Dollar General’s net jumps 34%; plans 625 stores and 550 remodels in fiscal 2012

Goodlettsville, Tenn. -- Dollar General Corp. reported that its fiscal third-quarter net rose 34% to $171.2 million on higher sales. The results beat Wall Street expectations and the discounter boosted its full-year earnings guidance

Revenue for the quarter ended Oct. 28, 2011, increased 12% to $3.6 billion from $3.22 billion, topping Wall Street's estimate. Same-store sales rose 6.3% as customer traffic improved and the average transaction amount rose.

In fiscal year 2012, Dollar General plans to open some 625 new stores, including approximately 40 Dollar General Market stores. In addition, it plans to remodel or relocate a total of approximately 550 stores. Square footage is again expected to increase by approximately 7%.

Approximately 80 stores are expected to be opened in new markets, including California, Nevada, Connecticut, Massachusetts and New Hampshire. Dollar General plans to lease a distribution center in California to support its stores in the western states and expects to complete the construction of its new Alabama distribution center in early 2012.