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Dollar General's total sales improves 11.2%
31
Aug '11
Dollar General Corporation reported financial results for its fiscal 2011 second quarter (13 weeks) ended July 29, 2011. Net income was $146 million, or diluted earnings per share ("EPS") of $0.42, compared to net income of $141 million, or diluted EPS of $0.41, in the second quarter (13 weeks) of fiscal 2010. Excluding losses relating to the early repayment of long-term obligations of $58.1 million ($35.4 million, net of income taxes) in the 2011 quarter and $6.4 million ($3.9 million, net of income taxes) in the 2010 second quarter, net income for the 2011 second quarter increased 25 percent to $181 million, or diluted EPS of $0.52, compared to adjusted net income of $145 million, or $0.42 per diluted share in the 2010 second quarter.

"Dollar General delivered strong results for the second quarter," said Rick Dreiling, chairman and chief executive officer. "Our same-store sales increase of 5.9 percent in the quarter represents an acceleration from the first quarter and demonstrates our ability to balance the challenges of pricing and rising input costs. Our customers are depending on us even more for the convenience and value we offer.

"In this period of economic uncertainty, we continue to focus on factors that we can control, and we still expect to deliver strong financial performance in 2011," Dreiling continued. "Given our results in the first half of the year, we are raising the low-end of our earnings guidance range reflecting expected same-store sales growth of 4 to 6 percent. For the 53-week fiscal year, we now expect total sales growth of 12 to 14 percent and adjusted EPS of $2.22 to $2.30."

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Dollar General Corporation

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