Dollar General reported its biggest same-store rise in more than a decade amid surging demand driven by the global pandemic. The discounter reported first quater sales and earnings that belw past estimates.
“In the midst of a very challenging operating environment, our team members have been tirelessly committed to fulfilling the company’s mission of Serving Others, and we could not be more proud of how they have responded to the needs of our communities. As a result of their efforts, we are very pleased to report strong first-quarter financial results. “Looking ahead, we remain committed to our operating priorities and strategic initiatives to drive continued growth and meaningful long-term value for shareholders.” -Todd Vasos, Dollar General’s CEO.
To enhance its liquidity position, Dollar General issued $1 billion of 3.5% senior notes due in 2030 and $500 million of 4.125% senior notes due in 2050. As of May 1, Dollar General had $2.7 billion in cash and cash equivalents as well as $1.1 billion of availability under a revolving credit facility.
Dollar General operated 16,500 stores in 46 states as of May 1, 2020.
