US: Dollar General Q1 earnings and sales climb
- Q1 net income up 0.9%
- Group sales grow 6.8%
- Same-store sales up 1.5%
US retailer Dollar General has revealed an increase in first-quarter earnings and reaffirmed its EPS and sales guidance for the full year.
For the three months ended 2 May, net income amounted to US$222m, a 0.9% increase on earnings of $220m in the year ago quarter. Sales increased 6.8% to $4.52bn, while same-store sales climbed 1.5%.
"Dollar General's first quarter same-store sales improvement was driven by growth in our consumables business and, overall, reflected the challenges of unfavourable winter weather, heightened competition and the current economic environment," said CEO Rick Dreiling. "Even as these factors weighed on our sales results, we saw trends improve as we moved through the quarter."
For fiscal 2014, the company expects total sales to increase 8-9%, with same-store sales expected to increase 3-4%. Diluted EPS is expected to be around $3.45 to $3.55.
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