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Dollar General Corp. (NYSE:DG)

This company has been moved to the archive! The financial data has not been updated since August 29, 2024.

Common-Size Income Statement
Quarterly Data

Dollar General Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020 Jan 31, 2020 Nov 1, 2019 Aug 2, 2019 May 3, 2019 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -70.04 -69.82 -70.52 -70.99 -68.92 -68.37 -69.14 -69.52 -67.66 -68.71 -68.79 -69.25 -68.35 -67.20 -67.48 -68.68 -67.55 -69.28 -68.25 -70.46 -69.22 -69.77 -68.85 -70.47 -69.35 -69.54
Gross profit 29.96% 30.18% 29.48% 29.01% 31.08% 31.63% 30.86% 30.48% 32.34% 31.29% 31.21% 30.75% 31.65% 32.80% 32.52% 31.32% 32.45% 30.72% 31.75% 29.54% 30.78% 30.23% 31.15% 29.53% 30.65% 30.46%
Selling, general and administrative expenses -24.58 -24.67 -23.60 -24.54 -24.01 -23.70 -21.71 -22.71 -22.65 -22.76 -22.00 -22.94 -21.83 -21.98 -22.16 -21.89 -20.45 -20.46 -21.68 -22.51 -22.50 -22.50 -21.55 -22.64 -22.18 -22.44
Operating profit 5.39% 5.51% 5.88% 4.47% 7.07% 7.93% 9.15% 7.77% 9.69% 8.53% 9.21% 7.81% 9.82% 10.82% 10.37% 9.43% 12.01% 10.26% 10.07% 7.03% 8.28% 7.73% 9.60% 6.89% 8.47% 8.02%
Interest expense, net -0.67 -0.73 -0.78 -0.85 -0.86 -0.89 -0.73 -0.57 -0.46 -0.45 -0.45 -0.46 -0.46 -0.48 -0.48 -0.49 -0.45 -0.36 -0.36 -0.35 -0.36 -0.39 -0.38 -0.38 -0.39 -0.41
Other expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00
Income before income taxes 4.72% 4.78% 5.10% 3.62% 6.21% 7.04% 8.41% 7.20% 9.23% 8.07% 8.76% 7.35% 9.37% 10.34% 9.89% 8.94% 11.55% 9.90% 9.71% 6.68% 7.92% 7.34% 9.22% 6.51% 8.05% 7.61%
Income tax expense -1.05 -1.11 -1.02 -0.77 -1.42 -1.54 -1.95 -1.64 -2.04 -1.76 -1.86 -1.64 -2.00 -2.27 -2.25 -1.93 -2.48 -2.20 -2.23 -1.45 -1.81 -1.53 -1.96 -1.30 -1.73 -1.64
Net income 3.66% 3.66% 4.08% 2.85% 4.79% 5.51% 6.46% 5.56% 7.19% 6.32% 6.91% 5.72% 7.36% 8.07% 7.64% 7.00% 9.07% 7.70% 7.48% 5.23% 6.11% 5.81% 7.27% 5.21% 6.32% 5.97%

Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).

The financial performance over the analyzed period exhibits three distinct phases: a period of relative stability from 2018 to early 2020, a peak in profitability during the 2020-2021 window, and a subsequent contraction in margins extending through August 2024.

Gross Profitability
Gross profit margins generally fluctuated between 29% and 33%. A peak was observed between January 2020 and April 2021, with the ratio reaching a high of 32.80%. However, a downward trend emerged in late 2023, with the margin dropping to 29.01% in November 2023 before stabilizing near 29.96% by August 2024.
Operating Expense Efficiency
Selling, general and administrative (SG&A) expenses as a percentage of net sales remained consistent between 21% and 23% for several years, with a temporary decrease to approximately 20.4% during mid-2020. Beginning in May 2023, there is a visible increase in these expenses, peaking at 24.67% in February 2024, indicating rising operational costs relative to revenue.
Operating and Net Profitability
Operating profit margins reached their zenith in July 2020 at 12.01%. Since 2022, there has been a sustained decline in operating efficiency, culminating in a significant drop to 4.47% in November 2023. Net income followed a similar trajectory, peaking at 9.07% in July 2020 and declining to 3.66% by August 2024.
Financial and Tax Obligations
Net interest expenses were stable at approximately 0.35% to 0.48% of net sales until early 2023, at which point they rose sharply, peaking at 0.89% in May 2023. Income tax expenses as a percentage of sales have generally decreased in the most recent quarters compared to the 2020-2021 period, moving from peaks of 2.48% down to approximately 1.05%.

Overall, the data indicates a compression of net margins driven primarily by a combination of rising SG&A expenses and increased interest costs, which have offset the relative stability of gross profit margins.

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