Wednesday, March 23, 2011

Dollar General reports record profits for 2010

Discount chain Dollar General reported record profits for 2010, as lower-income consumers bypassed even big-box stores like Wal-Mart to find bargains on basics like food and apparel at a chain that sells most of its items under $10.

Goodlettsville-based Dollar General ended its 2010 fiscal year with $1.27 billion in operating profit, a 34 percent increase over 2009.
During the same period, the company reported $13.04 billion in sales, a 10.5 percent increase over the prior year.

“Dollar General had a great year in 2010,” said Rick Dreiling, chairman and chief executive officer.

Fourth quarter earnings more than doubled, after the retailer cut advertising and compensation costs. Sales also rose sharply in the quarter that ended Jan. 28, 9.4 percent to $3.49 billion.

Quarterly profits rose to $222.5 million, or 64 cents a share, from $87.2 million, or 26 cents a share, from the year-ago period.

Dollar General also announced today it will open a $60 million distribution center in Bessemer, Ala. -- its 10th distribution facility.

The chain plans to open more than 600 new stores and remodel or relocate about 550 stores this year.

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