Dollar General Corp.’s stock rose 2.8% early Thursday, after the discount retailer beat third-quarter earnings estimates and backed its guidance for the full year, even as its recently reinstalled CEO said he was not happy with its performance. The Goodlettsville, Tenn.-based company
DG,
+0.40%
posted net income of $276.2 million, or $1.26 a share, for the third quarter, down from $526.2 million, or $2.33 a share, in the year-earlier period. Sales rose 2.4% to $9.694 billion from $9.465 billion a year ago.
The FactSet consensus was for EPS of $1.20 and sales of $9.644 billion. Same-store sales fell 1.3%, while FactSet was expecting a 2.1% decline. “While we are not satisfied with our financial results for the third quarter, including a significant headwind from inventory shrink, we are pleased with the momentum in some of the underlying sales trends, including positive customer traffic, as well as market share gains in both dollars and units,” Chief Executive Todd Vasos said in a statement. Vasos returned to the role of CEO in October, after serving in the position from June 2015 to November 2022. Read now: Dollar Tree is attracting more high-income shoppers Inventory shrink refers to items lost through damage or shoplifting, and has become a common theme on retail earnings this year with some claiming organized gangs are targeting them and causing billions of dollars in losses. Vasos said the company has completed a review of all aspects of the business and …
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DG,
+0.40%
posted net income of $276.2 million, or $1.26 a share, for the third quarter, down from $526.2 million, or $2.33 a share, in the year-earlier period. Sales rose 2.4% to $9.694 billion from $9.465 billion a year ago.
The FactSet consensus was for EPS of $1.20 and sales of $9.644 billion. Same-store sales fell 1.3%, while FactSet was expecting a 2.1% decline. “While we are not satisfied with our financial results for the third quarter, including a significant headwind from inventory shrink, we are pleased with the momentum in some of the underlying sales trends, including positive customer traffic, as well as market share gains in both dollars and units,” Chief Executive Todd Vasos said in a statement. Vasos returned to the role of CEO in October, after serving in the position from June 2015 to November 2022. Read now: Dollar Tree is attracting more high-income shoppers Inventory shrink refers to items lost through damage or shoplifting, and has become a common theme on retail earnings this year with some claiming organized gangs are targeting them and causing billions of dollars in losses. Vasos said the company has completed a review of all aspects of the business and …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]