Dollar General Announces First Quarter 2022 Results; Todd Vasos Comments
GOODLETTSVILLE, TN - A massive expansion will be taking place this year for Dollar General, a large portion of which got underway in the first quarter of 2022. The retail chain recently released its Q1 results, and a reported 1,100 new stores are planned to open.
“We are pleased with our start to 2022, and I want to thank each of our team members for their ongoing commitment and dedication to serving our customers every day,” said Todd Vasos, Dollar General’s Chief Executive Officer, in the report. “Despite ongoing headwinds due to supply chain pressures and heightened inflation, we remained focused on controlling what we can control and delivered solid financial results, which exceeded our expectations for sales and EPS for the quarter.”
According to CNBC, a total of 1,100 new stores are planned for Dollar General, 800 of which will feature a larger format with space for extra aisles. The retailer will also be expanding its PopShelf format and venturing further into the health-focused space.
“During the first quarter, we executed more than 800 real estate projects and made significant progress advancing our key strategic initiatives to enhance the value and convenience proposition for our customers,” said Vasos. “We continue to drive strategic innovation as we further differentiate Dollar General in the discount retail channel, while delivering long-term sustainable growth and value for our shareholders.”
The financial results also noted that net sales for the quarter increased 4.2 percent to $8.8 billion compared to $8.4 billion in the first quarter of 2021. This $4.4 billion increase was driven in part by positive sales contributions from the new stores.
What more does the retailer have in store for this year? Stay tuned as we report.