Dollar General Posts Lower Q3 Earnings
Goodlettsville, Tenn., Dollar General Corp. reported net income for the third quarter of $71.1 million, down from $77.9 million in the third quarter a year ago.
The discount chain previously reported that net sales during the third quarter increased 11.5% to $1.88 billion. The increase resulted primarily from new-store growth and a same-store sales increase of 3.4%.
Gross profit during the quarter was $554 million, or 29.5% of sales, vs. $516.9 million, or 30.7% of sales, in the prior year. Sales of highly consumable items, which generally have lower gross profit rates than the chain’s other merchandise categories, increased as a percentage of total sales mix.
Ross Stores Appoints New VP
Pleasanton, Calif., Ross Stores has appointed Michael Kobayashi to the position of senior VP and CIO, effective Dec. 16. He will report directly to Jim Peters, the retailer’s president and COO. Prior to joining Ross, Kobayashi spent 18 years with Accenture, most recently as a partner with the Retail & Consumer Goods practice.
Casual Male Completes Sale of Levi’s Outlet Stores
Canton, Mass., Casual Male Retail Group has completed the previously announced acquisition of its 32 remaining Levi’s/Dockers Outlet stores to Hub Holding Corp., an affiliate of Sun Capital Partners, for approximately $12.8 million in cash. The proceeds from the sale will be used to reduce Casual Male’s outstanding debt under its revolving line of credit.