Dollar General Q1 profit up 64%

Goodlettsville, Tenn. Dollar General Corp. reported that its earnings were up 64% in the first quarter compared with the same period a year ago. Net income was $136 million on revenue of $3.1 billion.

The company also reported a same-store sales growth of 6.7% for the quarter.

“Dollar General’s first-quarter performance marks a great start to the year. Our first-quarter sales were ahead of our expectations,” said Rick Dreiling, chairman and CEO. “We generated these positive results by continuing to provide our customers with a convenient shopping experience at everyday low prices. Our strong first-quarter results, coupled with our consistent track record, give us confidence to raise our full-year outlook for 2010.”

Based on its first-quarter results, the company expects total sales for the 2010 fiscal year to increase 8% to 10%. Adjusted operating profit is expected to increase 18% to 22% over 2009, as compared with the company’s previous guidance of 15% to 20%.