GOODLETTSVILLE, TN - Dollar General recently published its financial Q4 results and full-year report for its fiscal year 2022 ending on February 3. The retailer noted it increased its fourth quarter net sales by 17.9 percent and its fiscal year net sales by 10.6 percent, reaching $10.2 billion and $37.8 billion respectively.
“Our fourth-quarter sales results were strong, although below our expectations, and we are pleased with continued market share gains in both consumables and non-consumables, as well as continued growth with new and existing customers,” said Jeff Owen, Chief Executive Officer. “We want to thank our more than 170,000 associates for their commitment to serving our customers, communities, and each other in this challenging economic and operating environment.”
Net sales increased to $10.2 billion in the fourth quarter of 2022 compared to $8.7 billion in the same quarter of 2021. Fiscal year 2022 net sales increased to $37.8 billion, up $3.6 billion compared to $34.2 billion in the fiscal year 2021.
According to the release, total additions to property and equipment were $1.6 billion, including approximately: $589 million for improvements, upgrades, remodels, and relocations of existing stores; $443 million for distribution and transportation-related projects; $373 million related to store facilities, primarily for leasehold improvements, fixtures and equipment in new stores; and $62 million for information systems upgrades and technology-related projects.
On top of the strategic advancements, the retailer is planning on investing $100 million to bolster its workforce.
“Looking ahead, we are excited about our plans for fiscal 2023, which include continued investment in our strategic initiatives and an incremental investment of approximately $100 million in our stores, primarily in incremental labor hours, as we look to build on our sales momentum and capture additional market share by further enhancing store standards and the in-store experience,” Owen concluded. “Building on the investments we made in 2022, and the substantial progress we have made in our supply chain, we believe this incremental investment will yield strong returns as we continue creating long-term sustainable growth and value for our shareholders.”
For more information, check out the release here.
ANUK will keep an eye on the retail wire for the latest updates.
