Dollar General Corporation, an American chain of variety stores headquartered in Tennessee, has disclosed financial results for the third quarter of the current financial year.
Sales contribution from new stores positively affected the net sales during the period under review as the retailer’s sales climbed 9 per cent to US $ 6.1 billion from US $ 5.6 billion in the corresponding period last year. It also noted a surge in same-store sales by 2.1 per cent due to robust sales of consumables, partially offset by sales declines in the apparel, seasonal and home categories.
Dollar General’s net income for the reporting quarter stood at US $ 365 million as compared to US $ 279 million in the corresponding quarter of 2017.
The company, which operates around 15,000 stores across the US under the Family Dollar and Dollar Tree brand Dollar General, now expects net sales to rise by around 9 per cent while same-store sales growth estimated to be in the mid-two per cent range.
The retailer has already announced to open 900 new stores this year, remodel 1,000 stores and relocate 100 stores.
Further, its plans to set up new offline stores despite an inclination towards online shopping is surprising to analysts. Various retailers in the US have announced store closures including Abercrombie & Fitch, Toys ‘R’ Us, Sears/Kmart, contrastingly.
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