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Dollar General to expect strong 2011 financial outlook
23 Mar '11
4 min read
Interest expense decreased by $13 million to $66 million in the 2010 fourth quarter due to lower outstanding borrowings.
The effective income tax rate in the 2010 fourth quarter was 35.0 percent, which was below the Company's forecast. The fourth quarter 2010 income tax rate was lower than expected due to the effective resolution and release of an unrecognized tax benefit from a single state. This release, including related interest accruals and net of federal income tax, reduced the fourth quarter income tax expense by $6.8 million, or approximately $0.02 per diluted share.
Net income for the 2010 fourth quarter was $223 million, or diluted earnings per share ("EPS") of $0.64, compared to net income of $87 million, or diluted EPS of $0.26, in the fourth quarter of fiscal 2009. Adjusted net income increased 30 percent to $226 million, or adjusted diluted EPS of $0.65, in the 2010 fourth quarter over adjusted net income in the 2009 fourth quarter of $173 million, or adjusted diluted EPS of $0.51. Fourth quarter 2010 adjusted EPS includes the $0.02 per diluted share benefit resulting from the effective resolution and release of the unrecognized tax benefit discussed above.
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The effective income tax rate in the 2010 fourth quarter was 35.0 percent, which was below the Company's forecast. The fourth quarter 2010 income tax rate was lower than expected due to the effective resolution and release of an unrecognized tax benefit from a single state. This release, including related interest accruals and net of federal income tax, reduced the fourth quarter income tax expense by $6.8 million, or approximately $0.02 per diluted share.
Net income for the 2010 fourth quarter was $223 million, or diluted earnings per share ("EPS") of $0.64, compared to net income of $87 million, or diluted EPS of $0.26, in the fourth quarter of fiscal 2009. Adjusted net income increased 30 percent to $226 million, or adjusted diluted EPS of $0.65, in the 2010 fourth quarter over adjusted net income in the 2009 fourth quarter of $173 million, or adjusted diluted EPS of $0.51. Fourth quarter 2010 adjusted EPS includes the $0.02 per diluted share benefit resulting from the effective resolution and release of the unrecognized tax benefit discussed above.
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Dollar General Corporation
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