US discounter Dollar General has raised its full-year profit guidance after booking a 36% increase in first-quarter income.
Net earnings in the three months to 4 May rose to US$213m, the company revealed on Monday (4 June).
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Growth was driven by higher sales, with revenues rising 13% to $3.9bn, the company said.
Same-store sales were 6.7% higher, thanks to higher footfall and larger basket size, the group added.
The retailer said it now expects full-year operating profit to be in the range of $1.62-1.66bn, up from its previous guidance range of $1.6-1.65bn.
“Dollar General is starting off 2012 with strong performance in the first quarter due to excellent same-store sales growth of 6.7% , representing the fifth consecutive quarter of accelerating improvement,” said chairman and CEO Rick Dreiling.
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By GlobalData“We are pleased to raise our full-year financial outlook to now reflect adjusted EPS of $2.68 to $2.78. Our first quarter was strong, and we are pleased with our May sales performance.”
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