DOLLAR GENERAL REPORTS RECORD FIRST QUARTER EARNINGS.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--May 13, 1997--Dollar General Corporation (NYSE NYSE See: New York Stock Exchange : DG) today reported a 21.4% increase in earnings per share and 14.1% increase in total sales for the first quarter ended May 2, 1997. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the thirteen week period increased 3.8%. Net income for the quarter increased 28.4% to a record $19,294,000, or $0.17 per share, compared with $15,024,000, or $0.14 per share, adjusted for the February February: see month. 1997, five-for-four split. Total sales increased 14.1% to $520,014,000 from $455,856,000 last year. The company opened 141 new stores and closed 15 stores during the quarter. "During the first half of the year, we are hurting sales increases by dropping an advertising circular Circular may refer to:
n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in the second half." Gross margin equaled $141,855,000 for the quarter, an increase of 15.0% over the same period a year ago. As a percentage of sales, gross margin increased to 27.28% compared with 27.06% last year. Hardline Adj. 1. hardline - firm and uncompromising; "a hard-line policy" hard-line uncompromising, inflexible, sturdy - not making concessions; "took an uncompromising stance in the peace talks"; "uncompromising honesty" and softline  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . sales accounted for 80.0% and 20.0%, respectively, of total sales compared with 72.8% and 27.2% in the first quarter last year. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. equaled $110,335,000, or 21.22% of sales, compared with $97,945,000, or 21.49% of sales in the same period a year ago. Interest expense decreased to $526,000, or 0.10% of sales, compared with $1,197,000, or 0.26% of sales, in the comparable period last year. This decrease was primarily a result of lower average short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings versus the same period a year ago. Dollar General is a chain of more than 2,860 neighborhood stores operating in 24 states with distribution centers in Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . The Company's common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . -0-
DOLLAR GENERAL CORPORATION
INCOME STATEMENTS
(000's)
(Unaudited)
--- For the First Quarter Ended ---
May 2, 1997 May 3, 1996
Sales (a) $520,014 100.00% $455,856 100.00%
Cost of Sales 378,159 72.72 332,482 72.94
Gross Margin 141,855 27.28 123,374 27.06
Operating Expenses 110,335 21.22 97,945 21.49
Operating Income 31,520 6.06 25,429 5.58
Interest Expense 526 0.10 1,197 0.26
Pre-Tax Income 30,994 5.96 24,232 5.32
Taxes 11,700 2.25 9,208 2.02
Net Income $19,294 3.71% $15,024 3.30%
Net Income per Common
and Common Equivalent
Share $0.17 $0.14
Weighted Average Shares
Outstanding 110,605 110,845
(a) Includes franchise stores sales of $854 and $777 in 1997 and 1996,
respectively.
DOLLAR GENERAL CORPORATION
BALANCE SHEETS
($000's)
(Unaudited)
May 2 May 3
1997 1996
Current Assets:
Cash and cash equivalents $ 33,388 $ 19,425
Merchandise inventories 540,956 526,120
Deferred income taxes 3,747 11,468
Other current assets 18,669 13,497
TOTAL CURRENT ASSETS 596,760 570,510
Property & equipment, at cost 315,645 247,865
Less: Accumulated depreciation 121,885 90,831
193,760 157,034
Other assets 5,487 5,130
TOTAL ASSETS $ 796,007 $ 732,674
Current Liabilities
Current portion of long-term debt $ 1,940 $ 1,545
Short-term borrowings 50,000 105,000
Accounts payable 152,724 120,387
Accrued expenses 61,382 56,021
Income taxes 955 8,406
TOTAL CURRENT LIABILITIES 267,001 291,359
Long-term obligations 1,807 2,305
Deferred income taxes 7,847 3,573
TOTAL LIABILITIES 276,655 297,237
Stockholders' Equity:
Preferred stock 858 858
Common stock 53,672 42,893
Additional paid-in capital 350,387 308,155
Retained earnings 314,962 284,058
719,879 635,964
Less: Treasury stock 200,527 200,527
TOTAL STOCKHOLDERS' EQUITY 519,352 435,437
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 796,007 $ 732,674
DOLLAR GENERAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(000's)
(Unaudited)
For the First
Quarter Ended
May 2 May 3
1997 1996
Cash flows from operating activities:
Net income $ 19,294 $ 15,024
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 8,577 7,318
Deferred income taxes 2,218 1,101
Change in operating assets and liabilities:
Merchandise inventories (64,853) (37,758)
Accounts payable trade 49,201 17,211
Accrued expenses (9,059) (6,078)
Income taxes (9,047) (6,351)
Other, net (953) (1,967)
Net cash provided (used) in operating
activities (4,622) (11,500)
Cash flows used in investing activities:
Purchase of property and equipment (27,822) (7,102)
Proceeds from sale of property and equipment 34,074 1,391
Net cash provided (used) in investing
activities 6,252 (5,711)
Cash flows used in financing activities:
Issuance of short-term obligations 147,404 50,276
Repayments of short-term obligations (135,873) (17,413)
Issuance of long-term obligations 190 0
Repayments of long-term obligations (1,055) (973)
Payment of cash dividend (6,477) (4,275)
Proceeds from exercise of stock options 12,715 3,307
Tax effect of stock options 8,291 1,370
Other, net 0 0
Net cash provided (used) in financing
activities 25,195 32,292
Net increase (decrease) in cash and cash
equivalents 26,825 15,081
Cash and cash equivalents beginning of period 6,563 4,344
Cash and cash equivalents end of period $ 33,388 $ 19,425
CONTACT: Dollar General Corp., Nashville Investor Contact: Kiley n. 1. An Australian boomerang, having one side flat and the other convex. Noun 1. kiley - an Australian boomerang; one side flat and the other convex kylie Fleming Flem·ing , Sir Alexander 1881-1955. British bacteriologist who discovered penicillin in 1928. He shared a 1945 Nobel Prize for this achievement. , 615/783-2014 or Media Contact: Cabot Pyle Pyle , Ernest Taylor Known as "Ernie." 1900-1945. American journalist noted for his stories about American soldiers on the European and North African fronts during World War II. Noun 1. , 615/783-2028 |
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