Imagine leaping from $5.9 million in quarterly net income to $83 million. That’s the story of Dollar General, which has benefitted from bargain-hunting consumers amid the recession.
The first quarter net income of the retailer, which sells almost every item for less than $10, totaled $83 million, an astonishing 14 times higher than the $5.9 million in first quarter of 2008. Lower overhead attributed to renegotiated lease terms also helped boost results, but sales rose 15.7 percent over the yearlong period, to $2.78 billion.
Other discount retailers, such as Wal-Mart, Dollar Tree and Family Dollar have seen profits leap, as well.
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Source:
Reuters: Dollar General Profit Zooms as Shoppers Seek Bargains
