US: Dollar General lifts outlook as Q1 profit soars
- Q1 net income surged 36% to reach US$213m
- Net sales rose 13% to $3.9bn
- Same-store sales increased 6.7%
First quarter profit at US discounter Dollar General has soared by 36% on the back of rising sales, prompting it to raise its full-year forecast.
Net income in the three months to 4 May surged to reach US$213m, while net sales rose 13% to $3.9bn. Same-store sales increased 6.7%, driven by growing customer traffic and average transaction amount. Gross profit margin was flat at 31.5%.
The company raised its full-year forecast on the back of the strong performance. It now expects operating profit to be in the range of $1.62bn to $1.66bn, up on the original outlook of $1.6-1.65bn.
"Dollar General is starting off 2012 with strong performance in the first quarter due to excellent same-store sales growth of 6.7% , representing the fifth consecutive quarter of accelerating improvement," said chairman and CEO Rick Dreiling.
"We are pleased to raise our full year financial outlook to now reflect adjusted EPS of $2.68 to $2.78. Our first quarter was strong, and we are pleased with our May sales performance."
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