Same-store sales at Dollar General rose more than 5 percent during the first quarter, helping gross margins rise 1 percentage point from a year ago.
The Goodlettsville-based retailer, which was taken private by Kohlberg Kravis Roberts last summer, posted revenue of $2.40 billion, up from $2.28 billion last year. Operating profits doubled to almost $111 million.
Net income, though, was just $5.9 million, down from $34.9 million, as almost $101 million in interest payments resulting from the KKR deal swallowed up almost all operating profits.
Sales of consumable goods drove performance during the quarter, with the company saying their 10-percent rise was the result of "merchandising and store operations initiatives and from favorable customer response to our convenience and value during the current challenging economic environment."
Dollar General runs more than 8,200 stores in 35 states.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS