Dollar General profit climbs 6.5% in Q4; 600 new stores on tap in 2010

Goodlettsville, Tenn. Dollar General’s profit climbed to $87.2 million in the fourth quarter from $81.9 million a year ago. Its results topped analysts’ expectations.

Revenue grew 12% in the quarter to $3.19 billion, from $2.85 billion. Same-store sales increased 7.4%.

Full-year profit in 2009 more than doubled to $339.4 million, from $108.2 million, in the prior year.

Annual revenue rose 13% to $11.8 billion, from $10.46 billion. Same-store sales jumped 9.5% in 2009, beating even 2008 sales growth of 9%.

In 2010, the company plans to open approximately 600 stores and to remodel or relocate a total of approximately 500 stores.

Capital expenditures are expected to be in the range of $325 million to $350 million, with approximately 50% relating to new stores, remodels and relocations; 25% for maintenance capital and 25% for special projects; including the expansion of the 78-inch store profile and point-of-sale upgrades.

Dollar General has more than 8,800 stores in 35 states.