Discount Store

GOODLETSVILLE, Tenn. — Dollar General's quarterly profit surged 33% to a record $299 million, from $226 million in the prior year.

Sales increased 20.1% to $4.19 billion, compared with $3.49 billion in the year-ago period. Same-store sales rose 6.5%.

For the full year, profit rose 26% to $819 million, from $649 million in 2010. Sales surged 13.6% to $14.8 billion, from $13 billion last year. Same-store sales rose 6%.

When North Plainfield, N.J.-based Levin Management took over as leasing and managing agent for Fairlane Village Mall – located in Pottsville, Pa. – in 2006, the impending economic downturn, a likely 80,000-sq.-ft. vacancy and growing industry consensus that the days of the small-market malls were numbered created a perfect storm of challenges.

Six years later, the 405,000-sq.-ft. property serves as a repositioning benchmark. Its success story is underscored by the March 2012 opening of Kohl’s and the impending arrival of Michaels later this year.

Goodlettsville, Tenn. -- Dollar General Corp. reported Thursday that profit for the quarter ended Feb. 3 surged 33% to a record $299 million, from $226 million in the prior year.

Sales increased 20.1% to $4.19 billion, compared with $3.49 billion in the year-ago period. Same-store sales rose 6.5%.
   
For the full year, profit rose 26% to $819 million, from $649 million in 2010. Sales surged 13.6% to $14.8 billion, from $13 billion last year. Same-store sales rose 6%.
   

Target announced completion of a $10 billion share repurchase program this week and reminded investors of its commitment to more than double its annual dividend payment to $3 by 2017. Too bad Apple announced the same day it would begin paying its first ever quarterly dividend of $2.65 later this year.

Philadelphia -- A Wednesday report by Reuters said that discounter Five Below is said to be considering an initial public offering. 

The report, citing unnamed sources, said that the Advent International- and LLR Partners-owned chain has hired underwriters and is in discussions with bankers.

Five Below is in a growth mode and could potentially command a market valuation of over $1 billion.

MEMPHIS — Regional discounter Fred’s made good on its promise of a year ago to further expand a new merchandising initiative, but an intensely competitive market made fourth-quarter sales tough to come by.

Memphis, Tenn. -- Fred’s reported Wednesday that net income for the fourth quarter jumped 14%, boosted by more robust sales and a favorable tax adjustment.

Profit for the quarter ended Jan. 28 rose to $9.8 million, from $8.6 million in the year-ago period.

Revenue rose 2.5% to $497.6 million, missing Wall Street’s expected $498.4 million in sales.

Same-store sales were flat.

All retailers want to be perceived as great places to work and build a career as it aids in recruitment and retention of employees in an industry where costs associated with notoriously high rates of turnover cause a drag on performance.