Dollar General Corp beat quarterly same-store sales estimates on Thursday, as more Americans bought low-price groceries and household items from ...
Dollar General Corp beat quarterly same-store sales estimates on Thursday, as more Americans bought low-price groceries and household items from the discount retailer during the coroanvirus-induced economic downturn.
FILE PHOTO: A sign is seen outside a Dollar General store in Chicago, Illinois, U.S. May 23, 2016. REUTERS/Jim Young/File PhotoREUTERS: Dollar General Corp beat quarterly same-store sales estimates on Thursday, as more Americans bought low-price groceries and household items from the discount retailer during the coroanvirus-induced economic downturn.
The company said it had restarted its share buyback plan and would repurchase an additional US$2 billion worth of stock.Persistent unemployment has led to higher demand for more affordable cereals, vegetables and discretionary items such as clothing. Sales at dollar stores remained strong even after the initial panic-buying surge at the start of lockdowns died down.
The company said same-store sales rose 18.8per cent in the second quarter ended July 31, above analysts' average estimate of a 15.1per cent increase, according to IBES data from Refinitiv.Net income rose to US$787.6 million, or US$3.12 per share, from US$426.6 million, or US$1.65 per share, a year earlier.
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