GOODLETTSVILLE, Tenn. — Dollar General Corp. here on Wednesday reported a surge in fourth-quarter profits, driven by a 7.4% gain in same-store sales. Net income for the 13-week quarter, which ended Jan. 29, totaled $87.2 million, including a one-time, after-tax charge of $85.7 million.
Year-ago net income totaled $81.9 million. Sales for the quarter surged 11.9%, to $3.19 billion, compared with year-ago results. Net income for the full year more than tripled, to $339.4 million, compared to year-ago results. Excluding one-time charges in both years, net income was up 200%.
Sales for the full year were up 12.8%, to $11.8 billion, while same-store sales grew 9.5%.
Dollar General projected 600 new-store openings in 2010 and sales gains of 8% to 10%. In a conference call with analysts, Rick Dreiling, chairman and chief executive officer, noted that the competitive environment remains "very much promotional."
"Everybody is focused on the value equation right now," he said.
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