Dollar General Corporation (NYSE: DG) announced financial results for the second quarter. Net sales rose 24.4% as same store sales increased 18.8%. Diluted earnings per share rose 89.1% to USD 3.12. The third quarter 2020 cash dividend has been increased by USD 0.36 per share, approved by the Board of Directors and it has increased the share repurchase program authorization by USD 2 Billion.
“I want to thank our associates for their exceptional work over the past several months as we continue to navigate this challenging and dynamic operating environment,” said Todd Vasos, Dollar General’s chief executive officer. “As the neighborhood general store for thousands of communities across the country, we appreciate the importance of our role in providing customers with affordable, convenient, and close-to-home access to everyday essentials. As a result of the team’s strong execution and tireless commitment to serving our customers, we are pleased to report strong second-quarter financial results.”
“We continue to operate from a position of strength and are excited to announce the acceleration of several key strategic initiatives, including the rollout of DG Pickup, DG Fresh, and our Non-Consumables initiative, as well as an increase in our expected number of real estate projects for fiscal 2020. Our robust portfolio of initiatives, coupled with our expansive real estate footprint of nearly 17,000 store locations, positions us well to continue delivering value and convenience for our customers, while driving sustainable long-term growth and value for our shareholders.”
Selling, general and administrative expenses as a percentage of net sales amounted to 20.4% in the second quarter of 2020 compared to 22.5%.
Written by Danny Abramov.
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