Discount retailer Dollar General is investing further into its staffing. However, its focus will be on 'investing in hours' according to CEO Jeff Owen,
r, the company reported net income of $659.1 million, up 10.3% over the last year. On a per-share basis, the company earned $2.96, topping the average estimate of $2.94 by Zacks Investment Research.
The Tennessee-based retailer also posted revenue of $10.2 billion in three months ended Feb 3. Sales increased 17.9% but still missed Wall Street forecasts. Twenty-one analysts surveyed by Zacks expected $10.24 billion. Sales at stores open for at least a year increased 5.7% compared to the same period in 2021. Growth was "driven by an increase in average transaction amount" while also being "partially offset by a modest decrease in customer traffic," according to the company. CFO John Garratt told analysts on a call Thursday that the company "anticipates the challenging economic and operating environment to continue into 2023.
Owen believes this latest $100 million investment will yield strong returns and create long-term sustainable growth and value for shareholders. "We believe we will be increasingly important to them [customers] in the year ahead," Owen told analysts.
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