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Dollar General ends Q3 with $2.67 billion debt, stops share repurchases ahead of Family Dollar buy
By Lisa Kerner
Charlotte, N.C., Dec. 4 – Dollar General Corp. ended its fiscal third quarter on Oct. 31 with cash and cash equivalents of $216.15 million and long-term debt of $2.67 billion.
This compares to $165.72 million and $2.87 billion, respectively, for the quarter ended Nov. 1, 2013, according to the company’s earnings news release.
Dollar General had $818.8 million available for borrowing under its revolving facility and outstanding letters of credit of $52.5 million at quarter-end.
The Goodlettsville, Tenn.-based discount retailer had third-quarter net income of $236 million, or $0.78 per diluted share. This compares to net income of $237 million, or $0.74 per diluted share in the prior-year period.
Dollar General has $223.4 remaining under its share repurchase program. The company did not repurchase shares during the third quarter, but did repurchase 12.1 million shares of its common stock for $800 million for the 39-week period ended Oct. 31.
Since December 2011, Dollar General has repurchased 44.5 million shares totaling $2.3 billion.
Share repurchases have been suspended, the company said, pending the outcome of its proposed acquisition of Family Dollar.
Financial highlights
The company’s adjusted net income was up about 3% year over year at $239 million, while adjusted EPS increased roughly 10% to $0.79.
The company’s net sales were up 7.8% at $3.72 billion, compared to the third quarter of 2013.
Gross profit, as a percentage of net sales, was 30.1% for the period, a decrease of 18 basis points from the 2013 third quarter.
“We now expect fiscal 2014 adjusted diluted EPS in the middle of our previous full-year range of $3.45 to $3.55,” said chairman and chief executive officer Rick Dreiling. “For 2015, we have plans to open 730 new stores and will have a presence in 43 states by the end of the year as we expand our store footprint into Maine, Oregon and Rhode Island.
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