Dollar General Beats Street

Published by: Dave Simmons on 30th Aug 2011 | View all blogs by Dave Simmons
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Dollar General Beats Street

Discount retailer Dollar General on Tuesday issued its fiscal second-quarter results, easily surpassing Wall Street expectations and upgrading its outlook for full-year, same store sales to expect solid growth of 4-6 percent.  For the three months ended July 29th, the Goodlettsville, Tennessee-based company posted earnings on an adjusted basis of $181 million, or 52 cents a share.  Total sales, meanwhile, rose more than 11 percent on a year-to-year basis to $3.58 billion.  Sales at stores open at least a year rose 5.9 percent.

Economists taking part in a recent Thomson Reuters survey had projected Dollar would report adjusted earnings of 48 cents a share on sales of $3.56 billion.  Dollar CEO Rick Dreiling lauded the results, saying it demonstrates the company's proficiency in balancing rising costs with subtle price increases in its stores.

Also, based on the results, Dollar has raised the lower end of its full-year earnings forecast, and is now expecting adjusted earnings for fiscal 2011 of between $2.22 and $2.30 a share with sales growth coming in between 12 and 14 percent.

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