US discounter Dollar General has reported “record” annual sales, operating profit and net income, despite a “challenging” macroeconomic environment.
The retailer announced yesterday (22 March) that for the full year ended 28 January, net income was up 85% to reach US$628m, while adjusted net income, which removes the impact of a tax benefit in the fourth quarter, was up 53% to $649m.
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For the year, net sales grew 10.5% to $13.04bn. Same-store sales were up 4.9%.
During the fourth-quarter, net income more than doubled to reach $223m against $87m in the same quarter of 2009.
Fourth-quarter sales rose 9.4% to reach $3.49bn, with same-store sales growing 3.8%.
“While weather impacted our sales momentum in the second half of the fourth quarter, we effectively balanced our sales, delivering gross margin expansion, expense leverage and excellent financial results,” said chairman and CEO Rick Dreiling.
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By GlobalDataThe company is now forecasting an 11-13% increase in sales during fiscal 2011, with same-store sales forecast to grow by 3-5%.
