Key Developments: Dollar General Corp (DG)
52.23USD
19 Jun 2013
$-0.06 (-0.11%)
$52.29
$52.36
$52.47
$52.04
775,346
4,138,664
$56.04
$39.73
Latest Key Developments (Source: Significant Developments)
Dollar General Corp Announces Share Repurchases Of $200 Million
Dollar General Corp announced the completion of $200 million in share repurchases of its common stock in the open market. These repurchases are part of the existing Board authorized share repurchase program. Year-to-date, Dollar General has repurchased approximately $220 million of its common stock and has approximately $424 million remaining in the existing authorization. Dollar General has repurchased approximately $1.1 billion, or 23.6 million shares, of its common stock since the inception of its current share repurchase program in December 2011. Full Article
EEOC Files Suits Against Bayerische Motoren Werke AG, Dollar General Corp-DJ
Dow Jones reported that The U.S. Equal Employment Opportunity Commission (EEOC) filed lawsuits against a Bayerische Motoren Werke AG (BMW) manufacturing operation in South Carolina and discount-retailer Dollar General Corp (DG) alleging that the companies' criminal background check policies resulted in employees being fired or being screened out in the hiring process. In the suit against Dolgencorp, doing business as Dollar General, the EEOC alleges the Company's background-check policy, which looks back 10 years, results in a disparate impact against black workers. The suit is based on charges by two rejected applicants. Full Article
Dollar General Corp Lowers High End Of FY 2013 Revenue And EBIT Guidance; Lowers FY 2013 EPS Guidance; Lowers High End Of Prior FY 2013 Same Store Sales Guidance
Dollar General Corp announced that for fiscal 2013, it expects total sales to increase 10% to 11% over the 2012. Same-store sales are expected to increase 4% to 5%. Adjusted operating profit for fiscal 2013 is expected to be in the range of $1.73-$1.77 billion. Diluted earnings per share (EPS) for fiscal 2013, adjusted to exclude charges or expenses relating to amendments to or refinancing of any notes, loans or revolving credit facilities and any expenses resulting from secondary stock offerings, is expected to be approximately $3.15 to $3.22, based on approximately 326 million weighted average diluted shares, assuming share repurchases. The Company reported revenues of $16.02 billion in fiscal 2012. According to I/B/E/S estimates analysts' were expecting the Company to report revenues of $17.62 billion, EBIT of $1.825 billion and EPS of $3.28 for fiscal 2013. Full Article
Dollar General Corp Announces Pricing of $1.3 Billion of Senior Notes
Dollar General Corp announced the pricing of an offering of $400.0 million of its 1.875% Senior Notes due 2018 (the 2018 Notes) and $900.0 million of its 3.25% Senior Notes due 2023 (the 2023 Notes and together with the 2018 Notes, the Notes). The 2018 Notes will pay interest at a rate of 1.875% per annum and mature on April 15, 2018. The 2023 Notes will pay interest at a rate of 3.25% per annum and mature on April 15, 2023. Dollar General will pay interest on the Notes semi-annually on April 15 and October 15 of each year, commencing October 15, 2013. Issuance of the Notes is expected to occur on April 11, 2013. The Company will use the net proceeds from the sale of the Notes, together with term loan borrowings under its new senior unsecured credit facilities, to repay all of the outstanding borrowings under the existing senior secured credit facilities, to pay related fees and expenses and for general corporate purposes. BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., J.P. Morgan, US Bancorp and Wells Fargo Securities are serving as joint book-running managers for the offering, with Fifth Third Securities, Inc., KKR and Regions Securities LLC acting as senior co-managers and BB&T Capital Markets, HSBC, KeyBanc Capital Markets, Mizuho Securities and PNC Capital Markets LLC acting as co-managers. Full Article
Dollar General Corp Announces Offering Of $1.3 Billion Of Senior Notes
Dollar General Corp announced an offering of $1.3 billion of Senior Notes due 2018 and Senior Notes due 2023. Concurrently with and conditioned upon the issuance of the Notes, the Company expects to enter into new senior unsecured credit facilities consisting of a $1.0 billion five-year term loan facility and an $850 million five-year cash-flow based revolving credit facility which is expected to be undrawn at closing. The offering of the Notes is not conditioned upon completion of the new credit facilities and related refinancing. The Company will use the net proceeds from the sale of the Notes, together with term loan borrowings under new senior unsecured credit facilities, to repay all of the outstanding borrowings under the existing senior secured credit facilities, to pay related fees and expenses and for general corporate purposes. BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., J.P. Morgan, US Bancorp and Wells Fargo Securities are serving as joint book-running managers for the offering. Full Article
Dollar General Corp Announces Pricing of 30.0 Million Share Secondary Offering
Dollar General Corp announced the pricing of an underwritten secondary public offering of 30.0 million common shares at a price to the public of $50.75 per share. The shares are being sold by certain existing shareholders. No shares are being sold by the Company in this offering, and it will not receive any proceeds from the offering. In connection with the offering, certain of the selling shareholders have granted to the underwriters an option to purchase up to 4.5 million additional shares. The offering is expected to close on April 3, 2013, subject to customary closing conditions. Citigroup, Goldman, Sachs & Co. and KKR are serving as joint book running managers for the offering. Full Article
Dollar General Corp Announces 30 Million Share Secondary Offering
Dollar General Corp announced an underwritten secondary public offering of 30.0 million common shares. The shares are being sold by certain existing shareholders. No shares are being sold by the Company in this offering, and it will not receive any proceeds from the offering. In connection with the offering, certain of the selling shareholders have granted to the underwriters an option to purchase up to 4.5 million additional shares. Citigroup, Goldman, Sachs & Co. and KKR are serving as joint book running managers for the offering. Full Article
Dollar General Corp Issues FY 2013 Guidance In Line With Analysts' Estimates; Comments On H2 2013 Guidance; Comments On FY 2013 Same-store Sales Guidance
Dollar General Corp announced that for 2013, it expects total sales to increase 10% to 12% over the fiscal 2012, same-store sales to increase 4% to 6%, operating profit to be in the range of $1.780-$1.845 billion. The Company expects sales and EPS growth to be stronger in the second half of 2013 as merchandising initiatives are implemented, including the rollout of tobacco products to substantially all stores and the completion of Phase Five. Diluted EPS for fiscal 2013, adjusted to exclude potential charges or expenses relating to amendments to or refinancing of any notes, loans or revolving credit facilities and any expenses resulting from potential secondary stock offerings, is expected to be approximately $3.15 to $3.30. The Company reported revenues of $16.02 billion in fiscal 2012. According to I/B/E/S estimates analysts' were expecting the Company to report revenues of $17.63 billion, EBIT of $1.823 billion and EPS of $3.27 for fiscal 2013. Full Article
Dollar General Corp Lowers High End Of Prior FY 2012 Revenue Guidance; Lowers FY 2012 Operating Profit Guidance; Revises FY 2012 Store Sales Guidance; Comments On Q4 2012 Store Sales Guidance
Dollar General Corp updated its financial outlook to reflect the results of the third quarter and expectations for the remainder of 2012. The Company expects total sales for fiscal 2012 to increase by 8.0% to 8.5% over the 53-week fiscal 2011, or 10% to 10.5% on a comparable 52-week basis. Same-store sales, based on a comparable 52-week period, are now expected to increase 4.5% to 5.0%. For fiscal 2012, operating profit, excluding expenses resulting from secondary offerings of the Company's stock, is expected to be between $1.630 billion and $1.645 billion. For the fourth quarter, the Company expects comparable store sales to increase by 3% to 4%. Diluted EPS for the 52-week fiscal 2012, adjusted to exclude losses resulting from redemption of the senior subordinated notes, charges or expenses relating to amendments to or refinancing of any notes, loans or revolving credit facilities, the settlement of interest rate swaps and expenses resulting from secondary stock offerings, is expected to be approximately $2.82 to $2.85, including approximately $0.04 from the favorable resolution of tax audits in the second quarter. The Company reported revenues of $14.807 billion in fiscal 2011. According to I/B/E/S estimates analysts' were expecting the Company to report revenues of $16.122 billion, EBIT of $1.671 billion and EPS of $2.86 for fiscal 2012. Full Article
Dollar General Corp To Replace Cooper Industries plc On S&P 500 Index
Dollar General Corp announced that it will replace Cooper Industries plc in the S&P 500 after the close of trading on November 30, 2012. S&P 500 constituent Eaton Corp. is acquiring Cooper Industries in a deal expected to be completed on or about that date pending final approvals. Full Article
UPDATE 2-Dollar General clips profit forecast as shoppers opt for low-margin goods
June 4 - Discount chain Dollar General Corp cut the top end of its full-year profit forecast, warning of moderating sales growth and declining margins as frugal shoppers make it difficult to raise prices.
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