, 2017, Dollar General Corporation (the “Company”) issued a news release regarding results of operations and financial condition for the fiscal 2017 third quarter (13 weeks) and 39-week periods ended November 3, 2017. The news release is furnished as Exhibit 99 hereto.

          The information contained within this Item 2.02, including the information in Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.

ITEM 7.01

 

REGULATION FD DISCLOSURE.

          The information set forth in Item 2.02 above is incorporated herein by reference. The news release also sets forth statements regarding, among other things, the Company’s outlook, as well as the Company’s planned conference call to discuss the reported financial results, the Company’s outlook, and certain other matters, and announces that on December 5, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share on the Company’s outstanding common stock.  The dividend will be payable on or before January 23, 2018 to shareholders of record at the close of business on January 9, 2018.  The payment of future cash dividends is subject to the Board’s discretion and will depend upon, among other things, the Company’s results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant in its sole discretion.    

          The information contained within this Item 7.01, including the information in Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.  

ITEM 9.01

 

FINANCIAL STATEMENTS AND EXHIBITS.

 
(a) Financial statements of businesses acquired. N/A
(b) Pro forma financial information. N/A
(c) Shell company transactions. N/A
(d) Exhibits. See Exhibit Index to this report.

EXHIBIT INDEX

Exhibit No.

 

Description

 

99

News release issued December 7, 2017


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

December 7, 2017

DOLLAR GENERAL CORPORATION

 
 
 

By:

 

/s/ Rhonda M. Taylor

 

Rhonda M. Taylor

Executive Vice President and General Counsel

2

Exhibit 99

Dollar General Corporation Reports Third Quarter 2017 Financial Results

GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--December 7, 2017--Dollar General Corporation (NYSE: DG) today reported financial results for its fiscal 2017 third quarter (13 weeks) ended November 3, 2017.

“We are pleased with our overall third quarter results, which include a strong same-store sales growth of 4.3% and increases in both average transaction amount and customer traffic over the 2016 third quarter. During the quarter, we effectively balanced our same-store sales growth while achieving gross profit rate expansion and continuing our planned investments in the business.

“We remain excited about the future for Dollar General. For fiscal 2018, we have plans to execute approximately 2,000 real estate projects comprised of 900 new stores, 1,000 store remodels and 100 store relocations. We continue to believe that investing in the business through our high-return new store growth is the best use of our capital to help drive long-term shareholder value. Our new store growth is complemented with a significant increase in our store remodel program from fiscal 2017 that we view as an investment to enhance and consistently deliver on our brand promise to help our customers save time and money every day,” said Todd Vasos, Dollar General’s chief executive officer.

Third Quarter 2017 Highlights

Net sales increased 11.0 percent to $5.90 billion in the 2017 third quarter compared to $5.32 billion in the 2016 third quarter. Same-store sales increased 4.3 percent, attributable to increases in average transaction amount and customer traffic, including an estimated 30 to 35 basis point net benefit from hurricane-related sales. Same-store sales increases were driven by positive results in the consumables, seasonal and apparel categories, partially offset by negative results in the home products category. Same-store sales results in the three non-consumables categories, when aggregated, were positive. The net sales increase was also positively affected by sales from new stores, modestly offset by sales from closed stores.


Gross profit, as a percentage of net sales, was 29.9 percent in the 2017 third quarter, an increase of eight basis points from the 2016 third quarter. The gross profit rate increase was primarily attributable to higher initial inventory markups and an improved rate of inventory shrink. Partially offsetting these items were a greater proportion of sales of consumables, which generally have a lower gross profit rate than other product categories, sales of lower-margin products comprising a higher proportion of consumables sales, and increased transportation costs.

Selling, general and administrative expense (“SG&A”) as a percentage of net sales was 22.9 percent in the 2017 third quarter compared to 22.5 percent in the 2016 third quarter, an increase of 40 basis points. The SG&A increase was primarily attributable to increased retail labor expenses, primarily as a result of the Company’s investment in store manager compensation, and increased incentive compensation and occupancy costs, each of which increased at a rate greater than the increase in net sales. Partially offsetting these increased expenses were lower utilities costs and a reduction in advertising costs. During the 2017 third quarter, the Company recorded incremental expenses of approximately $24.8 million, or 42 basis points, related to the impact of two hurricanes which occurred during the quarter as set forth below under “Summary of Impact of Hurricanes on 2017 Third Quarter Results.” Similarly, in the 2016 third quarter, the Company incurred incremental charges of $13.0 million, or 25 basis points, associated with the acquisition of former Walmart Express store locations and the related closure of existing stores plus an incremental $7.7 million, or 14 basis points, of expenses primarily related to natural disasters.

The Company’s net income was $253 million, or $0.93 per diluted share, in the 2017 third quarter, compared to net income of $235 million, or $0.84 per diluted share, in the 2016 third quarter. An estimated $0.05 hurricane-related net negative impact, driven by hurricane-related expenses, is included in diluted earnings per share for the 2017 third quarter. Similarly, the 2016 third quarter included an approximate $0.05 charge for the Walmart Express store acquisition and disaster-related expenses.

The effective income tax rate was 35.8 percent for the 2017 third quarter compared to a rate of 36.2 percent for the 2016 third quarter. The effective income tax rate was lower in the 2017 third quarter due primarily to the recognition of greater federal Work Opportunity Tax Credits in the 2017 period.

39-Week Period Highlights

For the 39-week period ended November 3, 2017, net sales increased 8.5 percent over the comparable 2016 period to $17.3 billion. Same-store sales increased 2.6 percent, attributable to increases in average transaction amount and customer traffic. When compared to the 2016 39-week period, same-store sales increases were driven by positive results in the consumables, seasonal and apparel categories, partially offset by negative results in the home products category. Same-store sales results in the three non-consumables categories, when aggregated, were positive. The net sales increase was also positively affected by sales from new stores, modestly offset by sales from closed stores.

Gross profit, as a percentage of net sales, was 30.3 percent in the 2017 39-week period, a decrease of 25 basis points from the comparable 2016 period. The gross profit rate decrease in the 2017 period as compared to the 2016 period was primarily attributable to higher markdowns, primarily for promotional activities, a greater proportion of sales of consumables, which generally have a lower gross profit rate than other product categories, and sales of lower margin products comprising a higher proportion of consumables sales. Partially offsetting these items were higher initial inventory markups and an improved rate of inventory shrink.


SG&A was 22.3 percent of net sales in the 2017 39-week period compared to 21.9 percent in the comparable 2016 period, an increase of 43 basis points. The SG&A increase was primarily attributable to increased retail labor expenses, primarily as a result of the Company’s investment in store manager compensation, and increased occupancy costs, each of which increased at a rate greater than the increase in net sales. Partially offsetting these increased expenses were a reduction in advertising costs as well as lower utilities and lower waste management costs primarily resulting from the Company’s recycling efforts. As noted above, the 2017 period reflects expenses related to the impact of two hurricanes which occurred during the quarter, and the 2016 period reflects expenses associated with the acquisition of former Walmart Express store locations and related closure of existing stores, plus disaster-related expenses. The Company also recorded incremental expenses, primarily for lease termination costs, related to stores acquired in the second quarter of 2017 from a multi-price point discount retailer.

For the 2017 39-week period, the Company reported net income of $827 million, or $3.02 per diluted share, compared to net income of $837 million, or $2.95 per diluted share, for the 39-week 2016 period. Included in diluted earnings per share for the 2017 39-week period was an approximate $0.01 charge for the early retirement of long-term obligations, an approximate $0.02 charge primarily for the lease termination costs related to the stores acquired in the second quarter of 2017, and an estimated $0.05 hurricane-related net negative impact, driven by hurricane-related expenses. The 2016 39-week period included an approximate $0.04 benefit from the adoption of the share-based payment accounting standard and an approximate $0.05 charge for the Walmart Express store acquisition and disaster-related expenses.

The effective income tax rate for the 2017 39-week period was 36.8 percent compared to a rate of 36.1 percent for the comparable 2016 period. The effective income tax rate was higher in the 2017 39-week period due primarily to the recognition of a tax benefit of approximately $10.9 million in the 2016 period associated with stock based compensation that did not reoccur to the same extent in the 2017 period.

Summary of Impact of Hurricanes on 2017 Third Quarter Results

As detailed in the discussion of results above, the Company estimates the following impacts to its 2017 third quarter financial performance as a result of Hurricanes Harvey and Irma:

 
       

Reported 2017

Third Quarter

     

Estimated Positive/(Negative) Impact from

Hurricanes In 2017 Third Quarter

Net Sales Growth       11.0%       +30 to 40 basis points benefit
Same-Store Sales Growth       4.3%       +30 to 35 basis points benefit
SG&A Expense, as a % of Sales       22.9%       (42) basis points
Operating Profit       $417.4 million       ($21) million
Net Income       $252.5 million       ($13) million
Diluted Earnings per Share       $0.93       ($0.05)
 
 

Merchandise Inventories

As of November 3, 2017, total merchandise inventories, at cost, were $3.60 billion compared to $3.49 billion as of October 28, 2016, a decrease of 4.9 percent on a per-store basis.


Capital Expenditures

Total additions to property and equipment in the 39-week period ended November 3, 2017 were $489 million, including: $178 million for improvements, upgrades, remodels and relocations of existing stores; $150 million related to new leased stores, primarily for leasehold improvements, fixtures and equipment; $134 million for distribution and transportation-related capital expenditures; and $21 million for information systems upgrades and technology-related projects.

During the 2017 39-week period, the Company opened 1,044 new stores and remodeled or relocated 719 stores. The new store growth includes the rebannering of 263 store locations acquired in the second quarter of 2017.

Share Repurchases

During the 2017 third quarter, the Company repurchased 1.8 million shares of its common stock under its share repurchase program at an average price of $76.97 per share. For the 2017 39-week period, the Company repurchased 4.0 million shares of its common stock under the share repurchase program at an average price of $73.78 per share. From the inception of the share repurchase program in December 2011 through the end of the 2017 third quarter, the Company has repurchased 78.4 million shares of its common stock at an average price of $62.05 per share, for a total cost of $4.9 billion. The total remaining authorization for future repurchases was approximately $635 million at the end of the 2017 third quarter. The authorization has no expiration date.

Dividend

On December 5, 2017, the Board of Directors declared a quarterly cash dividend of $0.26 per share on the Company’s common stock, payable on January 23, 2018 to shareholders of record at the close of business on January 9, 2018.

Financial and Store Growth Outlook

For the 52-week fiscal year ending February 2, 2018 (“fiscal 2017”), the Company is updating certain components of its guidance issued on August 31, 2017. The Company’s guidance does not contemplate any potential impacts from U.S. corporate tax legislation reform.

The Company has narrowed its fiscal 2017 GAAP diluted earnings per share to $4.37 to $4.47, compared to its prior guidance range of $4.35 to $4.50. The current diluted earnings per share guidance range now includes the estimated net negative impact on the third quarter diluted earnings per share results of $0.05 related to the hurricanes. In addition, the Company now forecasts:

Share repurchases for fiscal 2017 continue to be forecasted at approximately $450 million.


For fiscal 2017, the Company continues to plan to open approximately 1,285 new stores, in addition to remodeling or relocating 760 stores.

For the 52-week period ending February 1, 2019, the Company plans to open approximately 900 new stores, remodel approximately 1,000 mature store locations and relocate approximately 100 stores for an approximate total of 2,000 real estate projects.

Conference Call Information

The Company will hold a conference call on Thursday, December 7, 2017 at 9:00 a.m. CT/10:00 a.m. ET, hosted by Todd Vasos, chief executive officer, and John Garratt, chief financial officer. If you wish to participate, please call (877) 868-1301 at least 10 minutes before the conference call is scheduled to begin. The conference ID is 1697694. The call will also be broadcast live online at www.dollargeneral.com under “Investor Information, News & Events, Events & Presentations.” A replay of the conference call will be available through Thursday, December 21, 2017, and will be accessible online or by calling (855) 859-2056. The conference ID for the replay is 1697694.

Forward-Looking Statements

This press release contains forward-looking information, including statements regarding the Company’s outlook, plans and intentions including, but not limited to, statements made within the quotations of Mr. Vasos and in the section entitled “Financial 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,” “believe,” “anticipate,” “plan,” “expect,” “estimate,” “forecast,” “confident,” “opportunities,” “goal,” “prospect,” “positioned,” “intend,” “committed,” “continue,” ”future,” ”guidance,” “looking ahead,” “going forward,” “focused on,” or “will likely result,” 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:



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.

About Dollar General Corporation

Dollar General Corporation has been delivering value to shoppers for over 75 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 14,321 stores in 44 states as of November 3, 2017. 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. For more information on Dollar General, please visit www.dollargeneral.com.


 
 
 
 
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
 
      (Unaudited)    
November 3     October 28 February 3
2017     2016     2017
ASSETS
Current assets:
Cash and cash equivalents $ 226,192 $ 200,236 $ 187,915
Merchandise inventories 3,597,195 3,488,247 3,258,785
Income taxes receivable 99,678 54,586 11,050
Prepaid expenses and other current assets         230,269         225,443         220,021  
Total current assets         4,153,334         3,968,512         3,677,771  
Net property and equipment         2,654,936         2,388,463         2,434,456  
Goodwill         4,338,589         4,338,589         4,338,589  
Other intangible assets, net         1,200,481         1,200,734         1,200,659  
Other assets, net         27,416         20,778         20,823  
Total assets       $ 12,374,756       $ 11,917,076       $ 11,672,298  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligations $ 401,532 $ 501,480 $ 500,950
Accounts payable 1,978,032 1,948,111 1,557,596
Accrued expenses and other 553,596 504,427 500,866
Income taxes payable         4,646         5,721         63,393  
Total current liabilities         2,937,806         2,959,739         2,622,805  
Long-term obligations         2,719,568         2,673,210         2,710,576  
Deferred income taxes         690,795         637,135         652,841  
Other liabilities         282,432         285,140         279,782  
Total liabilities         6,630,601         6,555,224         6,266,004  
 
Commitments and contingencies
 
Shareholders' equity:
Preferred stock - - -
Common stock 237,598 244,457 240,811
Additional paid-in capital 3,176,406 3,144,632 3,154,606
Retained earnings 2,334,534 1,977,969 2,015,867
Accumulated other comprehensive loss         (4,383 )       (5,206 )       (4,990 )
Total shareholders' equity         5,744,155         5,361,852         5,406,294  
Total liabilities and shareholders' equity       $ 12,374,756       $ 11,917,076       $ 11,672,298  

 
 
 
 
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
 
      For the Quarter Ended
November 3     % of Net     October 28     % of Net
2017     Sales     2016     Sales
Net sales $ 5,903,606 100.00 % $ 5,320,029 100.00 %
Cost of goods sold         4,137,150     70.08         3,732,519     70.16  
Gross profit 1,766,456 29.92 1,587,510 29.84
Selling, general and administrative expenses         1,349,025     22.85         1,194,519     22.45  
Operating profit 417,431 7.07 392,991 7.39
Interest expense         23,995     0.41         23,877     0.45  
Income before income taxes 393,436 6.66 369,114 6.94
Income tax expense         140,903     2.39         133,799     2.52  
Net income       $ 252,533     4.28 %     $ 235,315     4.42 %
 
Earnings per share:
Basic $ 0.93 $ 0.84
Diluted $ 0.93 $ 0.84
Weighted average shares outstanding:
Basic 272,319 280,441
Diluted 272,881 281,283
 
 
 
For the 39 Weeks Ended
November 3 % of Net October 28 % of Net
2017     Sales     2016     Sales
Net sales $ 17,341,536 100.00 % $ 15,977,352 100.00 %
Cost of goods sold         12,085,575     69.69         11,095,461     69.44  
Gross profit 5,255,961 30.31 4,881,891 30.56
Selling, general and administrative expenses         3,871,589     22.33         3,499,060     21.90  
Operating profit 1,384,372 7.98 1,382,831 8.65
Interest expense 72,747 0.42 72,310 0.45
Other (income) expense         3,502     0.02         -     0.00  
Income before income taxes 1,308,123 7.54 1,310,521 8.20
Income tax expense         481,318     2.78         473,564     2.96  
Net income       $ 826,805     4.77 %     $ 836,957     5.24 %
 
Earnings per share:
Basic $ 3.02 $ 2.96
Diluted $ 3.02 $ 2.95
Weighted average shares outstanding:
Basic 273,567 283,152
Diluted 274,076 284,126

 
 
 
 
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
      For the 39 Weeks Ended
November 3     October 28
2017     2016
Cash flows from operating activities:
Net income $ 826,805 $ 836,957

Adjustments to reconcile net income to net cash from operating activities:

Depreciation and amortization 298,571 282,386
Deferred income taxes 37,573 (3,207 )
Loss on debt retirement 3,502 -
Noncash share-based compensation 24,948 27,676
Other noncash (gains) and losses 12,787 1,935
Change in operating assets and liabilities:
Merchandise inventories (340,090 ) (405,456 )
Prepaid expenses and other current assets (15,198 ) (30,471 )
Accounts payable 384,101 439,259
Accrued expenses and other liabilities 58,901 50,683
Income taxes (147,375 ) (74,892 )
Other         (1,645 )       (456 )
Net cash provided by (used in) operating activities         1,142,880         1,124,414  
 
Cash flows from investing activities:
Purchases of property and equipment (488,616 ) (405,899 )
Proceeds from sales of property and equipment         1,005         4,333  
Net cash provided by (used in) investing activities         (487,611 )       (401,566 )
 
Cash flows from financing activities:
Issuance of long-term obligations 599,556 -
Repayments of long-term obligations (751,927 ) (1,302 )
Net increase (decrease) in commercial paper outstanding 59,400 453,000
Borrowings under revolving credit facilities - 1,584,000
Repayments of borrowings under revolving credit facilities - (1,835,000 )
Costs associated with issuance and retirement of debt (9,524 ) -
Repurchases of common stock (298,735 ) (679,416 )
Payments of cash dividends (212,934 ) (212,249 )
Other equity and related transactions         (2,828 )       10,408  
Net cash provided by (used in) financing activities         (616,992 )       (680,559 )
 
Net increase (decrease) in cash and cash equivalents 38,277 42,289
Cash and cash equivalents, beginning of period         187,915         157,947  
Cash and cash equivalents, end of period       $ 226,192       $ 200,236  
 
Supplemental cash flow information:
Cash paid for:
Interest $ 85,143 $ 68,258
Income taxes $ 592,945 $ 552,259
Supplemental schedule of non-cash investing and financing activities:

Purchases of property and equipment awaiting processing for payment, included in Accounts payable

$ 75,249 $ 46,647

 
 
 
 
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
Selected Additional Information
(Unaudited)
           
 
Sales by Category (in thousands)
 
For the Quarter Ended
November 3 October 28
2017     2016 % Change
Consumables $ 4,625,401 $ 4,137,748 11.8 %
Seasonal 636,519 575,912 10.5 %
Home products 346,339 329,715 5.0 %
Apparel   295,347       276,654   6.8 %
Net sales $ 5,903,606     $ 5,320,029   11.0 %
 
 
For the 39 Weeks Ended
November 3 October 28
2017     2016 % Change
Consumables $ 13,425,273 $ 12,293,395 9.2 %
Seasonal 2,017,150 1,873,715 7.7 %
Home products 1,007,137 968,161 4.0 %
Apparel   891,976       842,081   5.9 %
Net sales $ 17,341,536     $ 15,977,352   8.5 %
 
 
 
 
Store Activity
 
For the 39 Weeks Ended
November 3 October 28
2017     2016
 
Beginning store count 13,320 12,483
New store openings 1,044 768
Store closings   (43 )     (46 )
Net new stores   1,001       722  
Ending store count   14,321       13,205  
Total selling square footage (000's)   106,349       98,093  
Growth rate (square footage)   8.4 %     6.8 %
 
 

CONTACTS
Dollar General Corporation
Investor Contacts:
Mary Winn Pilkington, 615-855-5536
Kevin Walker, 615-855-4954
or
Media Contact:
Crystal Ghassemi, 615-855-5210