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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):
August 27, 2024
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, TN |
|
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))
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on
which registered |
Common Stock, par value $0.875 per share |
DG |
New York Stock Exchange |
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
August 29, 2024, Dollar General Corporation (the “Company”) issued a news release regarding results of operations and
financial condition for the fiscal 2024 second quarter (13 weeks) ended August 2, 2024. The news release is furnished as Exhibit 99
hereto and is incorporated herein by reference.
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 5.02 | DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
On August 27,
2024, Patricia D. Fili-Krushel communicated to the Board of Directors of the Company (the “Board”) her decision to resign
from the Board, effective August 29, 2024. Ms. Fili-Krushel’s decision was not related to any disagreement with the Company
on any matter relating to its operations, policies or practices.
| 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 August 28, 2024, the Board declared a quarterly cash dividend of $0.59 per share on the Company’s outstanding common stock payable on or before October 22,
2024 to shareholders of record on October 8, 2024. |
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
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: August 29, 2024 |
DOLLAR GENERAL CORPORATION |
|
|
|
|
By: |
/s/
Rhonda M. Taylor |
|
|
|
|
|
|
|
Rhonda M. Taylor |
|
|
Executive Vice President and General Counsel |
Exhibit 99
![](https://www.sec.gov/Archives/edgar/data/29534/000110465924094354/tm2422849d1_ex99img001.jpg)
Dollar
General Corporation Reports Second Quarter 2024 Results
Updates
Financial Guidance for Fiscal Year 2024
GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--
Dollar General Corporation (NYSE: DG) today reported financial results for its fiscal 2024 second quarter (13 weeks) ended August 2,
2024.
| · | Net
Sales Increased 4.2% to $10.2 Billion |
| · | Same-Store
Sales Increased 0.5% |
| · | Operating
Profit Decreased 20.6% to $550.0 Million |
| · | Diluted
Earnings Per Share (“EPS”) Decreased 20.2% to $1.70 |
| · | Year-to-Date
Cash Flows From Operations of $1.7 Billion |
| · | Board
of Directors Declares Quarterly Cash Dividend of $0.59 Per Share |
“We made important progress on
our Back to Basics plan in the second quarter,” said Todd Vasos, Dollar General’s chief executive officer. “However,
despite advancing several of our operational goals and driving positive traffic growth, we are not satisfied with our financial results,
including top line results below our expectations for the quarter.”
“While we believe the softer sales
trends are partially attributable to a core customer who feels financially constrained, we know the importance of controlling what we
can control. With the evolving retail and consumer landscape in mind, we are taking decisive action to further enhance our value and
convenience offering, as well as the in-store experience for our associates and customers.”
“Dollar General has a long history
of serving customers in a variety of macroeconomic environments, and we believe the actions we are taking will allow us to further strengthen
our position and build on our Back to Basics progress, as we seek to deliver sustainable growth and long-term shareholder value.”
Second Quarter 2024 Highlights
Net sales increased 4.2% to $10.2 billion
in the second quarter of 2024 compared to $9.8 billion in the second quarter of 2023. The net sales increase was primarily driven by
positive sales contributions from new stores and growth in same-store sales, partially offset by the impact of store closures. Same-store
sales increased 0.5% compared to the second quarter of 2023, driven by an increase in customer traffic, partially offset by a decrease
in average transaction amount. Same-store sales in the second quarter of 2024 included growth in the consumables category, partially
offset by declines in each of the seasonal, home, and apparel categories.
Gross profit as a percentage of net
sales was 30.0% in the second quarter of 2024 compared to 31.1% in the second quarter of 2023, a decrease of 112 basis points. This gross
profit rate decrease was primarily attributable to increased markdowns, increased inventory damages, a greater proportion of sales coming
from the consumables category, and increased shrink. These factors were partially offset by a lower LIFO provision.
Selling, general and administrative
expenses (“SG&A”) as a percentage of net sales were 24.6% in the second quarter of 2024 compared to 24.0% in the second
quarter of 2023, an increase of 57 basis points. The primary expenses that were a greater percentage of net sales in the current year
period were retail labor, depreciation and amortization, store occupancy costs, and utilities. These factors were partially offset by
a decrease in incentive compensation.
Operating profit for the second quarter
of 2024 decreased 20.6% to $550.0 million compared to $692.3 million in the second quarter of 2023.
Net interest expense for the second
quarter of 2024 decreased 19.2% to $68.1 million compared to $84.3 million in the second quarter of 2023.
The effective income tax rate for the
second quarter of 2024 was 22.3% compared to 22.9% in the second quarter of 2023. This lower effective income tax rate was primarily
due to the effect of certain rate-impacting items, such as federal tax credits, on lower earnings before taxes.
The Company reported net income of $374.2
million for the second quarter of 2024, a decrease of 20.2% compared to $468.8 million in the second quarter of 2023. Diluted EPS decreased
20.2% to $1.70 for the second quarter of 2024 compared to diluted EPS of $2.13 in the second quarter of 2023.
Merchandise Inventories
As of August 2, 2024, total merchandise
inventories, at cost, were $7.0 billion compared to $7.5 billion as of August 4, 2023, a decrease of 11.0% on a per-store basis.
Capital Expenditures
Total additions to property and equipment
in the 26-week period ended August 2, 2024 were $696 million, including approximately: $255 million for improvements, upgrades,
remodels and relocations of existing stores; $216 million related to store facilities, primarily for leasehold improvements, fixtures
and equipment in new stores; $199 million for distribution and transportation-related projects; and $20 million for information systems
upgrades and technology-related projects. During the second quarter of 2024, the Company opened 213 new stores, remodeled 478 stores,
and relocated 25 stores.
Share Repurchases
In the second quarter of 2024, as planned,
the Company did not repurchase any shares under its share repurchase program. The total remaining authorization for future repurchases
was $1.4 billion at the end of the second quarter of 2024.
Under the authorization, repurchases
may be made from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1
of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions. The timing, manner and number of shares
repurchased will depend on a variety of factors, including price, market conditions, compliance with the covenants and restrictions under
the Company’s debt agreements, cash requirements, excess debt capacity, results of operations, financial condition and other factors.
The authorization has no expiration date. See also “Fiscal Year 2024 Financial Guidance and Store Growth Outlook.”
Dividend
On August 28, 2024, the Company’s
Board of Directors declared a quarterly cash dividend of $0.59 per share on the Company’s common stock, payable on or before October 22,
2024 to shareholders of record on October 8, 2024. While the Board of Directors currently intends to continue regular cash dividends,
the declaration and amount of future dividends are subject to the sole discretion of the Board and will depend upon, among other things,
the Company’s results of operations, cash requirements, financial condition, contractual restrictions, excess debt capacity, and
other factors the Board may deem relevant in its sole discretion.
Fiscal Year 2024 Financial Guidance
and Store Growth Outlook
The Company is updating its financial
guidance provided on May 30, 2024, primarily to reflect the softer sales trends and related gross margin impacts, which are anticipated
to continue through the remainder of the 52-week fiscal year ending January 31, 2025 (“fiscal year 2024”).
The Company now expects the following
for fiscal year 2024:
| · | Net
sales growth in the range of approximately 4.7% to 5.3%, compared to its previous expectation
of approximately 6.0% to 6.7% |
| · | Same-store
sales growth in the range of approximately 1.0% to 1.6%, compared to its previous expectation
in the range of 2.0% to 2.7% |
| · | Diluted
EPS in the range of approximately $5.50 to $6.20, compared to its previous expectation of
approximately $6.80 to $7.55 |
| ○ | The
Company now expects an immaterial impact to EPS from incentive compensation expense, compared
to its previous expectation of an estimated negative impact to EPS of approximately $0.50 |
| ○ | Diluted
EPS guidance assumes an effective tax rate of approximately 23%, compared to its previous
expectation in the range of approximately 22.5% to 23.5% |
The Company continues to expect the
following for fiscal year 2024:
| · | Capital
expenditures, including those related to investments in the Company’s strategic initiatives,
in the range of $1.3 billion to $1.4 billion |
| · | 2,435
real estate projects, including 730 new store openings, 1,620 remodels, and 85 store relocations |
The Company’s financial guidance
also continues to assume no share repurchases in fiscal year 2024.
Conference Call Information
The Company will hold a conference call
on August 29, 2024 at 9:00 a.m. CT/10:00 a.m. ET, hosted by Todd Vasos, chief executive officer, and Kelly Dilts, chief
financial officer. To participate via telephone, please call (877) 407-0890 at least 10 minutes before the conference call is scheduled
to begin. The conference ID is 13747555. There will also be a live webcast of the call available at https://investor.dollargeneral.com
under “News & Events, Events & Presentations.” A replay of the conference call will be available through
September 26, 2024, and will be accessible via webcast replay or by calling (877) 660-6853. The conference ID for the telephonic
replay is 13747555.
Forward-Looking Statements
This press release contains forward-looking
information within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act. Forward-looking
statements include those regarding the Company’s outlook, strategy, initiatives, plans, intentions or beliefs, including, but not
limited to, statements made within the quotation of Mr. Vasos, and in the sections entitled “Share Repurchases,” “Dividend,”
and “Fiscal Year 2024 Financial Guidance 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,” “can,” “believe,” “anticipate,” “plan,” “project,”
“expect,” “estimate,” “target,” “forecast,” “accelerate,” “predict,”
“position,” “assume,” “opportunities,” “prospects,” “investments,” “intend,”
“continue,” “future,” “beyond,” “ongoing,” “potential,” “long-term,”
“longer term,” “near-term,” “guidance,” “goal,” “outcome,” “uncertainty,”
“look to,” “seek,” “move into,” “moving forward,” “looking ahead,” “years
ahead,” “subject to,” “committed,” “confident,” “focus on,” or “likely to,”
and similar expressions that concern the Company’s outlook, strategies, plans, initiatives, intentions or beliefs about future
occurrences or results. These matters involve risks, uncertainties and other factors that may change at any time and may cause actual
results to differ materially from those 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 and estimates that the Company believes
are reasonable. However, it is very difficult to predict the effect of known factors on 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:
| · | economic
factors, including but not limited to employment levels; inflation (and the Company’s
ability to adjust prices sufficiently to offset the effect of inflation); pandemics (such
as the COVID-19 pandemic); higher fuel, energy, healthcare, housing and product costs; higher
interest rates, consumer debt levels, and tax rates; lack of available credit; tax law changes
that negatively affect credits and refunds; decreases in, or elimination of, government assistance
programs or subsidies such as unemployment and food/nutrition assistance programs, student
loan repayment forgiveness and economic stimulus payments; commodity rates; transportation,
lease and insurance costs; wage rates (including the heightened possibility of increased
federal, and further increased state and/or local minimum wage rates/salary levels); foreign
exchange rate fluctuations; measures that create barriers to or increase the costs of international
trade (including increased import duties or tariffs); and changes in laws and regulations
and their effect on, as applicable, customer spending and disposable income, the Company’s
ability to execute its strategies and initiatives, the Company’s cost of goods sold,
the Company’s SG&A expenses (including real estate costs), and the Company’s
sales and profitability; |
| · | failure
to achieve or sustain the Company’s strategies, initiatives and investments, including
those relating to merchandising (including those related to non-consumable products), real
estate and new store development, international expansion, store formats and concepts, digital,
marketing, shrink, damages, sourcing, private brand, inventory management, supply chain,
private fleet, store operations, expense reduction, technology, pOpshelf, self-checkout,
and DG Media Network; |
| · | competitive
pressures and changes in the competitive environment and the geographic and product markets
where the Company operates, including, but not limited to, pricing, promotional activity,
expanded availability of mobile, web-based and other digital technologies, and alliances
or other business combinations; |
| · | failure
to timely and cost-effectively execute the Company’s real estate projects or to anticipate
or successfully address the challenges imposed by the Company’s expansion, including
into new countries or domestic markets, states, or urban or suburban areas; |
| · | levels
of inventory shrinkage and damages; |
| · | failure
to successfully manage inventory balances and in-stock levels, as well as to predict customer
trends; |
| · | failure
to maintain the security of the Company’s business, customer, employee or vendor information
or to comply with privacy laws, or the Company or one of its vendors falling victim to a
cyberattack (which risk is heightened as a result of political uncertainty involving China,
the conflict between Russia and Ukraine and the conflict in the Middle East) that prevents
the Company from operating all or a portion of its business; |
| · | damage
or interruption to the Company’s information systems as a result of external factors,
staffing shortages or challenges in maintaining or updating the Company’s existing
technology or developing, implementing or integrating new technology; |
| · | a
significant disruption to the Company’s distribution network, the capacity of the Company’s
distribution centers or the timely receipt of inventory; increased fuel or transportation
costs; issues related to supply chain disruptions or seasonal buying pattern disruptions;
or delays in constructing, opening or staffing new distribution centers (including temperature-controlled
distribution centers); |
| · | risks
and challenges associated with sourcing merchandise from suppliers, including, but not limited
to, those related to international trade (for example, political uncertainty involving China
and disruptive political events such as the conflict between Russia and Ukraine and the conflict
in the Middle East);
|
| · | natural
disasters, unusual weather conditions (whether or not caused by climate change), pandemic
outbreaks or other health crises (for example, the COVID-19 pandemic), political or civil
unrest, acts of war, violence or terrorism, and disruptive global political events (for example,
political uncertainty involving China, the conflict between Russia and Ukraine and the conflict
in the Middle East); |
| · | product
liability, product recall or other product safety or labeling claims; |
| · | incurrence
of material uninsured losses, excessive insurance costs or accident costs; |
| · | failure
to attract, develop and retain qualified employees while controlling labor costs (including
the heightened possibility of increased federal, and further increased state and/or local
minimum wage rates/salary levels, including the effects of regulatory changes related to
the overtime exemption under the Fair Labor Standards Act if implemented as currently written)
and other labor issues, including employee safety issues and employee expectations and productivity; |
| · | loss
of key personnel or inability to hire additional qualified personnel, ability to successfully
execute management transitions within the Company’s senior leadership; or inability
to enforce non-compete agreements that we have in place with management personnel or enter
into new non-compete agreements;
|
| · | risks
associated with the Company’s private brands, including, but not limited to, the Company’s
level of success in improving their gross profit rate at expected levels; |
| · | failure
to protect the Company’s reputation; |
| · | seasonality
of the Company’s business; |
| · | the
impact of changes in or noncompliance with governmental regulations and requirements, including, but not limited to, those dealing with
the sale of products, including without limitation, product and food safety, marketing, labeling or pricing; information security and
privacy; labor and employment; employee wages, salary levels and benefits (including the heightened possibility of increased federal,
and further increased state and/or local minimum wage rates and the effects of regulatory changes related to the overtime exemption under
the Fair Labor Standards Act if implemented as currently written); health and safety; real property; public accommodations; imports and
customs; transportation; intellectual property; bribery; climate change; and environmental compliance (including required public disclosures
related thereto), as well as tax laws (including those related to the federal, state or foreign corporate tax rate), the interpretation
of existing tax laws, or the Company’s failure to sustain its reporting positions negatively affecting the Company’s tax
rate, and developments in or outcomes of private actions, class actions, multi-district litigation, arbitrations, derivative actions,
administrative proceedings, regulatory actions or other litigation or of inquiries from federal, state and local agencies, regulatory
authorities, attorneys general, committees, subcommittees and members of the U.S. Congress, and other local, state, federal and international
governmental authorities; |
| · | new
accounting guidance or changes in the interpretation or application of existing guidance; |
| · | deterioration in market conditions, including market disruptions, adverse conditions in the
financial markets including financial institution failures, limited liquidity and interest
rate increases, changes in the Company’s credit profile (including any downgrade to
our credit ratings), compliance with covenants and restrictions under the Company’s
debt agreements, and the amount of the Company’s available excess capital; |
| · | the
factors disclosed under “Risk Factors” in the Company’s most recent Annual
Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q;
and |
| · | such
other factors as may be discussed or identified in this press release. |
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 as a result of new information, future events or circumstances, or otherwise, 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.
Investors should also be aware that
while the Company does, from time to time, communicate with securities analysts and others, it is against the Company’s policy
to disclose to them any material, nonpublic information or other confidential commercial information. Accordingly, shareholders should
not assume that the Company agrees with any statement or report issued by any securities analyst regardless of the content of the statement
or report. Furthermore, the Company has a policy against confirming projections, forecasts or opinions issued by others. Thus, to the
extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the Company’s
responsibility.
About Dollar General Corporation
Dollar General Corporation (NYSE: DG)
is proud to serve as America’s neighborhood general store. Founded in 1939, Dollar General lives its mission of Serving Others
every day by providing access to affordable products and services for its customers, career opportunities for its employees, and literacy
and education support for its hometown communities. As of August 2, 2024, the Company’s 20,345 Dollar General, DG Market,
DGX and pOpshelf stores across the United States and Mi Súper Dollar General stores in Mexico provide everyday essentials including
food, health and wellness products, cleaning and laundry supplies, self-care and beauty items, and seasonal décor from our high-quality
private brands alongside many of the world’s most trusted brands such as Coca Cola, PepsiCo/Frito-Lay, General Mills, Hershey,
J.M. Smucker, Kraft, Mars, Nestlé, Procter & Gamble and Unilever.
DOLLAR
GENERAL CORPORATION AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(In thousands)
| |
(Unaudited) | | |
| |
| |
August 2, | | |
August 4, | | |
February 2, | |
| |
2024 | | |
2023 | | |
2024 | |
ASSETS | |
| | | |
| | | |
| | |
Current assets: | |
| | | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 1,222,691 | | |
$ | 353,018 | | |
$ | 537,283 | |
Merchandise
inventories | |
| 7,000,569 | | |
| 7,531,459 | | |
| 6,994,266 | |
Income taxes
receivable | |
| 61,495 | | |
| 151,730 | | |
| 112,262 | |
Prepaid
expenses and other current assets | |
| 439,487 | | |
| 377,772 | | |
| 366,913 | |
Total
current assets | |
| 8,724,242 | | |
| 8,413,979 | | |
| 8,010,724 | |
Net property
and equipment | |
| 6,269,480 | | |
| 5,624,129 | | |
| 6,087,722 | |
Operating
lease assets | |
| 11,220,287 | | |
| 10,755,172 | | |
| 11,098,228 | |
Goodwill | |
| 4,338,589 | | |
| 4,338,589 | | |
| 4,338,589 | |
Other intangible
assets, net | |
| 1,199,700 | | |
| 1,199,700 | | |
| 1,199,700 | |
Other assets,
net | |
| 61,467 | | |
| 63,988 | | |
| 60,628 | |
Total
assets | |
$ | 31,813,765 | | |
$ | 30,395,557 | | |
$ | 30,795,591 | |
| |
| | | |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | | |
| | | |
| | |
Current liabilities: | |
| | | |
| | | |
| | |
Current portion
of long-term obligations | |
$ | 769,194 | | |
$ | - | | |
$ | 768,645 | |
Current portion of operating
lease liabilities | |
| 1,425,680 | | |
| 1,331,433 | | |
| 1,387,083 | |
Accounts
payable | |
| 3,869,267 | | |
| 3,681,634 | | |
| 3,587,374 | |
Accrued
expenses and other | |
| 1,064,845 | | |
| 1,013,594 | | |
| 971,890 | |
Income
taxes payable | |
| 12,201 | | |
| 7,261 | | |
| 10,709 | |
Total
current liabilities | |
| 7,141,187 | | |
| 6,033,922 | | |
| 6,725,701 | |
Long-term
obligations | |
| 6,235,166 | | |
| 7,295,215 | | |
| 6,231,539 | |
Long-term
operating lease liabilities | |
| 9,783,954 | | |
| 9,409,193 | | |
| 9,703,499 | |
Deferred
income taxes | |
| 1,138,829 | | |
| 1,119,114 | | |
| 1,133,784 | |
Other liabilities | |
| 254,391 | | |
| 240,408 | | |
| 251,949 | |
Total liabilities | |
| 24,553,527 | | |
| 24,097,852 | | |
| 24,046,472 | |
| |
| | | |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Shareholders' equity: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Preferred
stock | |
| - | | |
| - | | |
| - | |
Common
stock | |
| 192,423 | | |
| 192,039 | | |
| 192,206 | |
Additional
paid-in capital | |
| 3,788,091 | | |
| 3,724,200 | | |
| 3,757,005 | |
Retained
earnings | |
| 3,277,439 | | |
| 2,380,451 | | |
| 2,799,415 | |
Accumulated
other comprehensive income (loss) | |
| 2,285 | | |
| 1,015 | | |
| 493 | |
Total
shareholders' equity | |
| 7,260,238 | | |
| 6,297,705 | | |
| 6,749,119 | |
Total
liabilities and shareholders' equity | |
$ | 31,813,765 | | |
$ | 30,395,557 | | |
$ | 30,795,591 | |
DOLLAR
GENERAL CORPORATION AND SUBSIDIARIES
Consolidated
Statements of Income
(In thousands, except per share amounts)
(Unaudited)
| |
For the Quarter Ended | |
| |
August 2, | | |
% of Net | | |
August 4, | | |
% of Net | |
| |
2024 | | |
Sales | | |
2023 | | |
Sales | |
Net
sales | |
$ | 10,210,361 | | |
| 100.00 | % | |
$ | 9,796,181 | | |
| 100.00 | % |
Cost of
goods sold | |
| 7,150,882 | | |
| 70.04 | | |
| 6,751,495 | | |
| 68.92 | |
Gross profit | |
| 3,059,479 | | |
| 29.96 | | |
| 3,044,686 | | |
| 31.08 | |
Selling,
general and administrative expenses | |
| 2,509,517 | | |
| 24.58 | | |
| 2,352,372 | | |
| 24.01 | |
Operating profit | |
| 549,962 | | |
| 5.39 | | |
| 692,314 | | |
| 7.07 | |
Interest
expense, net | |
| 68,130 | | |
| 0.67 | | |
| 84,337 | | |
| 0.86 | |
Income before income taxes | |
| 481,832 | | |
| 4.72 | | |
| 607,977 | | |
| 6.21 | |
Income
tax expense | |
| 107,642 | | |
| 1.05 | | |
| 139,142 | | |
| 1.42 | |
Net income | |
$ | 374,190 | | |
| 3.66 | % | |
$ | 468,835 | | |
| 4.79 | % |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 1.70 | | |
| | | |
$ | 2.14 | | |
| | |
Diluted | |
$ | 1.70 | | |
| | | |
$ | 2.13 | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 219,904 | | |
| | | |
| 219,403 | | |
| | |
Diluted | |
| 220,065 | | |
| | | |
| 219,952 | | |
| | |
| |
For
the 26 Weeks Ended | |
| |
August 2, | | |
% of Net | | |
August 4, | | |
% of Net | |
| |
2024 | | |
Sales | | |
2023 | | |
Sales | |
Net
sales | |
$ | 20,124,382 | | |
| 100.00 | % | |
$ | 19,139,013 | | |
| 100.00 | % |
Cost of
goods sold | |
| 14,072,754 | | |
| 69.93 | | |
| 13,138,853 | | |
| 68.65 | |
Gross profit | |
| 6,051,628 | | |
| 30.07 | | |
| 6,000,160 | | |
| 31.35 | |
Selling,
general and administrative expenses | |
| 4,955,562 | | |
| 24.62 | | |
| 4,566,988 | | |
| 23.86 | |
Operating profit | |
| 1,096,066 | | |
| 5.45 | | |
| 1,433,172 | | |
| 7.49 | |
Interest
expense, net | |
| 140,563 | | |
| 0.70 | | |
| 167,375 | | |
| 0.87 | |
Income before income
taxes | |
| 955,503 | | |
| 4.75 | | |
| 1,265,797 | | |
| 6.61 | |
Income
tax expense | |
| 217,996 | | |
| 1.08 | | |
| 282,582 | | |
| 1.48 | |
Net income | |
$ | 737,507 | | |
| 3.66 | % | |
$ | 983,215 | | |
| 5.14 | % |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 3.35 | | |
| | | |
$ | 4.48 | | |
| | |
Diluted | |
$ | 3.35 | | |
| | | |
$ | 4.47 | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 219,826 | | |
| | | |
| 219,298 | | |
| | |
Diluted | |
| 220,059 | | |
| | | |
| 220,029 | | |
| | |
DOLLAR
GENERAL CORPORATION AND SUBSIDIARIES
Consolidated
Statements of Cash Flows
(In
thousands)
(Unaudited)
| |
For
the 26 Weeks Ended | |
| |
August 2, | | |
August 4, | |
| |
2024 | | |
2023 | |
Cash flows from operating
activities: | |
| | | |
| | |
Net
income | |
$ | 737,507 | | |
$ | 983,215 | |
Adjustments
to reconcile net income to net cash from operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 471,079 | | |
| 410,287 | |
Deferred
income taxes | |
| 5,045 | | |
| 58,147 | |
Noncash
share-based compensation | |
| 34,641 | | |
| 33,893 | |
Other
noncash (gains) and losses | |
| 39,876 | | |
| 57,367 | |
Change
in operating assets and liabilities: | |
| | | |
| | |
Merchandise
inventories | |
| (23,369 | ) | |
| (817,001 | ) |
Prepaid
expenses and other current assets | |
| (75,427 | ) | |
| (78,358 | ) |
Accounts
payable | |
| 306,290 | | |
| 107,810 | |
Accrued
expenses and other liabilities | |
| 109,762 | | |
| (12,438 | ) |
Income
taxes | |
| 52,259 | | |
| (17,613 | ) |
Other | |
| (4,934 | ) | |
| 1,412 | |
Net cash
provided by (used in) operating activities | |
| 1,652,729 | | |
| 726,721 | |
| |
| | | |
| | |
Cash flows from investing
activities: | |
| | | |
| | |
Purchases
of property and equipment | |
| (695,683 | ) | |
| (767,935 | ) |
Proceeds
from sales of property and equipment | |
| 1,525 | | |
| 3,234 | |
Net cash
provided by (used in) investing activities | |
| (694,158 | ) | |
| (764,701 | ) |
| |
| | | |
| | |
Cash flows from financing
activities: | |
| | | |
| | |
Issuance
of long-term obligations | |
| - | | |
| 1,498,260 | |
Repayments
of long-term obligations | |
| (10,341 | ) | |
| (8,843 | ) |
Net
increase (decrease) in commercial paper outstanding | |
| - | | |
| (1,205,400 | ) |
Borrowings
under revolving credit facilities | |
| - | | |
| 500,000 | |
Repayments
of borrowings under revolving credit facilities | |
| - | | |
| (500,000 | ) |
Costs
associated with issuance of debt | |
| - | | |
| (12,448 | ) |
Payments
of cash dividends | |
| (259,482 | ) | |
| (258,885 | ) |
Other
equity and related transactions | |
| (3,340 | ) | |
| (3,262 | ) |
Net cash
provided by (used in) financing activities | |
| (273,163 | ) | |
| 9,422 | |
| |
| | | |
| | |
Net increase (decrease) in cash
and cash equivalents | |
| 685,408 | | |
| (28,558 | ) |
Cash and
cash equivalents, beginning of period | |
| 537,283 | | |
| 381,576 | |
Cash
and cash equivalents, end of period | |
$ | 1,222,691 | | |
$ | 353,018 | |
| |
| | | |
| | |
Supplemental cash flow
information: | |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest | |
$ | 167,463 | | |
$ | 177,063 | |
Income
taxes | |
$ | 159,145 | | |
$ | 242,052 | |
Supplemental schedule of
non-cash investing and financing activities: | |
| | | |
| | |
Right
of use assets obtained in exchange for new operating lease liabilities | |
$ | 842,846 | | |
$ | 745,786 | |
Purchases
of property and equipment awaiting processing for payment, included in Accounts payable | |
$ | 123,740 | | |
$ | 171,527 | |
DOLLAR
GENERAL CORPORATION AND SUBSIDIARIES
Selected
Additional Information
(Unaudited)
Sales
by Category (in thousands)
| |
For
the Quarter Ended | | |
| |
| |
August 2, | | |
August 4, | | |
| |
| |
2024 | | |
2023 | | |
%
Change | |
Consumables | |
$ | 8,397,217 | | |
$ | 7,921,622 | | |
| 6.0 | % |
Seasonal | |
| 1,054,762 | | |
| 1,076,161 | | |
| -2.0 | % |
Home products | |
| 480,223 | | |
| 516,645 | | |
| -7.0 | % |
Apparel | |
| 278,159 | | |
| 281,753 | | |
| -1.3 | % |
Net sales | |
$ | 10,210,361 | | |
$ | 9,796,181 | | |
| 4.2 | % |
| |
For
the 26 Weeks Ended | | |
| |
| |
August 2, | | |
August 4, | | |
| |
| |
2024 | | |
2023 | | |
%
Change | |
Consumables | |
$ | 16,608,067 | | |
$ | 15,504,504 | | |
| 7.1 | % |
Seasonal | |
| 2,018,276 | | |
| 2,038,842 | | |
| -1.0 | % |
Home products | |
| 959,014 | | |
| 1,047,834 | | |
| -8.5 | % |
Apparel | |
| 539,025 | | |
| 547,833 | | |
| -1.6 | % |
Net sales | |
$ | 20,124,382 | | |
$ | 19,139,013 | | |
| 5.1 | % |
Store
Activity
| |
For
the 26 Weeks Ended | |
| |
August 2, | | |
August 4, | |
| |
2024 | | |
2023 | |
Beginning store
count | |
| 19,986 | | |
| 19,104 | |
New store openings | |
| 410 | | |
| 427 | |
Store closings | |
| (51 | ) | |
| (43 | ) |
Net new
stores | |
| 359 | | |
| 384 | |
Ending store count | |
| 20,345 | | |
| 19,488 | |
Total
selling square footage (000's) | |
| 154,478 | | |
| 146,422 | |
Growth
rate (square footage) | |
| 5.5 | % | |
| 5.9 | % |
Contacts
Investor Contact:
investorrelations@dollargeneral.com
Media Contact:
dgpr@dollargeneral.com
Source:
Dollar General Corporation
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