Someone forgot to tell the Dollar General store that there is a retail apocalypse—the retailer has plans to add 900 new stores in 2018. They are looking to expand their merchandising assortment and are interested in a variety of categories including grocery, beauty, personal care, over-the-counter wellness, and general merchandise.
With well over 14,000 stores across the U.S., almost 75% of the population now lives within five miles of a Dollar General store," Neil Saunders, managing director of GlobalData Retail said. "This makes the company the closest and most convenient general merchant for millions, especially those living in rural areas.
- Plans to open 900 new stores, relocate 100 stores, and to remodel another 1,000 in its fleet.
- Posted a net sales of $5.9 billion in the third quarter, an 11% increase compared to the year-ago period, according to a press release.
- Same-store sales rose 4.3%, which the company attributed to both customer traffic and average ticket increases, as well as a boost from hurricane-related sales.
- Net income for Dollar General rose 7.3% year over year to $252.5 million, though it shrank slightly as a percentage of net sales.
- Gross profit rose 11.3% to 1.77 billion.
- Earnings per share were 93 cents, up from 84 cents in Q3 2016.
- 14,000 stores across the US with 75% of the US population living within five miles of a Dollar General store.
- The Innovation and Supplier Diversity Summit will be held in April 2018 for new suppliers or those who haven't sold products to Dollar General in the last 18 months.
For more information, read the Third Quarter 2017 Financial Results.