Dollar General (NYSE) released its financial results for the first quarter of fiscal year 2024, surpassing analysts’ expectations. The company reported earnings per share (EPS) of $1.65, exceeding the forecasted $1.58 by $0.07, which led to a rise in its stock price.
The company’s revenue also slightly beat expectations, reaching $9.91 billion compared to the consensus estimate of $9.89 billion. Following the earnings release, Dollar General’s shares increased by 6.3%, reflecting strong investor confidence in the company’s performance and financial outlook.
Compared to the same quarter last year, net sales increased by 6.1%, rising from $9.3 billion, while same-store sales grew by 2.4%. However, operating profit saw a significant decline of 26.3% to $546.1 million, and diluted EPS dropped by 29.5%.
The company attributed its better-than-expected top and bottom-line results to robust customer traffic growth and market share gains. CEO Todd Vasos expressed satisfaction with the quarter’s performance, crediting the company’s focused strategy and improved execution.
Despite the strong start to the year, Dollar General’s outlook for the second quarter of fiscal year 2024 remains cautious. The company forecasts diluted EPS to be between $1.70 and $1.85, below the analysts’ consensus of $1.92. Same-store sales growth is expected to be in the low 2% range for the upcoming quarter.
For the full fiscal year 2024, Dollar General maintains its guidance, projecting net sales growth of approximately 6.0% to 6.7% and same-store sales growth between 2.0% and 2.7%. The midpoint of the full-year EPS guidance range is $7.175, slightly below the consensus estimate of $7.25.
CFO Kelly Dilts acknowledged the challenges posed by shrink and sales mix but reaffirmed the company’s commitment to addressing these issues and sustaining strong financial performance throughout the year.
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