Dollar General's profit rises on sales gain
The discount chain is drawing budget-conscious shoppers, boosting same-store sales 5.1%.
By Andrea Tse, TheStreet
Dollar General (DG) said its fiscal-second-quarter net income rose 51% as sales at the discount chain increased.
Net income increased to $141.2 million, or 41 cents a share, from $93.6 million, or 29 cents, the Goodlettsville, Tenn., company said. Sales at stores open at least a year rose 5.1%.
A shaky economy helped Dollar General draw more budget-conscious consumers. The company boosted its full-year earnings forecast to a range of $1.68 to $1.74 a share from $1.62 to $1.69. Analysts were forecasting full-year profit of $1.72 a share.
Excluding one-time items, Dollar General earned 42 cents a share, beating analysts' estimates of a 38-cent profit. Sales grew 11% to $3.21 billion, falling short of estimates for $3.22 billion.
The company plans to open about 600 stores and to remodel or relocate about 500 others this year.
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