Dollar General has reported comparable store sales increased 5.4% and sales increased 10.9% to $3.45 billion for the first quarter ended 29 April.The company attributed the comparable store sales gain to increased customer traffic and average transaction amount. Adjusted operating profit increased 9% to $335 million, and net income increased 15% to $157 million compared to first quarter 2010.
Chairman and Chief Executive Officer, Rick Dreiling, stated: "Dollar General is off to a great start in 2011. Our first quarter sales exceeded our expectations with strong same-store sales growth of 5.4%. As I look back on the first quarter, we maintained our focus on serving our customers and worked to hold the line where we reasonably could when it came to raising prices in an environment of rising commodity and fuel costs... In spite of expected gross margin headwinds, we remain well positioned to deliver on our financial outlook for fiscal 2011 as we invest for the long-term health of the company."
The company plans to open around 625 new stores, including a $90 million distribution centre in Alabama, and to remodel or relocate around 550 stores in fiscal year 2011. The company anticipates total sales to increase 11-13% and comparable store sales to increase 3-5% for the fiscal year.
Source: Planet Retail
No comments:
Post a Comment