SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 15, 2004
Dollar General Corporation
(Exact Name of Registrant as Specified in Charter)
Tennessee |
001-11421 |
61-0502302 |
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
100 Mission Ridge Goodlettsville, Tennessee |
37072 |
||
(Address of Principal Executive Offices) |
(Zip Code) |
Registrants telephone number, including area code: (615) 855-4000
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a)
Financial Statements.
None.
(b)
Pro Forma Financial Information. None.
(c)
Exhibits. See Exhibit Index immediately following the signature page hereto.
ITEM 9.
REGULATION FD DISCLOSURE
On March 15, 2004, Dollar General Corporation (the Company) issued a news release regarding, among other matters, (1) results of operations and financial condition for the fourth quarter and fiscal year ended January 20, 2004, (2) an agreement in principle with the Securities and Exchange Commission (the SEC) staff to settle the previously disclosed SEC investigation relating to the Companys January 14, 2002 restatement of its 1998 and 1999 financial statements and certain unaudited financial information for fiscal year 2000 and (3) the Companys 2004 outlook. The Company also issued a news release with respect to the resignation of the Companys Chief Financial Officer. The news releases are attached hereto as Exhibit 99.1 and 99.2, respectively, and incorporated by reference as if fully set forth herein.
ITEM 12.
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On March 15, 2004, Dollar General Corporation (the Company) issued a news release regarding results of operations and financial condition for the fourth quarter and fiscal year ended January 20, 2004. The news release is attached hereto as Exhibit 99.1 and incorporated by reference as if fully set forth herein.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: March 15, 2004 |
DOLLAR GENERAL CORPORATION |
||
By: |
/s/ Susan S. Lanigan |
||
Susan S. Lanigan Senior Vice President, General Counsel and Corporate Secretary |
EXHIBIT INDEX
Exhibit No.
Description
99.1
News release dated March 15, 2004 regarding 2004 earnings.
99.2
News release dated March 15, 2004 regarding Chief Financial Officer.
Investor Contact:
Media Contact:
Emma Jo Kauffman
Andrea Ewin Turner
(615) 855-5525
(615) 855-5209
DOLLAR GENERAL ANNOUNCES FOURTH QUARTER
AND FISCAL YEAR RESULTS AND 2004 OUTLOOK;
AGREES IN PRINCIPLE WITH SEC
GOODLETTSVILLE, Tennessee March 15, 2004 Dollar General Corporation (NYSE: DG) today reported fiscal 2003 net income of $301.0 million, or $0.89 per diluted share, an increase of 13.6 percent compared to net income of $264.9 million, or $0.79 per diluted share in 2002. Excluding the following restatement-related items, net income for fiscal 2003 would have been $311.4 million, or $0.92 per diluted share, an increase of 24.1 percent compared to 2002 net income of $250.9 million, or $0.75 per diluted share:
*
During the fourth quarter of fiscal 2003, the Company recorded an accrual of $10 million related to a civil penalty, which is not deductible for tax purposes, to be paid by the Company under the terms of an agreement in principle reached with the Securities and Exchange Commission (SEC) staff to settle the previously disclosed SEC investigation relating to Dollar Generals January 14, 2002 restatement of its 1998 and 1999 financial statements and certain unaudited financial information for fiscal year 2000. The agreement is subject to approval by the SEC and the court in which the SECs complaint is filed.
*
In fiscal 2002 the Company recorded net insurance proceeds of approximately $29.5 million relating to the restatement.
*
Selling, general and administrative expenses included restatement-related expenses of $0.6 million in fiscal 2003 and $6.4 million in fiscal 2002.
I am very pleased with our financial results for the year, said David Perdue, Chairman and Chief Executive Officer. I am also very pleased that the uncertainty relating to the SEC investigation of the Companys restatement seems to be coming to a close.
Fiscal 2003
For the 2003 fiscal year, net sales totaled $6.87 billion, an increase of 12.6 percent over fiscal 2002 sales of $6.10 billion. The increase resulted primarily from 587 net new stores and a same-store sales increase of 4.0 percent.
Gross profit for 2003 was $2.02 billion, or 29.4 percent of net sales, compared with $1.72 billion, or 28.3 percent of net sales in 2002. The increase in gross profit as a percent to sales is the result of higher initial merchandise markups, a reduction in the provision for inventory shrinkage and a reduction in transportation expenses as a percentage of sales.
Selling, general and administrative (SG&A) expenses for 2003 were $1.50 billion, or 21.8 percent of sales, compared with $1.30 billion, or 21.3 percent of sales ($1.29 billion, or 21.1 percent of sales, excluding restatement-related items), in 2002. The increase in SG&A, as a percentage of sales, is primarily due to increases in store labor costs, the cost of workers compensation and other insurance programs, store occupancy costs and bonus expense, all of which increased by more than the 12.6 percent increase in sales.
Net interest expense in 2003 was $31.5 million compared with $42.6 million in 2002, resulting from lower debt levels in 2003. As of January 30, 2004, the Companys cash and cash equivalents were $398.3 million, exceeding total outstanding long-term obligations, including current portion, of $282.0 million, by $116.3 million.
Though the Companys store selling square footage increased 10.1 percent, merchandise inventories increased by only 3.0 percent to $1.16 billion at January 30, 2004, from $1.12 billion at January 31, 2003. Average annual inventory turns increased to 4.0 times in 2003 from 3.8 times in 2002.
Cash capital expenditures for 2003 totaled $149.4 million compared with $134.3 million for 2002. During the year, the Company opened 673 new stores, relocated or remodeled 76 stores and closed 86 stores. As of January 30, 2004, the Company operated 6,700 stores with approximately 45.4 million selling square feet. Capital expenditures for the year also included additional investments in store technology and distribution and transportation, including the commencements in 2003 of the expansions at the Companys Ardmore, Oklahoma, and South Boston, Virginia distribution centers, scheduled for completion in 2004.
In addition, during the fourth quarter of 2003, the Company repurchased approximately 1.5 million shares of its common stock at a total cost of $29.7 million. The Companys current authorization to purchase up to 12 million shares of its common stock expires March 13, 2005.
Additional significant accomplishments during the 2003 fiscal year included:
*
Expansion of the perishable foods/cooler program from 1,367 stores to 2,445 stores at year-end.
*
Implementation of automatic replenishment of all core merchandise in an additional 2,473 stores, improving operational efficiencies and increasing store inventory in-stock levels.
*
Selection of Union County, South Carolina as the site of the Companys eighth distribution center, scheduled to open in 2005.
*
Increased return on invested capital (ROIC) to 13.3 percent in 2003 from 12.9 percent in 2002. Excluding restatement-related items, ROIC increased to 13.6 percent in 2003 from 12.5 percent in 2002.
Fourth Quarter Results
For the fourth quarter of 2003, Dollar General reported net income of $102.8 million, or $0.30 per diluted share, a decrease of 4.9 percent compared to net income of $108.1 million, or $0.32 per diluted share in 2002. Excluding restatement-related items, net income increased 3.4 percent to $113.0 million, or $0.33 per diluted share, in 2003 from $109.3 million, or $0.33 per diluted share, in 2002.
Net sales for the fourth quarter, totaled $1.97 billion in fiscal 2003, an increase of 11.8 percent over fourth quarter fiscal 2002 sales of $1.76 billion. The increase resulted primarily from 587 net new stores and a same-store sales increase of 3.3 percent.
Gross profit during the quarter was $576.5 million, or 29.3 percent of sales, versus $528.0 million, or 30.0 percent of sales, in the prior year. The significant factors contributing to the decrease in gross profit as a percentage of sales were a lower purchase markup in the fourth quarter of 2003 compared to 2002, increased markdowns on Christmas merchandise and other discontinued or slower moving items, and the impact of an $8.9 million credit to the Companys inventory LIFO reserve recorded in the fourth quarter of 2002 compared to a $0.7 million expense in 2003.
Selling, general and administrative expenses for the quarter were $391.4 million, or 19.9 percent of sales, in the current year, versus $350.4 million, or 19.9 percent of sales, in the prior year. Net interest expense decreased by 33.4 percent to $6.2 million in the current year quarter compared to $9.3 million in the prior year. The decrease is primarily attributable to lower average debt outstanding in the current year quarter.
2004 Outlook
The Company projects net income, excluding restatement-related items, to increase 10 to 14 percent in fiscal 2004. Commenting on the net income outlook for 2004, Perdue said, We have provided a net income outlook for 2004 that is consistent with our internal plan, but I would like to add a cautionary note that, because of our initiatives, 2004 could be a year when earnings are difficult to predict for Dollar General. We are currently managing through quite a bit of change at the Company, and though I am confident that we are doing the right things, change also brings with it some risk. We have a new management team that continues to evolve. Our operating initiatives should have positive long-term benefits, but they have the potential to be disruptive in the near-term. Also, in 2004 we will be comparing ourselves against strong performance in 2003, which included a significant increase in our gross margin rate. We currently do not expect to repeat that level of gross margin rate expansion in 2004.
In 2004, Dollar General plans to spend approximately $300 million on the following capital expenditure initiatives:
*
Open approximately 675 new Dollar General stores and 20 Dollar General Market stores (expect to close 60 to 80 stores)
*
Begin construction of the Union County, South Carolina distribution center, scheduled to open in 2005
*
Complete the expansions and conversions to dual sortation of the Ardmore, Oklahoma and South Boston, Virginia distribution centers
*
Install coolers in approximately 3,500 stores, including new stores
*
Add fixtures for certain departments in selected stores
In addition, the following are highlights of the Companys more significant operating initiatives for 2004:
*
Implement automatic replenishment in all stores and improve overall store in-stock levels
*
Implement new merchandising initiatives, including changes to improve the productivity of larger stores, increased focus on opportunistic purchases, and various store planogram changes
*
Complete a store workflow analysis project and begin implementing changes to improve store procedures
*
Continue to focus on inventory shrink reduction
*
Decrease store manager turnover rate
Update on SEC Investigation of Restatement
During the fiscal fourth quarter, the Company reached an agreement in principle with the SEC staff to settle the SEC investigation relating to Dollar Generals January 14, 2002 restatement of its 1998 and 1999 financial statements and certain unaudited financial information for fiscal year 2000. In connection with the agreement in principle, Dollar General will consent, without admitting or denying the allegations, in a complaint to be filed by the SEC, to the entry of a permanent civil injunction against future violations of the antifraud, books and records, reporting and internal control provisions of the federal securities laws and related SEC rules and will pay a $10 million civil penalty. This penalty, which is not deductible for income tax purposes, was recorded in the Companys financial statements in the fourth quarter of 2003. The agreement with the SEC staff is subject to final approval by the SEC and the court in which the SECs complaint is filed. The Company can give no assurances that the SEC or the court will approve this agreement. If the agreement is not approved, the Company could be subject to different or additional penalties, both monetary, and non-monetary, which could adversely affect the Companys financial statements as a whole.
Conference Call
The Company will host a conference call today at 10 a.m. EST. The security code for the conference call is Dollar General. If you wish to participate, please call (334) 260-2280 at least 10 minutes before the conference call is scheduled to begin. A webcast of the call can also be accessed live on Dollar Generals Web site at www.dollargeneral.com by clicking on the home page spotlight item. A replay of the conference call will be available until 5 p.m. EST on Monday, March 29, online or by calling (334) 323-7226. The access code for the replay is 40954 and the pass code is 86362.
Non-GAAP Disclosures
This release, or the tables accompanying this release, includes certain financial information not derived in accordance with generally accepted accounting principles (GAAP), including net income (historical and projected), diluted earnings per share, SG&A, operating profit margin, return on invested capital and return on assets, each of which excludes restatement-related items. The Company believes that this information is useful to investors as it indicates more clearly the Companys comparative year-to-year operating results. Management may also use this information to better understand the Companys underlying operating results. In addition, the return on invested capital, included in this release, may be considered a non-GAAP financial measure. Management believes that return on invested capital is useful because it provides investors with additional useful information for evaluating the efficiency of the Companys capital deployed in its operations. None of this information should be considered a substitute for any measures derived in accordance with GAAP. The Company has included its calculation of return on invested capital and reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures in the accompanying schedules.
Forward-Looking Information
This press release contains forward-looking information, such as information regarding the Companys 2004 outlook, including without limitation, annual net income guidance, growth targets, capital expenditures and key plans and operating initiatives, as well as the anticipated settlement with the SEC. The words believe, anticipate, project, plan, schedule, expect, estimate, objective, forecast, goal, intend, will likely result, or will continue and similar expressions generally identify forward-looking statements. These matters involve risks, uncertainties and other factors that may cause the actual performance of the Company to differ materially from that expressed or implied by these forward-looking statements. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate and, therefore, actual results may differ materially from those projected by, or implied in, the forward-looking statements. The factors that may result in actual results differing from such forward-looking information, include, but are not limited to: transportation and distribution delays or interruptions; the impact on transportation costs from the driver hours of service regulations adopted by the Federal Motor Carriers Safety Administration, which became effective on January 4, 2004; the Company's ability to negotiate effectively the cost and purchase of merchandise; inventory risks due to shifts in market demand; changes in product mix; interruptions in suppliers' businesses; costs and potential problems and interruptions associated with implementation of new or upgraded systems and technology; fuel price and interest rate fluctuations; changes in overall economic conditions that may impact consumer spending; disruptions in our information or distribution systems or impediments to the flow of imports or domestic products to the Company caused by existing military efforts or by acts of war or terrorism; temporary changes in demand due to weather patterns; seasonality of the Company's business; competition in the retail industry; delays associated with building, opening and operating new stores; delays associated with building, opening, expanding and converting new or existing distribution centers; the ability of the Company to execute operating initiatives; insurance costs; the impact to the Companys reputation or financial statements as a whole of the SEC inquiry related to the restatement of certain of the Company's financial statements or the ultimate resolution of that inquiry; and other risk factors discussed from time to time in our SEC filings, including but not limited to our Annual Report on Form 10-K.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as may be required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. Readers are advised, however, to consult any further disclosures the Company may make on related subjects in its public disclosures or documents filed with the SEC.
In accordance with the interpretations of the staff of the Securities and Exchange Commission and the normal procedures of the Companys auditors, the Companys financial statements for the 2003 fiscal year will not be deemed to have been issued until the Companys Annual Report on Form 10-K is filed and, as a result, the Company's financial statements will necessarily remain subject to adjustment until such filing.
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES |
|||||
Consolidated Balance Sheets |
|||||
(Dollars in thousands, except per share amounts) |
|||||
January 30, |
January 31, |
||||
2004 |
2003 |
||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 398,278 |
$ 121,318 |
|||
Merchandise inventories |
1,157,141 |
1,123,031 |
|||
Deferred income taxes |
30,413 |
33,860 |
|||
|
Other current assets |
66,383 |
|
45,699 |
|
|
Total current assets |
1,652,215 |
|
1,323,908 |
|
Net property and equipment |
989,224 |
|
993,822 |
||
Other assets, net |
11,270 |
|
15,423 |
||
Total assets |
$ 2,652,709 |
|
$ 2,333,153 |
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Current portion of long-term obligations |
$ 16,670 |
$ 16,209 |
|||
Accounts payable |
383,791 |
341,303 |
|||
Accrued expenses and other |
297,616 |
239,898 |
|||
|
Income taxes payable |
45,725 |
|
67,091 |
|
|
Total current liabilities |
743,802 |
|
664,501 |
|
Long-term obligations |
265,337 |
|
330,337 |
||
Deferred income taxes |
66,650 |
|
50,247 |
||
Commitments and contingencies |
|||||
Shareholders' equity: |
|||||
Series B junior participating preferred stock, stated |
|||||
value $0.50 per share; Shares authorized: |
|||||
10,000,000; Issued: None |
- |
- |
|||
Common stock, par value $0.50 per share; |
|||||
Shares authorized: 500,000,000; Issued: |
|||||
2003-336,190,000; 2002-333,340,000 |
168,095 |
166,670 |
|||
Additional paid-in capital |
376,930 |
313,269 |
|||
Retained earnings |
1,037,409 |
812,220 |
|||
|
Accumulated other comprehensive loss |
(1,161) |
|
(1,349) |
|
1,581,273 |
1,290,810 |
||||
Less common stock purchased by employee
|
2,739 |
2,742 |
|||
Less unearned compensation related to outstanding |
|||||
|
|
restricted stock |
1,614 |
|
- |
|
Total shareholders' equity |
1,576,920 |
|
1,288,068 |
|
Total liabilities and shareholders' equity |
$ 2,652,709 |
|
$ 2,333,153 |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES |
|||||||
Consolidated Statements of Income |
|||||||
(Dollars in thousands, except per share amounts) |
|||||||
For the Years Ended |
|||||||
January 30, |
% of Net |
January 31, |
% of Net |
||||
2004 |
Sales |
2003 |
Sales |
||||
Net Sales |
$ 6,871,992 |
100.00% |
$ 6,100,404 |
100.00% |
|||
Cost of goods sold |
4,853,863 |
70.63 |
|
4,376,138 |
71.74 |
||
Gross profit |
2,018,129 |
29.37 |
1,724,266 |
28.26 |
|||
Selling, general and
|
1,496,866 |
21.78 |
1,296,542 |
21.25 |
|||
Penalty and litigation settlement
|
10,000 |
0.15 |
|
(29,541) |
(0.48) |
||
Operating profit |
511,263 |
7.44 |
457,265 |
7.50 |
|||
Interest expense, net |
31,503 |
0.46 |
|
42,639 |
0.70 |
||
Income before taxes on income |
479,760 |
6.98 |
414,626 |
6.80 |
|||
Provisions for taxes on income |
178,760 |
2.60 |
|
149,680 |
2.45 |
||
Net income |
$ 301,000 |
4.38% |
|
$ 264,946 |
4.34% |
||
Diluted earnings per share |
$ 0.89 |
$ 0.79 |
|||||
Weighted average diluted
|
337,636 |
|
|
335,050 |
|||
For the Quarters (13 Weeks) Ended |
|||||||
January 30, |
% of Net |
January 31, |
% of Net |
||||
2004 |
Sales |
2003 |
Sales |
||||
Net Sales |
$ 1,966,488 |
100.00% |
$ 1,759,563 |
100.00% |
|||
Cost of goods sold |
1,389,992 |
70.68 |
|
1,231,599 |
69.99 |
||
Gross profit |
576,496 |
29.32 |
527,964 |
30.01 |
|||
Selling, general and
|
391,373 |
19.90 |
350,419 |
19.92 |
|||
Penalty |
10,000 |
0.51 |
|
- |
- |
||
Operating profit |
175,123 |
8.91 |
177,545 |
10.09 |
|||
Interest expense, net |
6,217 |
0.32 |
|
9,333 |
0.53 |
||
Income before taxes on income |
168,906 |
8.59 |
168,212 |
9.56 |
|||
Provisions for taxes on income |
66,077 |
3.36 |
|
60,126 |
3.42 |
||
Net income |
$ 102,829 |
5.23% |
|
$ 108,086 |
6.14% |
||
Diluted earnings per share |
$ 0.30 |
$ 0.32 |
|||||
Weighted average diluted
|
339,866 |
|
|
334,659 |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES |
|||||||
Consolidated Statements of Cash Flows |
|||||||
(Dollars in thousands) |
|||||||
For the Years Ended |
|||||||
January 30, 2004 |
January 31, 2003 |
||||||
Cash flows from operating activities: |
|||||||
Net income |
$ 301,000 |
$ 264,946 |
|||||
Adjustments to reconcile net income to net cash |
|||||||
provided by operating activities: |
|||||||
Depreciation and amortization |
152,399 |
134,959 |
|||||
Deferred income taxes |
19,850 |
82,867 |
|||||
Tax benefit from stock option exercises |
14,565 |
2,372 |
|||||
Litigation settlement |
- |
(162,000) |
|||||
Change in operating assets and liabilities: |
|||||||
Merchandise inventories |
(34,110) |
7,992 |
|||||
Other current assets |
(20,684) |
12,566 |
|||||
Accounts payable |
42,488 |
18,840 |
|||||
Accrued expenses and other |
59,344 |
14,610 |
|||||
Income taxes |
(21,464) |
56,458 |
|||||
|
|
|
Other |
|
5,166 |
|
430 |
Net cash provided by operating activities |
|
518,554 |
|
434,040 |
|||
Cash flows from investing activities: |
|||||||
Purchase of property and equipment |
(149,362) |
(134,315) |
|||||
Purchase of promissory notes |
(49,582) |
- |
|||||
Proceeds from sale of property and equipment |
269 |
481 |
|||||
Net cash used in investing activities |
|
(198,675) |
|
(133,834) |
|||
Cash flows from financing activities: |
|||||||
Repayments of long-term obligations |
(15,907) |
(397,094) |
|||||
Payment of cash dividends |
(46,883) |
(42,638) |
|||||
Proceeds from exercise of stock options |
49,485 |
5,021 |
|||||
Repurchase of common stock, net |
(29,687) |
- |
|||||
Other financing activities |
73 |
(5,702) |
|||||
Net cash used in financing activities |
|
(42,919) |
|
(440,413) |
|||
Net increase (decrease) in cash and cash
|
276,960 |
(140,207) |
|||||
Cash and cash equivalents, beginning of year |
121,318 |
261,525 |
|||||
Cash and cash equivalents, end of year |
|
$ 398,278 |
|
$ 121,318 |
|||
Supplemental cash flow information: |
|||||||
Cash paid during year for: |
|||||||
Interest |
$ 28,682 |
$ 41,605 |
|||||
|
Income taxes |
|
$ 165,248 |
|
$ 1,834 |
||
Supplemental schedule of noncash investing |
|||||||
and financing activities: |
|||||||
Purchase of property and equipment under |
|||||||
|
capital lease obligations |
|
$ 996 |
|
$ 8,453 |
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES |
||||||||||||
Selected Additional Information |
||||||||||||
Sales by Category (in thousands) |
||||||||||||
13 Weeks Ended |
Year Ended |
|||||||||||
January 30, |
January 31, |
% |
January 30, |
January 31, |
% |
|||||||
2004 |
2003 |
Change |
2004 |
2003 |
Change |
|||||||
Highly
|
$ 1,112,081 |
$ 971,311 |
14.5% |
$ 4,206,878 |
$ 3,674,929 |
14.5% |
||||||
Seasonal |
418,162 |
366,949 |
14.0% |
1,156,114 |
994,250 |
16.3% |
||||||
Home
|
246,121 |
241,884 |
1.8% |
860,867 |
808,518 |
6.5% |
||||||
Basic
|
190,124 |
179,419 |
6.0% |
648,133 |
622,707 |
4.1% |
||||||
Total
|
$ 1,966,488 |
$ 1,759,563 |
11.8% |
$ 6,871,992 |
$ 6,100,404 |
12.6% |
||||||
New Store Activity |
|||||||||
Year Ended |
|||||||||
January 30, 2004 |
January 31, 2003 |
||||||||
Beginning store count |
6,113 |
5,540 |
|||||||
New store openings |
673 |
622 |
|||||||
Store closings |
86 |
49 |
|||||||
Net new stores |
587 |
573 |
|||||||
Ending store count |
6,700 |
6,113 |
|||||||
Total selling square footage (000's) |
45,354 |
41,201 |
|||||||
Customer Transaction Data |
||||||||||
13 Weeks Ended |
Year Ended |
|||||||||
January 30, |
January 31, |
January 30, |
January 31, |
|||||||
2004 |
2003 |
2004 |
2003 |
|||||||
Same-store customer transactions |
2.3% |
1.8% |
3.5% |
5.2% |
||||||
Average customer purchase-
|
$ 9.09 |
$ 8.97 |
$ 8.56 |
$ 8.50 |
#
Investor Contact:
Media Contact:
Emma Jo Kauffman
Andrea Ewin Turner
(615) 855-5525
(615) 855-5209
DOLLAR GENERAL ANNOUNCES RESIGNATION OF
JAMES J. HAGAN, CHIEF FINANCIAL OFFICER
GOODLETTSVILLE, Tennessee March 15, 2004 Dollar General Corporation (NYSE: DG) announced today that James J. Hagan will be leaving the Company after a reasonable transition period. Mr. Hagan has served as Executive Vice President and Chief Financial Officer of the Company since joining Dollar General in March 2001.
Jim Hagan has provided invaluable service and leadership to Dollar General during some very difficult times, said David Perdue, the Companys Chairman and Chief Executive Officer. We are sorry to see him go and wish him the best of luck. We have begun a search for his successor and intend to fill this position with someone who has similar talent, dedication and integrity.
Commenting on his departure, Hagan said, I joined the Company seven weeks before we announced the need for the restatement in 2001, and it has been a personal goal of mine to see the SEC investigation through to its conclusion. The announcement today of the proposed settlement with the SEC presents the right time for me to close this chapter of my career. After assisting David with an orderly transition, I plan to take some down time before pursuing a more entrepreneurial career path.
About Dollar General
Dollar General is a Fortune 500 ® discount retailer with 6,817 neighborhood stores as of February 27, 2004. Dollar General stores offer convenience and value to customers, by offering consumable basics, items that are frequently used and replenished, such as food, snacks, health and beauty aids and cleaning supplies, as well as a selection of basic apparel, housewares and seasonal items at everyday low prices. The Company store support center is located in Goodlettsville, Tennessee. Dollar Generals Web site can be reached at www.dollargeneral.com .