Summary by Moomoo AI
Dollar General Corporation reported fiscal year 2024 net sales of $40.6 billion, an increase of 5.0% compared to 2023, driven by same-store sales growth of 1.4% and new store openings. Net income decreased 32.3% to $1.13 billion, or $5.11 per diluted share, primarily due to impairment charges of $214.2 million related to store portfolio optimization and increased operating costs.The company's gross profit rate declined 70 basis points to 29.6% due to increased markdowns, a greater proportion of consumables sales, and higher inventory damages. SG&A expenses as a percentage of sales increased 140 basis points to 25.4%, reflecting impairment charges and higher retail labor, depreciation and occupancy costs. The company generated approximately $3.0 billion in operating cash flow, a 25.3% increase from the previous year.Looking ahead, Dollar General plans to open...Show More
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