UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August
27, 2015
Dollar General Corporation |
(Exact name of registrant as specified in its charter) |
Tennessee |
001-11421 |
61-0502302 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
100 Mission Ridge Goodlettsville, Tennessee |
37072 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s
telephone number, including area code: (615)
855-4000
(Former name or former address, if changed since last report) |
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.02 |
RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On August 27, 2015, Dollar General Corporation (the “Company”) issued a news release regarding results of operations and financial condition for the fiscal 2015 second quarter (13 weeks) and 26-week periods ended July 31, 2015. The news release is furnished as Exhibit 99.1 hereto.
The information contained within this Item 2.02, including the information in Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
ITEM 7.01 |
REGULATION FD DISCLOSURE. |
The information set forth in Item 2.02 above is incorporated herein by reference. The news release also sets forth statements regarding, among other things, the Company’s outlook, as well as the Company’s planned conference call to discuss the reported financial results, the Company’s outlook, and certain other matters.
On August 26, 2015, the Board of Directors of the Company declared a quarterly cash dividend of $0.22 per share on the Company’s common stock. The dividend will be payable on or before September 30, 2015 to shareholders of record at the close of business on September 16, 2015. The payment of future cash dividends is subject to the Board’s discretion and will depend upon, among other things, the Company’s results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant in its sole discretion. On August 27, 2015, the Company issued a press release announcing the declaration of this quarterly cash dividend. The press release is furnished as Exhibit 99.2 to this Current Report and is incorporated herein by reference.
The information contained within this Item 7.01, including the information in Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.
ITEM 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS. |
(a) | Financial statements of businesses acquired. N/A | |
(b) | Pro forma financial information. N/A | |
(c) | Shell company transactions. N/A | |
(d) | Exhibits. See Exhibit Index immediately following the signature page hereto. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
||||
|
||||
Date: |
August 27, 2015 |
DOLLAR GENERAL CORPORATION |
||
By: |
/s/ Rhonda M. Taylor |
|||
Rhonda M. Taylor |
||||
Executive Vice President and General Counsel |
EXHIBIT INDEX
Exhibit No. |
Description |
|
99.1 |
News release dated August 27, 2015 regarding financial results for fiscal 2015 second quarter ended July 31, 2015 |
|
99.2 |
News release dated August 27, 2015 regarding declaration of quarterly cash dividend |
3
Exhibit 99.1
Dollar General Corporation Reports Second Quarter 2015 Financial Results
GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--August 27, 2015--Dollar General Corporation (NYSE: DG) today reported financial results for its fiscal 2015 second quarter (13 weeks) ended July 31, 2015.
“Dollar General achieved strong financial performance in the second quarter. We delivered 7.9 percent sales growth, 2.8 percent same-store sales growth, robust gross margin expansion and 14 percent diluted EPS improvement over the 2014 second quarter. We also grew both customer traffic and average ticket for the 30th consecutive quarter when compared to the prior year quarter,” said Todd Vasos, Dollar General’s chief executive officer.
“With new leadership in place for store operations and merchandising, we are well positioned to execute our key initiatives to drive topline growth over time. Looking ahead to 2016, our team is energized to accelerate our pace of growth as we focus on providing our consumers with everyday low prices and convenient locations. We remain confident in the long-term growth prospects for Dollar General to deliver strong financial results and healthy cash returns for our shareholders,” said Vasos.
Second Quarter 2015 Highlights
The Company’s net income was $282 million, or $0.95 per diluted share, in the 2015 second quarter, compared to net income of $251 million, or $0.83 per diluted share, in the 2014 second quarter.
Net sales increased 7.9 percent to $5.10 billion in the 2015 second quarter compared to $4.72 billion in the 2014 second quarter. Same-store sales increased 2.8 percent, with increases in both customer traffic and average transaction value. The remainder of the sales increase was attributable to new stores, partially offset by closed stores. All categories delivered positive same-store sales growth. Growth in consumables was driven by candy and snacks, tobacco products and perishables. Within non-consumables, the most significant growth was due to seasonal items, sundries, hardware and housewares.
Gross profit, as a percentage of net sales, was 31.2 percent in the 2015 second quarter, an increase of 36 basis points from the 2014 second quarter. The gross profit rate increase was primarily attributable to higher initial inventory markups, an improved inventory shrink rate and lower transportation costs, partially offset by increased markdowns.
Selling, general and administrative expense (“SG&A”) as a percentage of net sales was 21.8 percent in the 2015 second quarter compared to 21.7 percent in the 2014 second quarter, an increase of nine basis points. The SG&A increase was primarily attributable to higher store asset impairments, incentive compensation, repairs and maintenance, and fees associated with the increased use of debit cards. Partially offsetting these items was a higher volume of cash back transactions resulting in increased convenience fees collected from customers.
The effective income tax rate was 38.0 percent for the 2015 second quarter compared to a rate of 38.1 percent for the 2014 second quarter.
26-Week Period Highlights
For the 26-week period ended July 31, 2015, net sales increased 8.3 percent over the comparable 2014 period to $10.0 billion. Same-store sales increased 3.3 percent. Increases in customer traffic and average transaction amount contributed to the increase in same-store sales. The remainder of the sales increase was attributable to new stores, partially offset by closed stores.
Gross profit increased by 9.7 percent and, as a percentage of net sales, increased by 39 basis points to 30.8 percent in the 2015 26-week period compared to the 2014 period. The gross profit rate increase in the 2015 period as compared to the 2014 period was primarily attributable to higher initial inventory markups, lower transportation costs and an improved inventory shrink rate.
SG&A was 21.8 percent of net sales in the 2015 period compared to 21.7 percent in the 2014 period, an increase of 11 basis points. The SG&A increase was primarily attributable to higher incentive compensation, repairs and maintenance, fees associated with the increased use of debit cards, and an increase in store asset impairments. Partially offsetting these items was a higher volume of cash back transactions resulting in increased convenience fees collected from customers.
The effective income tax rate for the 2015 period was 37.8 percent compared to a rate of 38.0 percent for the 2014 period.
For the 26-week 2015 period, the Company reported net income of $536 million, or $1.79 per diluted share, compared to net income of $474 million, or $1.54 per diluted share, for the 26-week 2014 period.
Merchandise Inventories
As of July 31, 2015, total merchandise inventories, at cost, were $3.03 billion compared to $2.79 billion as of August 1, 2014, an increase of 2.7 percent on a per-store basis.
Capital Expenditures
During the 26-week period, the Company opened 428 new stores and remodeled or relocated 593 stores. Total additions to property and equipment in the 26-week period ended July 31, 2015 were $247 million, including: $95 million for improvements, upgrades, remodels and relocations of existing stores; $55 million for distribution and transportation-related capital expenditures; $53 million related to new leased stores, primarily for leasehold improvements, fixtures and equipment; $24 million for stores built by the Company; and $18 million for information systems upgrades and technology-related projects.
Share Repurchases
During the 2015 second quarter, the Company repurchased 2.6 million shares of its common stock at a total cost of $199.7 million, at an average price of $77.84 per share. For the 2015 26-week period, the Company repurchased 9.7 million shares of its common stock under the share repurchase program at a total cost of $734.3 million, at an average price of $76.03 per share. Since the inception of the share repurchase program in December 2011, the Company has repurchased 54.1 million shares totaling $3.0 billion, at an average price of $55.64 per share. The Company has a total remaining authorization under the share repurchase program of approximately $489 million at August 26, 2015.
Fiscal 2015 Financial Outlook
For the 2015 fiscal year, the Company is reconfirming its financial guidance provided on June 2, 2015. Total sales are expected to increase 8 to 9 percent over the 2014 fiscal year, with same-store sales expected to increase 3 to 3.5 percent. Operating profit for 2015 is expected to increase 7 to 9 percent over the 2014 adjusted operating profit. Diluted EPS for the fiscal year is expected to be approximately $3.85 to $3.95. Considering sales performance to date and the current operating environment, management expectations are that same-store sales likely will be closer to the low-end of the range.
Capital expenditures are expected to be in the range of $500 million to $550 million in 2015. Dollar General plans to open approximately 730 new stores in 2015, or 6 percent square footage growth, and relocate or remodel 875 stores. To date, the Company is on track with its pipeline development to accelerate new store openings to 7 percent square footage growth in 2016.
Conference Call Information
The Company will hold a conference call on Thursday, August 27, 2015 at 9:00 a.m. CT/10:00 a.m. ET, hosted by Todd Vasos, chief executive officer, and John Garratt, interim chief financial officer. If you wish to participate, please call (855) 576-2641 at least 10 minutes before the conference call is scheduled to begin. The conference ID is 89003506. The call will also be broadcast live online at www.dollargeneral.com under “Investor Information, Conference Calls and Investor Events.” A replay of the conference call will be available through Thursday, September 10, 2015, and will be accessible online or by calling (855) 859-2056. The conference ID for the replay is 38432761.
Forward-Looking Statements
This press release contains forward-looking information, such as the information in the section entitled “Fiscal 2015 Financial Outlook” as well as other statements regarding the Company’s outlook, plans and intentions, including, but not limited to, statements made within the quotations of Mr. Vasos. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “outlook,” “may,” “should,” “could,” “believe,” “anticipate,” “plan,” “expect,” “estimate,” “forecast,” “goal,” “prospect,” “positioned,” “accelerate,” “intend,” “committed,” “continue,” “looking ahead,” “over time” or “will likely result,” and similar expressions that concern the Company’s strategy, plans, intentions or beliefs about future occurrences or results. These matters involve risks, uncertainties and other factors that may cause the actual performance of the Company to differ materially from that which the Company expected. Many of these statements are derived from the Company’s operating budgets and forecasts as of the date of this release, which are based on many detailed assumptions that the Company believes are reasonable. However, it is very difficult to predict the effect of known factors on the Company’s future results, and the Company cannot anticipate all factors that could affect future results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors. Important factors that could cause actual results to differ materially from the expectations expressed in or implied by such forward-looking statements include, but are not limited to:
All forward-looking statements are qualified in their entirety by these and other cautionary statements that the Company makes from time to time in its SEC filings and public communications. The Company cannot assure the reader that it will realize the results or developments the Company anticipates or, even if substantially realized, that they will result in the consequences or affect the Company or its operations in the way the Company expects. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.
About Dollar General Corporation
Dollar General Corporation has been delivering value to shoppers for over 75 years. Dollar General helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, house wares and seasonal items at low everyday prices in convenient neighborhood locations. Dollar General operates 12,198 stores in 43 states as of July 31, 2015. In addition to high quality private brands, Dollar General sells products from America’s most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg’s, General Mills, and PepsiCo. For more information on Dollar General, please visit www.dollargeneral.com.
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
July 31 | August 1 | January 30 | ||||||||||||||
2015 | 2014 | 2015 | ||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 180,525 | $ | 172,474 | $ | 579,823 | ||||||||||
Merchandise inventories | 3,029,731 | 2,788,872 | 2,782,521 | |||||||||||||
Income taxes receivable | 14,646 | 4,237 | - | |||||||||||||
Prepaid expenses and other current assets | 199,945 | 175,048 | 170,265 | |||||||||||||
Total current assets | 3,424,847 | 3,140,631 | 3,532,609 | |||||||||||||
Net property and equipment | 2,195,857 | 2,106,963 | 2,116,075 | |||||||||||||
Goodwill | 4,338,589 | 4,338,589 | 4,338,589 | |||||||||||||
Other intangible assets, net | 1,201,241 | 1,203,904 | 1,201,870 | |||||||||||||
Other assets, net | 34,661 | 35,707 | 34,961 | |||||||||||||
Total assets | $ | 11,195,195 | $ | 10,825,794 | $ | 11,224,104 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Current portion of long-term obligations | $ | 101,335 | $ | 101,013 | $ | 101,158 | ||||||||||
Accounts payable | 1,536,610 | 1,395,780 | 1,388,154 | |||||||||||||
Accrued expenses and other | 443,164 | 427,269 | 413,760 | |||||||||||||
Income taxes payable | 41,348 | 23,922 | 59,400 | |||||||||||||
Deferred income taxes | 32,306 | 21,434 | 25,268 | |||||||||||||
Total current liabilities | 2,154,763 | 1,969,418 | 1,987,740 | |||||||||||||
Long-term obligations | 2,761,794 | 2,881,217 | 2,639,427 | |||||||||||||
Deferred income taxes | 578,084 | 582,883 | 601,590 | |||||||||||||
Other liabilities | 281,620 | 296,283 | 285,309 | |||||||||||||
Total liabilities | 5,776,261 | 5,729,801 | 5,514,066 | |||||||||||||
Commitments and contingencies | ||||||||||||||||
Shareholders' equity: | ||||||||||||||||
Preferred stock | - | - | - | |||||||||||||
Common stock | 257,968 | 265,458 | 265,514 | |||||||||||||
Additional paid-in capital | 3,085,637 | 3,027,985 | 3,048,806 | |||||||||||||
Retained earnings | 2,081,543 | 1,811,358 | 2,403,045 | |||||||||||||
Accumulated other comprehensive loss | (6,214 | ) | (8,808 | ) | (7,327 | ) | ||||||||||
Total shareholders' equity | 5,418,934 | 5,095,993 | 5,710,038 | |||||||||||||
Total liabilities and shareholders' equity | $ | 11,195,195 | $ | 10,825,794 | $ | 11,224,104 |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the Quarter (13 Weeks) Ended | |||||||||||||||||
July 31 | % of Net | August 1 | % of Net | ||||||||||||||
2015 | Sales | 2014 | Sales | ||||||||||||||
Net sales | $ | 5,095,904 | 100.00 | % | $ | 4,724,039 | 100.00 | % | |||||||||
Cost of goods sold | 3,507,749 | 68.83 | 3,268,465 | 69.19 | |||||||||||||
Gross profit | 1,588,155 | 31.17 | 1,455,574 | 30.81 | |||||||||||||
Selling, general and administrative expenses | 1,112,343 | 21.83 | 1,027,048 | 21.74 | |||||||||||||
Operating profit | 475,812 | 9.34 | 428,526 | 9.07 | |||||||||||||
Interest expense | 20,699 | 0.41 | 22,598 | 0.48 | |||||||||||||
Income before income taxes | 455,113 | 8.93 | 405,928 | 8.59 | |||||||||||||
Income tax expense | 172,764 | 3.39 | 154,668 | 3.27 | |||||||||||||
Net income | $ | 282,349 | 5.54 | % | $ | 251,260 | 5.32 | % | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.95 | $ | 0.83 | |||||||||||||
Diluted | $ | 0.95 | $ | 0.83 | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 295,679 | 303,015 | |||||||||||||||
Diluted | 296,528 | 303,888 | |||||||||||||||
For the 26 Weeks Ended | |||||||||||||||||
July 31 | % of Net | August 1 | % of Net | ||||||||||||||
2015 | Sales | 2014 | Sales | ||||||||||||||
Net sales | $ | 10,014,576 | 100.00 | % | $ | 9,246,120 | 100.00 | % | |||||||||
Cost of goods sold | 6,927,716 | 69.18 | 6,432,800 | 69.57 | |||||||||||||
Gross profit | 3,086,860 | 30.82 | 2,813,320 | 30.43 | |||||||||||||
Selling, general and administrative expenses | 2,182,854 | 21.80 | 2,005,086 | 21.69 | |||||||||||||
Operating profit | 904,006 | 9.03 | 808,234 | 8.74 | |||||||||||||
Interest expense | 42,275 | 0.42 | 44,865 | 0.49 | |||||||||||||
Income before income taxes | 861,731 | 8.60 | 763,369 | 8.26 | |||||||||||||
Income tax expense | 326,147 | 3.26 | 289,711 | 3.13 | |||||||||||||
Net income | $ | 535,584 | 5.35 | % | $ | 473,658 | 5.12 | % | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.79 | $ | 1.55 | |||||||||||||
Diluted | $ | 1.79 | $ | 1.54 | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 298,440 | 306,173 | |||||||||||||||
Diluted | 299,308 | 307,091 |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||
(In thousands) | |||||||||||||
(Unaudited) | |||||||||||||
For the 26 Weeks Ended | |||||||||||||
July 31 | August 1 | ||||||||||||
2015 | 2014 | ||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 535,584 | $ | 473,658 | |||||||||
Adjustments to reconcile net income to net cash from operating activities: |
|||||||||||||
Depreciation and amortization | 174,734 | 169,498 | |||||||||||
Deferred income taxes | (32,680 | ) | (38,880 | ) | |||||||||
Tax benefit of share-based awards | (27,929 | ) | (10,994 | ) | |||||||||
Noncash share-based compensation | 19,642 | 18,320 | |||||||||||
Other noncash (gains) and losses | 7,734 | 3,539 | |||||||||||
Change in operating assets and liabilities: | |||||||||||||
Merchandise inventories | (246,793 | ) | (235,890 | ) | |||||||||
Prepaid expenses and other current assets | (30,754 | ) | (29,055 | ) | |||||||||
Accounts payable | 133,615 | 104,382 | |||||||||||
Accrued expenses and other liabilities | 29,237 | 61,977 | |||||||||||
Income taxes | (4,769 | ) | (28,469 | ) | |||||||||
Other | (569 | ) | (1,162 | ) | |||||||||
Net cash provided by (used in) operating activities | 557,052 | 486,924 | |||||||||||
Cash flows from investing activities: | |||||||||||||
Purchases of property and equipment | (247,051 | ) | (191,414 | ) | |||||||||
Proceeds from sales of property and equipment | 257 | 692 | |||||||||||
Net cash provided by (used in) investing activities | (246,794 | ) | (190,722 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||
Repayments of long-term obligations | (50,605 | ) | (26,672 | ) | |||||||||
Borrowings under revolving credit facilities | 445,100 | 972,000 | |||||||||||
Repayments of borrowings under revolving credit facilities | (272,100 | ) | (782,000 | ) | |||||||||
Repurchases of common stock | (734,334 | ) | (800,095 | ) | |||||||||
Payments of cash dividends | (131,204 | ) | - | ||||||||||
Other equity and related transactions | 5,658 | (3,521 | ) | ||||||||||
Tax benefit of share-based awards | 27,929 | 10,994 | |||||||||||
Net cash provided by (used in) financing activities | (709,556 | ) | (629,294 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | (399,298 | ) | (333,092 | ) | |||||||||
Cash and cash equivalents, beginning of period | 579,823 | 505,566 | |||||||||||
Cash and cash equivalents, end of period | $ | 180,525 | $ | 172,474 | |||||||||
Supplemental cash flow information: | |||||||||||||
Cash paid for: | |||||||||||||
Interest | $ | 39,539 | $ | 41,672 | |||||||||
Income taxes | $ | 363,204 | $ | 359,450 | |||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||||
Purchases of property and equipment awaiting processing for payment, included in Accounts payable |
$ | 46,427 | $ | 31,996 |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
Selected Additional Information | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Sales by Category (in thousands) | |||||||||||||||||||||
For the Quarter (13 Weeks) Ended | |||||||||||||||||||||
July 31 | August 1 | ||||||||||||||||||||
2015 | 2014 | % Change | |||||||||||||||||||
Consumables | $ | 3,867,635 | $ | 3,576,189 | 8.1 | % | |||||||||||||||
Seasonal | 642,525 | 593,596 | 8.2 | % | |||||||||||||||||
Home products | 304,305 | 285,428 | 6.6 | % | |||||||||||||||||
Apparel | 281,439 | 268,826 | 4.7 | % | |||||||||||||||||
Net sales | $ | 5,095,904 | $ | 4,724,039 | 7.9 | % | |||||||||||||||
For the 26 Weeks Ended | |||||||||||||||||||||
July 31 | August 1 | ||||||||||||||||||||
2015 | 2014 | % Change | |||||||||||||||||||
Consumables | $ | 7,621,613 | $ | 7,021,654 | 8.5 | % | |||||||||||||||
Seasonal | 1,228,818 | 1,135,028 | 8.3 | % | |||||||||||||||||
Home products | 607,329 | 569,025 | 6.7 | % | |||||||||||||||||
Apparel | 556,816 | 520,413 | 7.0 | % | |||||||||||||||||
Net sales | $ | 10,014,576 | $ | 9,246,120 | 8.3 | % | |||||||||||||||
Store Activity | |||||||||||||||||||||
For the 26 Weeks Ended | |||||||||||||||||||||
July 31 | August 1 | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Beginning store count | 11,789 | 11,132 | |||||||||||||||||||
New store openings | 428 | 426 | |||||||||||||||||||
Store closings | (19 | ) | (23 | ) | |||||||||||||||||
Net new stores | 409 | 403 | |||||||||||||||||||
Ending store count | 12,198 | 11,535 | |||||||||||||||||||
Total selling square footage (000's) | 90,305 | 85,168 | |||||||||||||||||||
Growth rate (square footage) | 6.0 | % | 6.6 | % | |||||||||||||||||
CONTACTS
Dollar General Corporation
Investor Contacts:
Mary
Winn Pilkington, 615-855-5536
Matt Hancock, 615-855-4811
or
Media
Contact:
Dan MacDonald, 615-855-5209
Exhibit 99.2
Dollar General Corporation Declares Quarterly Dividend
GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--August 27, 2015--Dollar General Corporation (NYSE: DG) announced today that the Company’s Board of Directors has declared a quarterly cash dividend of $0.22 per share on the Company’s common stock. The dividend will be payable on September 30, 2015 to shareholders of record at the close of business on September 16, 2015.
About Dollar General Corporation
Dollar General Corporation has been delivering value to shoppers for over 75 years. Dollar General helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, house wares and seasonal items at low everyday prices in convenient neighborhood locations. Dollar General operates 12,198 stores in 43 states as of July 31, 2015. In addition to high quality private brands, Dollar General sells products from America’s most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg’s, General Mills, and PepsiCo. For more information on Dollar General, please visit www.dollargeneral.com.
CONTACTS
Dollar General Corporation
Investor Contacts:
Mary
Winn Pilkington, 615-855-5536
Matt Hancock, 615-855-4811
or
Media
Contacts:
Dan MacDonald, 615-855-5209