Dollar General quarterly income increases

“Dollar General’s first quarter performance marks a great start to the year. Our first quarter sales were ahead of our expectations. Our same-store sales growth of 6.7% for the quarter was on top of 13.3% growth in the first quarter of 2009,” said Rick Dreiling, chairman and chief executive officer.

Sales increased 11.9% to $3.11 billion in the 2010 first quarter compared with $2.78 billion in the 2009 first quarter. Same-store sales increased 6.7% in the 2010 quarter and 13.3% in the 2009 quarter, with customer traffic and average transaction amount contributing to the same-store sales increases in both periods. Sales were strongest in the consumables and seasonal categories, according to the company.

Based on first-quarter results, the company continues to expect total sales for the 2010 fiscal year to increase 8% to 10%, including an increase in same-store sales of 4% to 6%. Adjusted diluted earnings per share for the year are now expected to be $1.62 to $1.69, up from $1.55 to $1.63 previously forecasted.

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