Dollar General in big store milestone
Dollar General has hit a milepost that not many other U.S. retailers have reached.
The discounter recently opened its 19,000th store, in Joplin, Mo. Dollar General marked the milestone opened with a community celebration and $19,000 donation to a local elementary school to support ongoing literacy and education programs.
“Today marks an exciting milestone in Dollar General’s history as we open our 19,000th store,” said Jeff Owen, CEO, Dollar General. “Since opening our first Missouri store in 1973, Dollar General has a longstanding history in the state and proudly employs more than 6,000 Missourians through our store, distribution center and DG Private Fleet.”
In November, Dollar General said it plans to undertake approximately 3,170 U.S. real estate projects in fiscal year 2023 (ending Feb.2, 2024), including 1,050 new stores, 2,000 remodels, and 120 store relocations. It also plans to open new stores in Mexico, with a goal of operating up to 35 stores in Mexico by the end of fiscal 2023.
For its third quarter (ended Oct. 28), Dollar General’s net income rose to $526.17 million, or $2.33 a share, from $487.03 million, or $2.08 a share, in the year-ago period. Revenue rose to 11.1% to $9.46 billion from $8.52 billion. Same-store sales increased 6.8%, driven primarily by an increase in average transaction amount, as well as a modest increase in customer traffic.
In July, Dollar General said it was expanding its supply chain infrastructure, with plans to build three new distribution centers
Dollar General was founded as a wholesale venture in 1939 by J.L. Turner and his son, Cal Turner, Sr. The father and son duo opened the first Dollar General store in 1955, in Springfield, Kentucky.
The retailer said it believes the addition of each new store provides positive economic benefits including additional access to affordable products for customers, the creation of new jobs and career development opportunities for employees, the generation of additional tax revenue; and the ability for local nonprofits, schools and libraries to apply for literacy and education grants through the Dollar General Literacy Foundation.