Dollar General Corporation Reports Fourth Quarter 2021 Results
Thu, 17 Mar 2022
Provides Financial Guidance for Fiscal Year 2022 First Quarter and Full Year
Increases Quarterly Cash Dividend by 31%
- Fourth Quarter Net Sales Increased 2.8%; Fiscal Year Net Sales Increased 1.4%
- Fourth Quarter Same-Store Sales Decreased 1.4%; Increased 11.3% on a two-year stack basis1
- Fiscal Year Same-Store Sales Decreased 2.8%; Increased 13.5% on a two-year stack basis2
-
Fourth Quarter Operating Profit Decreased 8.7% to
$796.7 Million ; Fiscal Year Operating Profit Decreased 9.4% to$3.2 Billion -
Fourth Quarter Diluted Earnings Per Share (“EPS”) Decreased 1.9% to
$2.57 ; resulting in a two-year compound annual growth rate of 10.6% -
Fiscal Year Diluted EPS Decreased 4.2% to
$10.17 , resulting in a two-year compound annual growth rate of 23.8%, or 22.9% compared to 2019 Adjusted Diluted EPS3 -
Annual Cash Flows From Operations of
$2.9 Billion -
Board of Directors Declares Quarterly Cash Dividend of
$0.55 per share, an Increase of 31% Compared to the Prior Quarter
1 Same-store sales on a two-year stack basis represents the sum of the Q4 2021 same-store sales decrease and the Q4 2020 same-store sales increase. |
2 Same-store sales on a two-year stack basis represents the sum of the 2021 same-store sales decrease and the 2020 same-store sales increase. |
3 See Reconciliation of Non-GAAP Adjusted Diluted Earnings Per Share for reconciliation of 2019 Adjusted Diluted EPS to 2019 Diluted EPS; see also “Non-GAAP Disclosure” herein. |
“We are pleased with our fourth quarter and fiscal year results, and I want to thank our associates for their unwavering commitment to meeting the critical needs of our customers during the pandemic,” said
“For the full year, we are pleased with our net sales increase of 1.4%, which was on the high end of our guidance, and on top of a robust 21.6% increase in fiscal 2020. In addition, during the year, we completed the initial rollout of DG Fresh, executed more than 2,900 real estate projects, including the opening of our 18,000th store and 50 standalone pOpshelf locations, and launched new initiatives focused on health and international expansion.”
“Overall, we are excited about our plans for 2022, as we look to further differentiate
Fourth Quarter 2021 Highlights
Net sales increased 2.8% to
Gross profit as a percentage of net sales was 31.2% in the fourth quarter of 2021 compared to 32.5% in the fourth quarter of 2020, a decrease of 131 basis points. This gross profit rate decrease was primarily attributable to an increased LIFO provision, which was driven by higher product costs; increased transportation and distribution costs; and a greater proportion of sales coming from the consumables category, which generally has a lower gross profit rate than other product categories. These factors were partially offset by a reduction in markdowns as a percentage of net sales and higher inventory markups.
Selling, general and administrative expenses (“SG&A”) as a percentage of net sales were 22.0% in the fourth quarter of 2021 compared to 22.2% in the fourth quarter of 2020, a decrease of 16 basis points. The decrease was primarily driven by lower incremental costs related to COVID-19, lower hurricane-related expenses, and a reduction in incentive compensation. These items were partially offset by expenses that were higher as a percentage of sales this quarter, including retail labor, store occupancy costs, and depreciation and amortization.
Operating profit for the fourth quarter of 2021 decreased 8.7% to
The effective income tax rate in the fourth quarter of 2021 was 21.2% compared to 22.7% in the fourth quarter of 2020. This lower effective income tax rate was primarily due to increased income tax benefits associated with share-based compensation and a lower state effective tax rate than the comparable 2020 period.
The Company reported net income of
Fiscal Year 2021 Highlights
Fiscal year 2021 net sales increased 1.4% to
Gross profit as a percentage of net sales was 31.6% in fiscal year 2021, compared to 31.8% in fiscal year 2020, a decrease of 16 basis points. The gross profit rate decrease in the 2021 period was primarily attributable to increased transportation costs; an increased LIFO provision, which was driven by higher product costs; increased inventory damages; and higher distribution costs. These factors were partially offset by higher inventory markups, a reduction in markdowns as a percentage of net sales, and a lower inventory shrink rate.
SG&A as a percentage of net sales was 22.2% in fiscal year 2021 compared to 21.2% in fiscal year 2020, an increase of 96 basis points. Expenses that were a higher percentage of net sales in 2021 were retail labor, store occupancy costs, depreciation and amortization, employee benefits, utilities, and workers’ compensation and general liability expenses. These items were partially offset by reductions in discretionary employee bonus, other miscellaneous COVID-related expenses, and incentive compensation expenses.
Operating profit for fiscal year 2021 decreased 9.4% to
The effective income tax rate in fiscal year 2021 was 21.7% compared to 22.0% in fiscal year 2020. This lower effective income tax rate was primarily due to increased income tax benefits associated with federal tax credits, partially offset by a higher state effective tax rate compared to fiscal year 2020.
The Company reported net income of
Merchandise Inventories
As of
Capital Expenditures
Total additions to property and equipment in fiscal year 2021 were
Share Repurchases
In fiscal year 2021, the Company repurchased
Dividend
On
Fiscal Year 2022 Financial Guidance and Store Growth Outlook
Uncertainty continues to exist regarding the current geopolitical conflict, as well as the recovery from the impact of the COVID-19 pandemic, including its impact on the
Despite this uncertainty, the Company is providing financial guidance for the 53-week fiscal year ending
- Net sales growth of approximately 10%, including an estimated benefit of approximately two percentage points from the 53rd week
- Same-store sales growth of approximately 2.5%
-
Diluted EPS growth in the range of approximately 12% to 14%, including an estimated benefit of approximately four percentage points from the 53rd week
- This Diluted EPS guidance assumes an effective tax rate in the range of 22.5% to 23.0%
-
Share repurchases of approximately
$2.75 billion -
Capital expenditures, including those related to investments in the Company’s strategic initiatives, in the range of
$1.4 billion to$1.5 billion
The Company is also reiterating its plans to execute 2,980 real estate projects in fiscal year 2022, including 1,110 new store openings, 1,750 remodels, and 120 store relocations.
Fiscal Year 2022 First Quarter Financial Guidance
Given the unusual comparison from the 13-week quarter ended
For the 13-week quarter ending
“We feel very good about the underlying strength of the business, as reflected in our full-year outlook for fiscal 2022,” said
“In addition, we expect to return significant cash to shareholders in the form of a dividend increase, as compared to 2021, and share repurchases, including an estimated benefit from the 53rd week. As always, we continue to be disciplined in managing expenses and capital with the goal of delivering consistent, strong financial performance, while strategically investing for the long term.”
Conference Call Information
The Company will hold a conference call on
Non-GAAP Disclosure
Adjusted diluted EPS, and its respective growth metric, for the fiscal year ended
The non-GAAP measure discussed above is not a measure of financial performance or condition, liquidity or profitability in accordance with GAAP, and should not be considered as an alternative to diluted EPS or any other measure derived in accordance with GAAP. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported in accordance with GAAP. Because not all companies use identical calculations, this presentation may not be comparable to other similarly titled measures of other companies.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act. Forward-looking statements include those regarding the Company’s outlook, strategy, initiatives, plans and intentions including, but not limited to, statements made within the quotations of Messrs. Vasos and Garratt, and in the sections entitled “Share Repurchases,” “Dividend,” “Fiscal Year 2022 Financial Guidance and Store Growth Outlook,” and “Fiscal Year 2022 First Quarter Financial Guidance.” A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “outlook,” “may,” “will,” “should,” “could,” “would,” “can,” “believe,” “anticipate,” “plan,” “project,” “expect,” “estimate,” “target,” “forecast,” “predict,” “position,” “assume,” “opportunities,” “intend,” “continue,” “future,” “beyond,” “ongoing,” “potential,” “long-term,” “guidance,” “goal,” “outcome,” “uncertainty,” “look to,” “move ahead,” “subject to,” “committed,” “confident,” “focus on,” or “likely to,” and similar expressions that concern the Company’s strategies, plans, initiatives, intentions or beliefs about future occurrences or results. These matters involve risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those 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 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:
- risks related to the COVID-19 pandemic and associated governmental responses, including but not limited to, the effects on the Company’s supply chain, distribution network, store and distribution center growth, store and distribution center closures, transportation and distribution costs, SG&A expenses, share repurchase activity, and cybersecurity risk profile, as well as the effects on domestic and foreign economies, the global supply chain, labor availability, and customers’ spending patterns;
- economic factors, including but not limited to employment levels; inflation; pandemics; higher fuel, energy, healthcare and housing costs, interest rates, consumer debt levels, and tax rates; tax law changes that negatively affect credits and refunds; lack of available credit; decreases in, or elimination of, government stimulus programs or subsidies such as unemployment, food/nutrition assistance programs, and the Child Tax Credit; commodity rates; transportation, lease and insurance costs; wage rates (including the heightened possibility of increased federal, state and/or local minimum wage rates); foreign exchange rate fluctuations; measures or events that create barriers to or increase the costs of international trade (including increased import duties or tariffs); and changes in laws and regulations and their effect on, as applicable, customer spending and disposable income, the Company’s ability to execute its strategies and initiatives, the Company’s cost of goods sold, the Company’s SG&A expenses (including real estate costs), and the Company’s sales and profitability;
- failure to achieve or sustain the Company’s strategies and initiatives, including those relating to merchandising, real estate and new store development, international expansion, store formats and concepts, digital, marketing, health services, shrink, sourcing, private brand, inventory management, supply chain, store operations, expense reduction, technology, pOpshelf, DG Fresh initiative, Fast Track, and DG Media Network;
- competitive pressures and changes in the competitive environment and the geographic and product markets where the Company operates, including, but not limited to, pricing, promotional activity, expanded availability of mobile, web-based and other digital technologies, and alliances or other business combinations;
- failure to timely and cost-effectively execute the Company’s real estate projects or to anticipate or successfully address the challenges imposed by the Company’s expansion, including into new countries or domestic markets, states, or urban or suburban areas;
- levels of inventory shrinkage;
- failure to successfully manage inventory balances;
- failure to maintain the security of the Company’s business, customer, employee or vendor information or to comply with privacy laws, or the Company or one of its vendors falling victim to a cyberattack that prevents the Company from operating all or a portion of its business;
- damage or interruption to the Company’s information systems as a result of external factors, staffing shortages or challenges in maintaining or updating the Company’s existing technology or developing or implementing new technology;
- a significant disruption to the Company’s distribution network, the capacity of the Company’s distribution centers or the timely receipt of inventory, or delays in constructing, opening or staffing new distribution centers;
- risks and challenges associated with sourcing merchandise from suppliers, including, but not limited to, those related to international trade;
- natural disasters, unusual weather conditions (whether or not caused by climate change), pandemic outbreaks or other health crises, political or civil unrest, acts of war, violence or terrorism, and disruptive global political events;
- product liability, product recall or other product safety or labeling claims;
- incurrence of material uninsured losses, excessive insurance costs or accident costs;
- failure to attract, develop and retain qualified employees while controlling labor costs (including the heightened possibility of increased federal, state and/or local minimum wage rates/salary levels) and other labor issues;
- loss of key personnel or inability to hire additional qualified personnel;
- risks associated with the Company’s private brands, including, but not limited to, the Company’s level of success in improving their gross profit rate;
- seasonality of the Company’s business;
- failure to protect the Company’s reputation;
- the impact of changes in or noncompliance with governmental regulations and requirements (including, but not limited to, those dealing with the sale of products, including without limitation, product and food safety, marketing or labeling; information security and privacy; labor and employment; employee wages and benefits (including the heightened possibility of increased federal, state and/or local minimum wage rates/salary levels); health and safety; imports and customs; bribery; climate change; and environmental compliance, as well as tax laws (including those related to the federal, state or foreign corporate tax rate), the interpretation of existing tax laws, or the Company’s failure to sustain its reporting positions negatively affecting the Company’s tax rate) and developments in or outcomes of private actions, class actions, multi-district litigation, arbitrations, derivative actions, administrative proceedings, regulatory actions or other litigation;
- new accounting guidance or changes in the interpretation or application of existing guidance;
- deterioration in market conditions, including market disruptions, limited liquidity and interest rate fluctuations, or changes in the Company’s credit profile;
- the factors disclosed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q; and
- such other factors as may be discussed or identified in this press release.
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
Investors should also be aware that while the Company does, from time to time, communicate with securities analysts and others, it is against the Company’s policy to disclose to them any material, nonpublic information or other confidential commercial information. Accordingly, shareholders should not assume that the Company agrees with any statement or report issued by any securities analyst regardless of the content of the statement or report. Furthermore, the Company has a policy against confirming projections, forecasts or opinions issued by others. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the Company’s responsibility.
About
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||
Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
(Unaudited) |
|
|
||||||
|
|
|
||||||
2022 |
|
2021 |
||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
344,829 |
|
$ |
1,376,577 |
|
||
Merchandise inventories |
|
5,614,325 |
|
|
5,247,477 |
|
||
Income taxes receivable |
|
97,394 |
|
|
90,760 |
|
||
Prepaid expenses and other current assets |
|
247,295 |
|
|
199,405 |
|
||
Total current assets |
|
6,303,843 |
|
|
6,914,219 |
|
||
Net property and equipment |
|
4,346,127 |
|
|
3,899,997 |
|
||
Operating lease assets |
|
10,092,930 |
|
|
9,473,330 |
|
||
|
4,338,589 |
|
|
4,338,589 |
|
|||
Other intangible assets, net |
|
1,199,750 |
|
|
1,199,870 |
|
||
Other assets, net |
|
46,132 |
|
|
36,619 |
|
||
Total assets | $ |
26,327,371 |
|
$ |
25,862,624 |
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of operating lease liabilities | $ |
1,183,559 |
|
$ |
1,074,079 |
|
||
Accounts payable |
|
3,738,604 |
|
|
3,614,089 |
|
||
Accrued expenses and other |
|
1,049,139 |
|
|
1,006,552 |
|
||
Income taxes payable |
|
8,055 |
|
|
16,063 |
|
||
Total current liabilities |
|
5,979,357 |
|
|
5,710,783 |
|
||
Long-term obligations |
|
4,172,068 |
|
|
4,130,975 |
|
||
Long-term operating lease liabilities |
|
8,890,709 |
|
|
8,385,388 |
|
||
Deferred income taxes |
|
825,254 |
|
|
710,549 |
|
||
Other liabilities |
|
197,997 |
|
|
263,691 |
|
||
Total liabilities |
|
20,065,385 |
|
|
19,201,386 |
|
||
Commitments and contingencies | ||||||||
Shareholders' equity: | ||||||||
Preferred stock |
|
- |
|
|
- |
|
||
Common stock |
|
201,265 |
|
|
210,687 |
|
||
Additional paid-in capital |
|
3,587,914 |
|
|
3,446,612 |
|
||
Retained earnings |
|
2,473,999 |
|
|
3,006,102 |
|
||
Accumulated other comprehensive loss |
|
(1,192 |
) |
|
(2,163 |
) |
||
Total shareholders' equity |
|
6,261,986 |
|
|
6,661,238 |
|
||
Total liabilities and shareholders' equity | $ |
26,327,371 |
|
$ |
25,862,624 |
|
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||
Consolidated Statements of Income | |||||||||
(In thousands, except per share amounts) | |||||||||
(Unaudited) | |||||||||
For the Quarter Ended | |||||||||
|
% of Net |
|
|
% of Net |
|||||
|
2022 |
Sales |
|
2021 |
Sales |
||||
Net sales | $ |
8,651,448 |
100.00 |
% |
$ |
8,414,524 |
100.00 |
% |
|
Cost of goods sold |
|
5,951,208 |
68.79 |
|
5,677,829 |
67.48 |
|||
Gross profit |
|
2,700,240 |
31.21 |
|
2,736,695 |
32.52 |
|||
Selling, general and administrative expenses |
|
1,903,571 |
22.00 |
|
1,864,471 |
22.16 |
|||
Operating profit |
|
796,669 |
9.21 |
|
872,224 |
10.37 |
|||
Interest expense |
|
38,506 |
0.45 |
|
40,268 |
0.48 |
|||
Income before income taxes |
|
758,163 |
8.76 |
|
831,956 |
9.89 |
|||
Income tax expense |
|
160,730 |
1.86 |
|
189,213 |
2.25 |
|||
Net income | $ |
597,433 |
6.91 |
% |
$ |
642,743 |
7.64 |
% |
|
Earnings per share: | |||||||||
Basic | $ |
2.59 |
$ |
2.64 |
|||||
Diluted | $ |
2.57 |
$ |
2.62 |
|||||
Weighted average shares outstanding: | |||||||||
Basic |
|
231,079 |
|
243,490 |
|||||
Diluted |
|
232,513 |
|
245,423 |
|||||
For the Year Ended | |||||||||
|
% of Net |
|
|
% of Net |
|||||
2022 |
Sales |
|
2021 |
Sales |
|||||
Net sales | $ |
34,220,449 |
100.00 |
% |
$ |
33,746,839 |
100.00 |
% |
|
Cost of goods sold |
|
23,407,443 |
68.40 |
|
23,027,977 |
68.24 |
|||
Gross profit |
|
10,813,006 |
31.60 |
|
10,718,862 |
31.76 |
|||
Selling, general and administrative expenses |
|
7,592,331 |
22.19 |
|
7,164,097 |
21.23 |
|||
Operating profit |
|
3,220,675 |
9.41 |
|
3,554,765 |
10.53 |
|||
Interest expense |
|
157,526 |
0.46 |
|
150,385 |
0.45 |
|||
Income before income taxes |
|
3,063,149 |
8.95 |
|
3,404,380 |
10.09 |
|||
Income tax expense |
|
663,917 |
1.94 |
|
749,330 |
2.22 |
|||
Net income | $ |
2,399,232 |
7.01 |
% |
$ |
2,655,050 |
7.87 |
% |
|
Earnings per share: | |||||||||
Basic | $ |
10.24 |
$ |
10.70 |
|||||
Diluted | $ |
10.17 |
$ |
10.62 |
|||||
Weighted average shares outstanding: | |||||||||
Basic |
|
234,261 |
|
248,171 |
|||||
Diluted |
|
235,812 |
|
250,076 |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
For the Year Ended |
||||||||
|
|
|
||||||
2022 |
|
2021 |
||||||
Cash flows from operating activities: | ||||||||
Net income | $ |
2,399,232 |
|
$ |
2,655,050 |
|
||
Adjustments to reconcile net income to net cash | ||||||||
from operating activities: | ||||||||
Depreciation and amortization |
|
641,316 |
|
|
574,237 |
|
||
Deferred income taxes |
|
114,359 |
|
|
34,976 |
|
||
Noncash share-based compensation |
|
78,178 |
|
|
68,609 |
|
||
Other noncash (gains) and losses |
|
191,040 |
|
|
11,570 |
|
||
Change in operating assets and liabilities: | ||||||||
Merchandise inventories |
|
(550,114 |
) |
|
(575,827 |
) |
||
Prepaid expenses and other current assets |
|
(47,471 |
) |
|
(16,516 |
) |
||
Accounts payable |
|
98,735 |
|
|
745,596 |
|
||
Accrued expenses and other liabilities |
|
(37,328 |
) |
|
388,597 |
|
||
Income taxes |
|
(14,642 |
) |
|
(6,522 |
) |
||
Other |
|
(7,494 |
) |
|
(3,611 |
) |
||
Net cash provided by (used in) operating activities |
|
2,865,811 |
|
|
3,876,159 |
|
||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment |
|
(1,070,460 |
) |
|
(1,027,963 |
) |
||
Proceeds from sales of property and equipment |
|
4,903 |
|
|
3,053 |
|
||
Net cash provided by (used in) investing activities |
|
(1,065,557 |
) |
|
(1,024,910 |
) |
||
Cash flows from financing activities: | ||||||||
Issuance of long-term obligations |
|
- |
|
|
1,494,315 |
|
||
Repayments of long-term obligations |
|
(6,402 |
) |
|
(4,640 |
) |
||
Net increase (decrease) in commercial paper outstanding |
|
54,300 |
|
|
(425,200 |
) |
||
Borrowings under revolving credit facilities |
|
- |
|
|
300,000 |
|
||
Repayments of borrowings under revolving credit facilities |
|
- |
|
|
(300,000 |
) |
||
Costs associated with issuance of debt |
|
(2,268 |
) |
|
(13,574 |
) |
||
Repurchases of common stock |
|
(2,549,669 |
) |
|
(2,466,434 |
) |
||
Payments of cash dividends |
|
(392,188 |
) |
|
(355,926 |
) |
||
Other equity and related transactions |
|
64,225 |
|
|
56,467 |
|
||
Net cash provided by (used in) financing activities |
|
(2,832,002 |
) |
|
(1,714,992 |
) |
||
Net increase (decrease) in cash and cash equivalents |
|
(1,031,748 |
) |
|
1,136,257 |
|
||
Cash and cash equivalents, beginning of period |
|
1,376,577 |
|
|
240,320 |
|
||
Cash and cash equivalents, end of period | $ |
344,829 |
|
$ |
1,376,577 |
|
||
Supplemental cash flow information: | ||||||||
Cash paid for: | ||||||||
Interest | $ |
159,803 |
|
$ |
128,211 |
|
||
Income taxes | $ |
568,267 |
|
$ |
721,570 |
|
||
Supplemental schedule of non-cash investing and financing activities: | ||||||||
Right of use assets obtained in exchange for new operating lease liabilities | $ |
1,778,564 |
|
$ |
1,721,530 |
|
||
Purchases of property and equipment awaiting processing for payment, | ||||||||
included in Accounts payable | $ |
143,589 |
|
$ |
118,059 |
|
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||||
Selected Additional Information | |||||||||
(Unaudited) | |||||||||
Sales by Category (in thousands) | |||||||||
For the Quarter Ended | |||||||||
|
|
|
|
|
|||||
2022 |
|
2021 |
|
% Change |
|||||
Consumables | $ |
6,562,770 |
$ |
6,321,571 |
|
3.8 |
% |
||
Seasonal |
|
1,127,600 |
|
1,097,504 |
|
2.7 |
% |
||
Home products |
|
638,753 |
|
608,500 |
|
5.0 |
% |
||
Apparel |
|
322,325 |
|
386,949 |
|
-16.7 |
% |
||
Net sales | $ |
8,651,448 |
$ |
8,414,524 |
|
2.8 |
% |
||
For the Year Ended |
|
|
|||||||
|
|
|
|
|
|||||
2022 |
|
2021 |
|
% Change |
|||||
Consumables | $ |
26,258,605 |
$ |
25,906,685 |
|
1.4 |
% |
||
Seasonal |
|
4,182,165 |
|
4,083,650 |
|
2.4 |
% |
||
Home products |
|
2,322,367 |
|
2,209,950 |
|
5.1 |
% |
||
Apparel |
|
1,457,312 |
|
1,546,554 |
|
-5.8 |
% |
||
Net sales | $ |
34,220,449 |
$ |
33,746,839 |
|
1.4 |
% |
||
Store Activity | |||||||||
For the Year Ended |
|||||||||
|
|
|
|||||||
2022 |
|
2021 |
|||||||
Beginning store count |
|
17,177 |
|
16,278 |
|
||||
New store openings |
|
1,050 |
|
1,000 |
|
||||
Store closings |
|
(97 |
) |
(101 |
) |
||||
Net new stores |
|
953 |
|
899 |
|
||||
Ending store count |
|
18,130 |
|
17,177 |
|
||||
Total selling square footage (000's) |
|
134,532 |
|
127,056 |
|
||||
Growth rate (square footage) |
|
5.9 |
% |
5.6 |
% |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES | |||||||
Reconciliation of Non-GAAP Adjusted Diluted Earnings Per Share | |||||||
(Unaudited) | |||||||
(in millions, except per share amounts) | |||||||
For the Year Ended | For the Year Ended | ||||||
|
|
Compound Annual |
|||||
2020 |
2022 |
Growth Rate |
|||||
Net income | $ |
1,712.6 |
|
$ |
2,399.2 |
||
Significant Legal Expenses |
|
31.0 |
|
|
- |
||
Deferred tax benefit of Significant Legal Expenses |
|
(6.9 |
) |
|
- |
||
Significant Legal Expenses net of deferred tax benefit |
|
24.1 |
|
|
- |
||
Adjusted net income | $ |
1,736.7 |
|
$ |
2,399.2 |
||
Diluted earnings per share: | |||||||
As reported | $ |
6.64 |
|
$ |
10.17 |
23.8 |
% |
After-tax impact of Significant Legal Expenses |
|
0.09 |
|
|
- |
||
Adjusted | $ |
6.73 |
|
$ |
10.17 |
22.9 |
% |
Weighted average diluted shares outstanding: |
|
258.1 |
|
|
235.8 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220317005092/en/
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