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Dollar General
DG reported weaker-than-expected first-quarter earnings.
Dollar General's quarterly profit surged to $222.4 million, or $0.72 per share, versus a year-ago profit of $220.1 million, or $0.67 per share.
Its net sales surged 6.8% to $4.52 billion versus $4.23 billion. However, analysts were projecting earnings of $0.73 per share on sales of $4.56 billion.
Dollar General's same-store sales increased 1.5% in the quarter. Interest expense declined to $22 million versus $25 million.
For 2014, Dollar General still projects earnings of $3.45 to $3.55 per share on sales growth of 8% to 9%.
The company's press release offered the following comment from Rick Dreiling, Dollar General's chairman and chief executive officer:
“Dollar General's first quarter same-store sales improvement of 1.5 percent was driven by growth in our consumables business and, overall, reflected the challenges of unfavorable winter weather, heightened competition and the current economic environment.”
Dollar General shares fell 1.45% to $53.00 in pre-market trading.
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