Updates Fiscal 2018 Guidance
Announces Fiscal 2019 Real Estate Growth
Plan
Dollar General Corporation (NYSE: DG) today reported financial
results for its fiscal year 2018 third quarter (13 weeks) ended
November 2, 2018.
- Net Sales Increased 8.7%; Same-Store
Sales Increased 2.8%
- Diluted Earnings Per Share (“EPS”)
Increased 35.5% to $1.26, including an estimated $0.05 net-negative
impact from hurricane-related expenses and greater-than-anticipated
other disaster-related expenses
- Cash Flows From Operations Increased
32.5% to $1.5 billion
- $374 Million Returned to Shareholders
through Share Repurchases and Cash Dividends
- Board of Directors Declares Fourth
Quarter 2018 Cash Dividend of $0.29 per share
“During the third quarter, we delivered strong operating
performance and financial results,” said Todd Vasos, Dollar
General’s chief executive officer. “I am particularly proud of our
team’s dedication to our mission of Serving Others, which was on
display this quarter as employees across our organization rallied
to help our communities in need during the aftermath of two
devastating hurricanes. Despite the challenges created by these
weather events in the quarter, we achieved strong top-line growth
and remained focused on expense control. Both consumables and
non-consumables categories drove our financial performance this
quarter, and we achieved our highest two-year same-store-sales
stack in 11 quarters.”
Third Quarter 2018
Highlights
Net sales increased 8.7% to $6.4 billion in the third quarter of
2018 compared to $5.9 billion in the third quarter of 2017. This
net sales increase was positively affected by sales contributions
from new stores and growth in same-store sales, modestly offset by
the impact of store closures. Same-store sales increased 2.8% from
the third quarter of 2017, driven by an increase in average
transaction amount and positive results in the consumables,
seasonal and home categories, partially offset by sales declines in
the apparel category. Customer traffic was essentially flat.
Gross profit as a percentage of net sales was 29.5% in the third
quarter of 2018 compared to 29.9% in the third quarter of 2017, a
decrease of 39 basis points. This gross profit rate decrease was
primarily attributable to an increase in the LIFO provision, a
greater proportion of sales coming from the consumables category,
which generally has a lower gross profit rate than other product
categories, sales of lower margin products comprising a higher
proportion of sales within the consumables category, higher
markdowns, and increased transportation costs. These factors were
partially offset by an improved rate of inventory shrink.
Selling, general and administrative expenses (“SG&A”) as a
percentage of net sales were 22.6% in the third quarter of 2018
compared to 22.9% in the third quarter of 2017, a decrease of 21
basis points. This SG&A decrease as a percentage of net sales
was primarily attributable to reductions in incentive compensation
expenses, advertising and supplies expenses, and lower repairs and
maintenance expenses as a percentage of sales, partially offset by
increased depreciation expenses. SG&A for the third quarter of
2018 included an estimated $14.1 million of hurricane-related
expenses as well as an estimated $5.8 million year-over-year
increase in other disaster-related expenses, both of which were
greater than anticipated (collectively, the “Disaster-Related
Expenses”). In total, these Disaster-Related Expenses had a
negative 31 basis point impact on 2018 third quarter SG&A as a
percentage of net sales. In the third quarter of 2017, the Company
incurred $24.8 million of expenses related to two hurricanes, which
had a negative 42 basis point impact on 2017 third quarter SG&A
as a percentage of net sales.
Operating profit for the third quarter of 2018 grew 5.9% to
$442.1 million compared with $417.4 million in the third quarter of
2017.
The effective income tax rate in the third quarter of 2018 was
20.0% compared to 35.8% in the third quarter of 2017. The effective
income tax rate for the third quarter of 2018 was lower than the
third quarter of 2017 primarily due to the federal tax law changes
contained in the Tax Cuts and Jobs Act (“TCJA”) enacted in December
2017, including a federal income tax rate of 21% in the 2018 period
compared to 35% in the 2017 period.
The Company reported net income of $334 million for the third
quarter of 2018 compared to $253 million in the third quarter of
2017. Diluted EPS grew 35.5% to $1.26 in the third quarter of 2018
compared to diluted EPS of $0.93 in the third quarter of 2017.
Diluted EPS for the third quarter of 2018 included an estimated
$0.05 net negative impact from the Disaster-Related Expenses, and
the third quarter of 2017 also included an estimated $0.05
hurricane-related net negative impact. For fiscal year 2018, the
Company expects to record a total of approximately $0.09 in
expenses during the third and fourth quarters related to the
aforementioned third quarter disasters, which includes an estimated
$0.04 that is expected to be recorded in the fourth quarter of
fiscal 2018.
39-Week Period
Highlights
For the 39-week period ended November 2, 2018, net sales
increased 9.4% to $19.0 billion compared to $17.3 billion in the
comparable 2017 period. The net sales increase in the 2018 period
was positively affected by sales contributions from new stores and
growth in same-store sales, modestly offset by the impact of store
closures. Same-store sales increased 2.9% from the 39-week period
of 2017, driven by an increase in average transaction amount,
partially offset by a modest decline in customer traffic. Growth in
same-store sales for the 2018 period was driven by positive results
in the consumables and seasonal categories, partially offset by
sales declines in the apparel and home categories.
Gross profit as a percentage of net sales was 30.2% in the
39-week period of 2018 compared to 30.3% in the comparable 2017
period, a decrease of 10 basis points. This gross profit rate
decrease was primarily attributable to a greater portion of sales
coming from the consumables category, which generally has a lower
gross profit rate than other product categories, sales of lower
margin products comprising a higher proportion of sales within the
consumables category, increased transportation costs and higher
markdowns. These factors were partially offset by an improved rate
of inventory shrink and higher initial markups on inventory
purchases.
SG&A as a percentage of net sales was 22.4% in the 39-week
period of 2018 compared to 22.3% in the comparable 2017 period, an
increase of 9 basis points. This SG&A increase in the 2018
period as a percentage of net sales was primarily attributable to
increases in utilities expenses, depreciation expenses, occupancy
costs and professional fees, each of which increased at a rate
faster than the increase in net sales, partially offset by a
reduction in repairs and maintenance expenses, as a percentage of
sales. As noted above, the 2017 and 2018 periods include
hurricane-related expenses, and the 2018 period also includes
greater-than-anticipated other disaster-related expenses. The 2017
period also included incremental expenses, primarily for lease
termination costs, related to the acquisition of Dollar Express
store locations in the second quarter of 2017.
Operating profit for the 39-week period of 2018 grew 6.7% to
$1.5 billion compared with $1.4 billion in the comparable 2017
period.
The effective income tax rate in the 39-week period of 2018 was
21.1% compared to 36.8% in the comparable 2017 period. The
effective income tax rate was lower in the 2018 period primarily
due to the federal tax law changes contained in the TCJA, including
a federal income tax rate of 21% in the 2018 period compared to 35%
in the 2017 period.
The Company reported net income of $1.1 billion for the 39-week
period of 2018 compared to $827 million in the comparable 2017
period. Diluted EPS grew 37.1% to $4.14 for the 39-week period of
2018 compared to diluted EPS of $3.02 in the comparable 2017
period. Diluted EPS for the 2018 period included an estimated $0.05
net-negative impact from the Disaster-Related Expenses. The
comparable 2017 period also included an estimated $0.05
hurricane-related net negative impact, driven by hurricane-related
expenses. Diluted EPS for the 2017 39-week period also included an
approximate $0.02 charge primarily for the lease termination costs
related to the acquisition of the Dollar Express store locations in
the second quarter of 2017.
Merchandise Inventories
As of November 2, 2018, total merchandise inventories, at cost,
were $3.98 billion compared to $3.60 billion as of November 3,
2017, an increase of approximately 4.0% on a per store basis.
Capital Expenditures
Total additions to property and equipment in the 2018 39-week
period were $551 million, including approximately: $228 million for
improvements, upgrades, remodels and relocations of existing
stores; $168 million for distribution and transportation related
projects; $106 million for new leased stores, primarily for
leasehold improvements, fixtures and equipment; and $36 million for
information systems upgrades and technology-related projects.
During the 2018 39-week period, the Company opened 750 new stores,
remodeled 925 stores and relocated 92 stores.
Share Repurchases
The Company repurchased $298 million of its common stock, or 2.8
million shares, under its share repurchase program in the third
quarter of 2018, at an average price of $107.55 per share. From the
inception of the share repurchase program in December 2011 through
the end of the third quarter of 2018, the Company has repurchased
87.9 million shares of its common stock at an average price of
$65.93 per share, for a total cost of $5.8 billion. The total
remaining authorization for future repurchases was approximately
$706 million at the end of the third quarter of 2018. Under the
authorization, purchases may be made in the open market or in
privately negotiated transactions from time to time subject to
market and other conditions. The authorization has no expiration
date.
Dividend
On December 3, 2018, the Company’s Board of Directors declared a
quarterly cash dividend of $0.29 per share on the Company’s common
stock, payable on or before January 22, 2019 to shareholders of
record on January 8, 2019. While the Board of Directors 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, and other factors the Board may deem relevant in its
sole discretion.
Fiscal Year 2018 Financial Guidance and
Store Growth Outlook
“As a result of the third quarter hurricanes and other
disasters, we will record greater-than-anticipated expenses in the
second half of 2018,” said John Garratt, Dollar General’s chief
financial officer. “In total, the impact to third quarter EPS was
an estimated $0.05 per diluted share and we expect to see an
additional estimated $0.04 impact on our fourth quarter diluted
EPS. We have adjusted our full-year outlook to reflect the
estimated $0.09 impact of these events, ongoing transportation cost
pressures and year-to-date results. Despite these challenges, we
expect to deliver our 29th consecutive year of same-store-sales
growth with strong net sales, EPS and cash flow growth.”
The Company is updating its financial guidance for the fiscal
year ending February 1, 2019 (“fiscal year 2018”) that was issued
on August 30, 2018. The Company’s financial guidance for fiscal
year 2018 is now as follows:
- For fiscal year 2018, the Company
expects net sales growth to be approximately 9.0%, compared to the
previous range of 9% to 9.3%, and expects same-store sales growth
to be in the middle of the previous range of mid-to-high two
percent.
- The Company expects its fiscal year
2018 operating margin rate to be modestly below the fiscal year
2017 operating margin rate. This compares to the previous guidance
of a relatively unchanged operating margin rate in fiscal year 2018
compared with fiscal year 2017.
- The Company expects its fiscal year
2018 diluted EPS to be $5.85 to $6.05, compared to its previous
diluted EPS guidance range of $5.95 to $6.15. This diluted EPS
guidance assumes an effective tax rate in the range of 21% to 22%,
compared with the lower end of the 22% to 23% range that the
Company previously provided.
- The Company continues to anticipate a
cash benefit of approximately $300 million in fiscal year 2018 as a
result of the TCJA.
- In addition, the Company expects share
repurchases for fiscal year 2018 to be a minimum of $850 million,
and is narrowing its expectations for capital expenditures for
fiscal year 2018 to a range of $725 million to $775 million,
compared to its previous range of $725 million to $800
million.
The Company is also reiterating its plans to execute
approximately 2,000 real estate projects, including 900 new store
openings, 1,000 mature store remodels, and 100 store
relocations.
Fiscal Year 2019 Store Growth
Outlook
For the 52-week fiscal year ending January 31, 2020 (“fiscal
year 2019”), the Company plans to execute approximately 2,075 real
estate projects, including 975 new store openings, 1,000 mature
store remodels, and 100 store relocations.
“We remain very excited about our future real estate growth
opportunities,” continued Mr. Vasos. “We believe our ongoing
investment in high-return real estate projects, along with our
strategic initiatives, will not only continue to drive long-term
shareholder value, but will also allow us to further enhance our
ability to serve our communities and our customers.”
Conference Call
Information
The Company will hold a conference call on Tuesday, December 4,
2018, at 9:00 a.m. CT/10:00 a.m. ET, hosted by Todd Vasos, chief
executive officer, and John Garratt, chief financial officer. To
participate via telephone, please call (877) 868-1301 at least 10
minutes before the conference call is scheduled to begin. The
conference ID is 5554588. 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 Monday, December 17,
2018, and will be accessible online or by calling (855) 859-2056.
The conference ID for the replay is 5554588.
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, plans and intentions
including, but not limited to, statements made in the sections
entitled “Third Quarter 2018 Highlights,” “Fiscal Year 2018
Financial Guidance and Store Growth Outlook,” “Fiscal Year 2019
Store Growth Outlook,” “Share Repurchases,” and “Dividend”. 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,” “assume,” “forecast,” “confident,”
“opportunities,” “goal,” “prospect,” “positioned,” “intend,”
“committed,” “continue,” ”future,” ”guidance,” “years ahead,”
“looking ahead,” “looking forward,” “going forward,” “focused on,”
“subject to,” 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:
- economic conditions and other economic
factors, including but not limited to employment levels, credit
availability and spending patterns, inflation, commodity prices,
fuel prices, interest rates, measures that create barriers to or
increase the costs associated with international trade (including
increased import duties or tariffs), and healthcare and housing
costs, and their effect on, as applicable, consumer demand,
customer traffic, customer disposable income, our ability to
execute our strategic initiatives, our cost of goods sold, our
SG&A expenses and real estate costs;
- failure to successfully execute the
Company’s strategies and initiatives, including those relating to
merchandising, marketing, real estate and new store development,
digital, sourcing, shrink, private brand, inventory management,
distribution and transportation, store operations, store formats,
budgeting and expense reduction, and technology;
- failure to open, relocate and remodel
stores profitably and on schedule, as well as failure of the
Company’s new store base to achieve sales and operating levels
consistent with the Company’s expectations;
- effective response to competitive
pressures and changes in the competitive environment and the
geographic and product markets where the Company operates,
including, but not limited to, pricing, the creation of a more
convenient customer online and in-store shopping experience, and
consolidation;
- levels of inventory shrinkage;
- failure to successfully manage
inventory balances;
- failure to maintain the security of
information that the Company holds, whether as a result of
cybersecurity attacks or otherwise;
- disruptions, unanticipated or unusual
expenses or operational failures in the Company’s supply chain
including, without limitation, a decrease in transportation
capacity for overseas shipments, increases in transportation costs
(including increased fuel costs and carrier rates or driver wages),
work stoppages or other labor disruptions that could impede the
receipt of or delivery of merchandise, or delays in constructing or
opening new distribution centers;
- risks and challenges associated with
sourcing merchandise from suppliers, including, but not limited to,
those related to international trade;
- unfavorable publicity or consumer
perception of the Company’s products, including, but not limited
to, related product liability;
- risks and challenges associated with
the Company’s private brands, including, but not limited to, the
Company’s level of success in improving its gross profit rate;
- the impact of changes in or
noncompliance with governmental laws and regulations (including,
but not limited to, environmental compliance, product safety or
labeling, food safety, information security and privacy, and labor
and employment laws, as well as tax laws, 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,
administrative proceedings, regulatory actions or other
litigation;
- incurrence of material uninsured
losses, excessive insurance costs or accident costs;
- natural disasters, unusual weather
conditions (whether or not caused by climate change), pandemic
outbreaks, terrorist acts and geo-political events;
- damage or interruption to the Company’s
information systems or failure of technology initiatives to deliver
desired or timely results;
- ability to attract, train and retain
qualified employees, while controlling labor costs and other labor
issues;
- loss of key personnel, inability to
hire additional qualified personnel or disruption of executive
management as a result of retirements or transitions;
- seasonality of the Company’s
business;
- deterioration in market conditions,
including market disruptions, limited liquidity and interest rate
fluctuations, or a lowering of the Company’s credit ratings;
- new accounting guidance, or changes in
the interpretation or application of existing guidance, such as
changes to guidance related to leases;
- the factors disclosed under “Risk
Factors” in the Company’s most recent Annual Report on Form 10-K;
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 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 15,227 stores in 44 states as of November 2, 2018.
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.
Learn more about Dollar General at www.dollargeneral.com.
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In thousands)
(Unaudited)
November 2 November 3 February 2
2018 2017 2018
ASSETS Current assets: Cash and cash equivalents $ 260,688 $
226,192 $ 267,441 Merchandise inventories 3,979,105 3,597,195
3,609,025 Income taxes receivable 114,647 99,678 108,265 Prepaid
expenses and other current assets
275,904 230,269
263,121 Total current assets
4,630,344 4,153,334
4,247,852 Net property and equipment
2,921,943
2,654,936 2,701,282 Goodwill
4,338,589
4,338,589 4,338,589 Other
intangible assets, net 1,200,270
1,200,481
1,200,428 Other assets, net
29,875 27,416
28,760 Total assets $ 13,121,021
$ 12,374,756 $ 12,516,911
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Current portion of long-term obligations $ 1,929 $
401,532 $ 401,345 Accounts payable 2,336,772 1,978,032 2,009,771
Accrued expenses and other 638,644 553,596 549,658 Income taxes
payable 4,837
4,646 4,104 Total current
liabilities 2,982,182
2,937,806 2,964,878
Long-term obligations 2,902,439
2,719,568
2,604,613 Deferred income taxes
583,066 690,795
515,702 Other liabilities
297,446 282,432
305,944 Total liabilities
6,765,133 6,630,601
6,391,137 Commitments and contingencies
Shareholders' equity: Preferred stock - - - Common stock
230,022 237,598 235,141 Additional paid-in capital 3,239,170
3,176,406 3,196,462 Retained earnings 2,890,147 2,334,534 2,698,352
Accumulated other comprehensive loss
(3,451 ) (4,383 ) (4,181
) Total shareholders' equity 6,355,888
5,744,155
6,125,774 Total liabilities and shareholders' equity
$ 13,121,021 $ 12,374,756
$ 12,516,911
DOLLAR GENERAL
CORPORATION AND SUBSIDIARIES Condensed Consolidated
Statements of Income (In thousands, except per share
amounts) (Unaudited) For
the Quarter Ended November 2 % of
Net November 3 % of
Net 2018 Sales
2017 Sales Net sales $ 6,417,462 100.00
% $ 5,903,606 100.00 % Cost of goods sold
4,522,403 70.47
4,137,150 70.08 Gross profit 1,895,059 29.53
1,766,456 29.92 Selling, general and administrative expenses
1,452,916 22.64
1,349,025 22.85 Operating profit
442,143 6.89 417,431 7.07 Interest expense
24,586 0.38 23,995
0.41 Income before income taxes 417,557 6.51
393,436 6.66 Income tax expense 83,415
1.30 140,903
2.39 Net income $ 334,142
5.21 % $ 252,533 4.28 %
Earnings per share: Basic $ 1.26 $ 0.93 Diluted $ 1.26 $ 0.93
Weighted average shares outstanding: Basic 264,490 272,319 Diluted
265,522 272,881
For the 39 Weeks Ended
November 2 % of Net November 3 % of Net
2018 Sales 2017
Sales Net sales $ 18,975,234 100.00 % $
17,341,536 100.00 % Cost of goods sold
13,243,053 69.79
12,085,575 69.69 Gross profit 5,732,181 30.21
5,255,961 30.31 Selling, general and administrative expenses
4,254,378 22.42
3,871,589 22.33 Operating profit
1,477,803 7.79 1,384,372 7.98 Interest expense 74,810 0.39 72,747
0.42 Other (income) expense 1,019
0.01 3,502
0.02 Income before income taxes 1,401,974 7.39 1,308,123
7.54 Income tax expense 295,743
1.56 481,318 2.78
Net income $ 1,106,231
5.83 % $ 826,805 4.77 % Earnings
per share: Basic $ 4.15 $ 3.02 Diluted $ 4.14 $ 3.02 Weighted
average shares outstanding: Basic 266,404 273,567 Diluted 267,294
274,076
DOLLAR GENERAL CORPORATION AND
SUBSIDIARIES Condensed Consolidated Statements of Cash
Flows (In thousands) (Unaudited)
For the 39 Weeks Ended November 2
November 3 2018
2017 Cash flows from operating activities: Net income
$ 1,106,231 $ 826,805
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 336,363 298,571 Deferred income taxes
25,790 37,573 Loss on debt retirement 1,019 3,502 Noncash
share-based compensation 31,191 24,948 Other noncash (gains) and
losses 26,623 12,787 Change in operating assets and liabilities:
Merchandise inventories (388,113 ) (340,090 ) Prepaid expenses and
other current assets (13,559 ) (15,198 ) Accounts payable 310,552
384,101 Accrued expenses and other liabilities 84,008 58,901 Income
taxes (5,649 ) (147,375 ) Other (339 )
(1,645 ) Net cash provided by (used in)
operating activities 1,514,117
1,142,880
Cash flows from
investing activities: Purchases of property and equipment
(550,916 ) (488,616 ) Proceeds from sales of property and equipment
1,835 1,005
Net cash provided by (used in) investing activities
(549,081 ) (487,611 )
Cash flows from financing activities: Issuance of
long-term obligations 499,495 599,556 Repayments of long-term
obligations (576,977 ) (751,927 ) Net increase (decrease) in
commercial paper outstanding (23,200 ) 59,400 Costs associated with
issuance and retirement of debt (4,384 ) (9,524 ) Repurchases of
common stock (647,502 ) (298,735 ) Payments of cash dividends
(231,228 ) (212,934 ) Other equity and related transactions
12,007 (2,828 )
Net cash provided by (used in) financing activities
(971,789 ) (616,992 ) Net
increase (decrease) in cash and cash equivalents (6,753 ) 38,277
Cash and cash equivalents, beginning of period
267,441 187,915 Cash and
cash equivalents, end of period $ 260,688
$ 226,192
Supplemental cash
flow information: Cash paid for: Interest $ 95,429 $
85,143 Income taxes $ 275,689 $ 592,945
Supplemental schedule of
non-cash investing and financing activities:
Purchases of property and equipment
awaiting processing for payment, included in Accounts payable
$ 79,627 $ 75,249
DOLLAR GENERAL CORPORATION AND
SUBSIDIARIES Selected Additional Information
(Unaudited)
Sales by Category (in thousands) For the
Quarter Ended November 2 November 3 2018
2017 % Change Consumables $ 5,058,839 $
4,625,401 9.4 % Seasonal 687,640 636,519 8.0 % Home products
371,833 346,339 7.4 % Apparel 299,150
295,347 1.3 % Net sales $ 6,417,462 $
5,903,606 8.7 %
For the 39 Weeks Ended
November 2 November 3 2018
2017 % Change Consumables $ 14,819,290 $ 13,425,273
10.4 % Seasonal 2,171,184 2,017,150 7.6 % Home products 1,071,627
1,007,137 6.4 % Apparel 913,133 891,976
2.4 % Net sales $ 18,975,234 $ 17,341,536
9.4 %
Store Activity
For the 39 Weeks Ended November 2 November
3 2018 2017 Beginning store
count 14,534 13,320 New store openings 750 1,044 Store closings
(57 ) (43 ) Net new stores 693
1,001 Ending store count 15,227
14,321 Total selling square footage (000's)
112,734 106,349 Growth rate
(square footage) 6.0 % 8.4 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181204005249/en/
Investor Contacts:Jennifer Beugelmans (615) 855-5537Kevin Walker
(615) 855-4954Media Contacts:Crystal Ghassemi (615) 855-5210
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