Dollar General Corporation (NYSE: DG) Thursday reported financial results for its fiscal 2023 third quarter (13 weeks) ended November 3.
The discount store chain noted net sales increased 2.4% to $9.7 billion in the third quarter of 2023 compared to $9.5 billion in the third quarter of 2022. The net sales increase was primarily driven by positive sales contributions from new stores, partially offset by the decline in same-store sales and the impact of store closures. Same-store sales decreased 1.3% compared to the third quarter of 2022, driven by a decline in average transaction amount, partially offset by an increase in customer traffic.
“I am excited to be back at Dollar General and working with the team to fulfill our mission of Serving Others every day,” said CEO Todd Vasos. “Over the last several weeks, we have spent significant time reviewing all areas of the business, and we have identified key opportunities for improvement both in the near term and over the longer term. Moving forward, our entire team is laser focused and moving with urgency to take the actions we have identified to drive operational excellence for our customers and employees.”
The Company reported net income of $276.2 million for the third quarter of 2023, a decrease of 47.5% compared to $526.2 million in the third quarter of 2022. Diluted EPS decreased 45.9% to $1.26 for the third quarter of 2023 compared to diluted EPS of $2.33 in the third quarter of 2022.
DG shares began Thursday screamed higher $3.69, or 2.8%, to $137.61.
