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GOODLETTSVILLE, Tenn. — Dollar General Corp. reported that its fiscal fourth quarter revenue rose more than 8% to $6.65 billion, compared with $6.13 billion in the fourth quarter of the prior year. For the full year, revenue increased 9.2%, the company said on Thursday.
Comparable-store sales were up 4% in the quarter ended February 1, and 3.2% for the full year.
“2018 was a great year for Dollar General, and we entered 2019 with a strong foundation for success,” said chief executive officer Todd Vasos. “During the fourth quarter we delivered strong same-store sales growth, driven by performance in both consumable and nonconsumable product sales, which resulted in our highest two-year same-store sales stack in 21 quarters. We also continued to make progress executing our digital and nonconsumables strategic initiatives, while staying true to our ongoing operating priorities.”
The retailer last year continued with its store upgrades, an effort that involves adding coolers as it diversifies its fresh, frozen and better-for-you food offerings.
The company said in the current year it would spend about $50 million to improve distribution of fresh and frozen food, shopping convenience, and labor productivity.
“Looking ahead to 2019, we are excited to introduce two new transformational strategic initiatives, DG Fresh and Fast Track,” Vasos said in a statement. “DG Fresh, which is designed to enable self-distribution of fresh and frozen products, is already up and running in approximately 300 stores, and Fast Track, which we believe will enhance in-store labor productivity and customer convenience, is launching soon. Our team is very excited about the future, and I believe we remain well positioned to continue delivering best-in-class value and convenience to our customers and creating long-term shareholder value.”
Dollar General ended the fiscal year with 15,370 locations in 44 states. It plans to open about 975 new stores this year and remodel 1,000 mature stores.
