US discount retailer Dollar General has posted a 41% rise in quarterly income, helped by higher sales of groceries and seasonal products.
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The company reported net income of US$59.9m, or 18 cents a share, for the second quarter to 1 August, compared to $42.4m, or 13 cents a share, in the year-ago period. Analysts had been expecting, on average, earnings of 14 cents a share, reported Reuters.
Dollar General, which operates more than 6,400 discount stores, posted a 13.6% rise in total sales to $1.65bn, while same-store sales rose 4.7%. The company had 588 more stores in the second quarter than a year earlier.
The company forecast full-year net income to rise 15-20% from the previous year, compared to a previous forecast of 11-15% growth, before unusual items.
Dollar General forecast 13-15% growth in full-year revenues, and a 4-6% rise in same-store sales.
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By GlobalDataThe company also named Lawrence Jackson as its president and chief operating officer, effective 22 September. Jackson, who has previously worked for US grocer Safeway, will fill the position vacated in May by Don Shaffer.
