Retail giant Dollar General Corporation has recently announced financial results for the third quarter of the current fiscal ended October 28, 2016. The retailer’s net income reached US $ 235 million, compared to US $ 253 million in the corresponding quarter last year.
In the reporting period, net sales increased 5 per cent to US $ 5.32 billion as against last year’s US $ 5.07 billion. Its same-store sales noted a marginal dip of 0.1 per cent due to decline in traffic partially offset by an increase in average transaction amount.
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As per the company release, in the 39-week period ended October 28, 2016, net income amounted to US $ 837 million as against US $ 789 million in the comparable period previous year. Additionally, net sales jumped 5.9 per cent over the comparable 2015 period to US $ 15.98 billion. Same-store sales increased 0.9 per cent.
“The challenging retail environment that we experienced in the second quarter continued into the third quarter, contributing to weakness in our same-store sales and our financial performance. As expected, the full benefit on our same-store sales will not be immediate. We are focused on efforts to drive traffic in our stores and to control the factors we can control as we look to overcome the issues impacting our results, many of which we believe are macroeconomic and transitory in nature,” commented Todd Vasos, Chief Executive Officer, Dollar General.