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Dollar General Corporation (DG) has submitted its 10-Q filing for the quarterly period ended November 1, 2024.
The filing reports an increase in net sales to $10.18 billion, driven primarily by new store openings and a 1.3% increase in same-store sales. This growth was offset by store closures.
Gross profit for the quarter was $2.94 billion, representing 28.8% of net sales, a decrease from 29.0% in the same quarter of the previous year. This decline was attributed to increased markdowns, damages, and a higher proportion of sales from the consumables category.
Selling, general, and administrative expenses rose to $2.61 billion, or 25.7% of net sales, compared to 24.5% in the previous year. The increase was due to hurricane-related costs, higher retail labor, and depreciation.
Operating profit decreased by 25.3% to $323.8 million from $433.5 million in the previous year.
Net income for the quarter was $196.5 million, down from $276.2 million in the previous year. Earnings per diluted share were $0.89, compared to $1.26 in the previous year.
Cash generated from operating activities was $2.195 billion for the 39-week period ended November 1, 2024, an increase of 52.2% from the previous year.
The company paid total cash dividends of $389.2 million, or $1.77 per share, during the 2024 period.
Dollar General's inventory turnover was 4.0 times on a rolling four-quarter basis, with a 7.0% decrease in per-store inventories compared to the previous year.
The filing also discusses various legal proceedings, including shareholder class action lawsuits alleging misrepresentation of financial results, which could materially impact the company's financial statements.
Dollar General continues to implement strategic initiatives such as store growth, digital tools, and the DG Fresh self-distribution model to drive sales and improve margins.
The company plans to open approximately 730 new stores and remodel 1,620 stores in fiscal 2024, with further expansion planned for fiscal 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dollar General Corporation quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.