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
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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[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
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