Dollar General Q3 Earnings Miss View, Revenues Beat, Updates FY24 Outlook; Stock Up - Update

Dollar General Corporation

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Kaufen / Verkaufen

(RTTNews) - Retailer Dollar General Corp. (DG), while reporting weak profit in its third quarter below market, on Thursday updated its forecast for fiscal 2024. The company's third-quarter revenues increased from last year and beat market estimates.

In pre-market activity on the NYSE, the shares were gaining around 2.5 percent to trade at $81.51.

For fiscal year 2024, the company now expects earnings per share in the range of around $5.50 to $5.90, compared to its previous expectation of around $5.50 to $6.20.

Analysts on average expect the company to report earnings of $5.82 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net sales growth is now projected in the range of around 4.8 percent to 5.1 percent, compared to previous view of around 4.7 percent to 5.3 percent.

Same-store sales growth is now expected in the range of approximately 1.1 percent to 1.4 percent, compared to its previous expectation in the range of 1.0 percent to 1.6 percent

In its third quarter, Dollar General's earnings decreased 28.9 percent from the same period last year and missed the Street estimates.

The company's bottom line totaled $196.53 million or $0.89 per share, compared with $276.25 million, or $1.26 per share, in last year's third quarter. Analysts had expected the company to earn $0.94 per share.

The company's revenue for the quarter rose 5.0 percent to $10.183 billion from $9.694 billion last year. The Street was looking for revenues of $10.14 billion.

Same-Store sales increased 1.3 percent.

Further, the company's Board of Directors declared a quarterly cash dividend of $0.59 per share, payable on or before January 21 to shareholders of record on January 7, 2025.

For fiscal 2025, Dollar General plans to execute approximately 4,885 real estate projects, including opening approximately 575 new stores in the U.S., as well as up to 15 new stores in Mexico. The company also plans to fully remodeling about 2,000 stores, remodeling about 2,250 stores through Project Elevate, and relocating approximately 45 stores.

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