Home / Knowledge / News / Apparel/Garments / Dollar General records 7.8% hike in Q3FY14 sales
Dollar General records 7.8% hike in Q3FY14 sales
15
Dec '14
NYSE listed retailer, Dollar General Corp, which has 11,715 stores in 40 US states, recorded a 7.8 per cent from a year ago quarter hike in sales in the 13 weeks to October 31, 2014.

Dollar General said same-store sales also rose 2.8 per cent compared to the 2013 third quarter, which represents the retailers’ 27th consecutive quarter of year over year increases.

Net sales increased 7.8 percent to $4.72 billion in the third quarter of 2014 compared to $4.38 billion in the third quarter of 2014.

Solid same-store sales growth in home products and apparel and in ladies, men’s and boy’s clothing, apparel accessories and home décor, helped the retailer post overall sales growth.

Gross profit, as a percentage of net sales stood at 30.1 per cent in the reporting quarter, down 18 basis points from the prior year third quarter.

The retailer recorded a LIFO provision of $2.2 million in the 2014 period compared to a LIFO benefit of $3.7 million in the 2013 period.

SG&A as a percentage of net sales was 21.8 per cent in the quarter under review as against 21.4 per cent in the corresponding quarter of 2013, an increase of 38 basis points.

The retailer said the 2014 third quarter period included expenses of $8.2 million or 17 basis points relating to its proposal to acquire Family Dollar Stores, Inc.

In addition, the third quarter of 2014 SG&A, as percentage of sales, also reflects the impact of increased rent, utilities and incentive compensation expenses.

These items were partially offset by convenience fees charged to customers for cash back on debit card transactions and favourable retail labour expense, which rose at a rate lower than the hike in sales.

The effective income tax rate was 36.5 per cent for the 2014 third quarter compared to a rate of 35.6 percent for last year’s third quarter.

According to Dollar General, the effective tax rate increase was due to the expiration of various federal jobs credit programs for eligible employees hired after December 31, 2013.

“In addition, certain expenses relating to the proposed acquisition of Family Dollar are not deductible for income tax purposes,” it added.

The retailer however recorded a marginal dip in net income at $236 million, or $0.78 per diluted share in the reporting quarter compared $237 million, or $0.74 per diluted share in the 2013 third quarter. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Decision in UK budget to attract investment in retail: BRC

Textiles | On 24th Nov 2017

Decision in UK budget to attract investment in retail: BRC

British finance minister Philip Hammond’s announcement in his budget...

Courtesy: Shangdong Ruyi

Textiles | On 24th Nov 2017

Shangdong Ruyi to acquire major stake in Bagir

Shangdong Ruyi Technology Group Ltd, one of the leading Asian global...

Chinese e-commerce firm JD.com invests $44 mn in Tiki.vn

Apparel/Garments | On 24th Nov 2017

Chinese e-commerce firm JD.com invests $44 mn in Tiki.vn

Chinese e-commerce firm JD.com has invested $44 million in Tiki.vn, a ...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search