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Dollar General reports Q1 2007 earnings

Jun '07
Dollar General Corporation reported net income of $34.9 million, or $0.11 per share, for the first quarter ended May 4, 2007, compared to net income of $47.7 million, or $0.15 per share, for the prior year first quarter ended May 5, 2006.

Net sales were $2.28 billion, a 5.8 percent increase over net sales of $2.15 billion for the first quarter of fiscal 2006. The increase in sales primarily reflects a same-store sales increase of 2.4 percent and the opening of 104 net new stores since the end of the prior year first quarter.

This same-store sales increase in 2007 compares with 1.6 percent in the fiscal 2006 first quarter. Net sales in the quarter were aided by markdowns from retail taken in the 2007 first quarter and the 2006 fourth quarter, primarily in the seasonal, home and apparel categories, in connection with the Company's efforts to minimize the amount of inventory carried over from prior seasons and to allow for a greater mix of newer, fresher inventory going forward.

The Company has made significant progress toward its goal of eliminating its historical packaway strategy by the end of fiscal 2007.

The Company's gross profit increased 8.3 percent to $633.1 million in the 2007 quarter from $584.3 million in the 2006 quarter.

As a percent of sales, the gross profit rate increased by 66 basis points in the 2007 period as compared with the 2006 period due to a number of factors, including but not limited to: an increase inmarkups on purchases during the period; a reduction in receipts of highly consumables, which generally have lower average markups, during the 2007 period as compared to the 2006 period; and higher sales (as a percentage of total sales) in seasonal and basic clothing categories, which generally have higher average markups.

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