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Dollar General Corporation (NYSE: DG) reported its first quarter 2023 earnings results today.
Net sales increased 6.8% year-over-year to $9.3 billion, driven mainly by positive sales contributions from new stores and growth in same-store sales.
Same-store sales rose 1.6%, driven by an increase in average transaction amount.
Net income of $514.4 million was down 6.9% compared to the prior-year quarter while EPS fell 2.9% to $2.34.
Both sales and earnings missed expectations. The company also lowered its outlook for the full year.
For FY2023, net sales growth is now expected to be approx. 3.5-5.0% while same-store sales growth is expected to be around 1-2%. EPS growth is estimated in the range of an approximate 8% decline to flat.
The stock plunged 7% in premarket hours on Thursday.
Prior performance
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