Dollar General Posts Lower Profit
Chicago, Dollar General reported earnings for the quarter that ended Aug. 4 of $45.5 million, down 40% from $75.6 million a year earlier. Comp-store sales rose 3.2% in the quarter, while sales for the quarter rose 9% to $2.25 billion, helped by the addition of 466 net new stores. The company said fierce competition and a slowdown in consumer discretionary spending heightened uncertainty about the second half of the year.
Dollar General also reported that August same-store sales rose 4.8% and total sales for the four weeks that ended Aug. 25 rose 10.1% to $687.2 million.
Amazon.com Approves $500 Million Buyback
Seattle, Amazon.com announced that its board of directors has authorized the company to repurchase up to $500 million of the company’s common stock. The stock buyback must be made within the next 24 months through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions or a combination of any of them. The program allows the company to repurchase its shares, especially if the company believes its shares are undervalued, Amazon.com said.