Goodlettsville, Tenn. -- Dollar General Corp. on Monday lifted its earnings outlook for the year as fiscal third-quarter profit jumped 69% on continued growth in sales and margins.
The company reported earnings of $128.1 million in the latest quarter, compared with $75.6 million a year earlier. Net sales for the quarter ended Oct. 29 rose 10% to $3.22 billion and same-store sales increased 4.2%.
“Dollar General is having a great year. We are executing our plans and delivering excellent performance for our shareholders. Even as the macroeconomic environment continues to be volatile for our customers, our strong results are top-tier among retailers,” said Rick Dreiling, chairman and CEO.
In 2011, Dollar General plans to open approximately 625 new stores, including expansion into Connecticut, New Hampshire and Nevada. In addition, it plans to remodel or relocate approximately 550 stores. Selling square footage is expected to increase approximately 7% in 2011.