Why Discount Store Chain Dollar General's Shares Are Shooting Higher Today?
Portfolio Pulse from Shivani Kumaresan
Dollar General Corp (NYSE:DG) shares are trading higher after reporting better-than-expected first-quarter FY24 earnings. The company saw a 6% sales growth year-on-year to $9.910 billion, beating the analyst consensus estimate. Same-store sales increased by 2.4%, driven by higher customer traffic. Despite a decrease in gross profit margin and operating income, the company reported an EPS of $1.65, surpassing the consensus estimate. Dollar General reaffirmed its FY24 sales growth outlook and announced a quarterly cash dividend.
May 30, 2024 | 12:36 pm
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Dollar General's shares are trading higher after the company reported better-than-expected first-quarter FY24 earnings. Sales grew by 6% year-on-year, and EPS of $1.65 beat the analyst consensus estimate of $1.56. Despite a decrease in gross profit margin and operating income, the company reaffirmed its FY24 sales growth outlook and announced a quarterly cash dividend.
The better-than-expected earnings report, including a 6% sales growth and an EPS beat, has positively impacted Dollar General's stock price. The reaffirmation of the FY24 sales growth outlook and the announcement of a quarterly cash dividend further boost investor confidence.
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