Dollar General posts higher profit, raises fiscal-year forecast
Sept 5 |
Sept 5 (Reuters) - Dollar General Corp posted a higher quarterly profit and raised its earnings forecast for the year on Wednesday as shoppers visited its stores for low-priced food and other basic goods.
Dollar General, which prices most of its merchandise below $10, generally does well when economic concerns such as high unemployment and food prices push those on limited budgets to cut spending.
The chain said it had earned $214.1 million, or 64 cents per share, in the second quarter ended on Aug. 3, up from $146 million, or 42 cents per share, a year earlier.
Sales rose 10.4 percent to $3.95 billion. Sales at stores open at least a year increased 5.1 percent.
Dollar General said it expected to earn $2.77 to $2.85 per share this fiscal year, up from a June forecast of $2.68 to $2.78. The new outlook includes 4 cents per share from the favorable resolution of an income tax audit, the company said.
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