Dollar General raises guidance after strong Q3
GOODLETTSVILLE, Tenn. Dollar General reported that its third quarter net income was $128 million, or diluted earnings per share of 37 cents. Excluding a net loss of $8 million ($5 million after income taxes) relating to the early repayment of certain long-term obligations, net income for the 2010 third quarter was $133 million, or diluted EPS of 39 cents, a 76% increase over net income of $76 million, or 24 cents per diluted share, in the third quarter of fiscal 2009.
“Dollar General is having a great year. We are executing our plans and delivering excellent performance for our shareholders. Even as the macroeconomic environment continues to be volatile for our customers, our strong results are top-tier among retailers. As a result, we are raising our full year adjusted earnings per share guidance to the range of $1.78 to $1.81,” said Rick Dreiling, chairman and chief executive officer.
Net sales for the quarter increased 10.1% to $3.22 billion in the 2010 third quarter compared to $2.93 billion in the 2009 third quarter. Same-store sales increased 4.2% in the 2010 quarter and 9.2% in the 2009 quarter, with customer traffic and average transaction amounts contributing to the same-store sales increases in both periods.