Stock Analysis on Net
Stock Analysis on Net

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)

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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).

Cost of Goods Sold
The cost of goods sold (COGS) as a percentage of net sales shows fluctuations throughout the periods, mostly ranging between approximately -67.2% and -70.99%. There is no consistent upward or downward trend, but a notable increase in COGS percentage appears in the late 2023 quarters, peaking near -70.99% before slightly declining to around -69.82% to -70.04% in early 2024. Earlier periods showed some improvement with COGS percentages in the upper -60s.
Gross Profit
Gross profit margins generally trend inversely to COGS, ranging mostly from about 29.01% to 32.8%. The highest margins appear during 2020 and early 2021, with peaks over 32%. There is a mild decline in gross profit margin from mid-2022 onwards, dropping below 30% in some quarters of 2023 and early 2024, reflecting the increase in COGS.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses relative to net sales fluctuate mostly between -20.45% and -24.67%. There was a downward trend in SG&A expenses as a percentage of sales during 2020, reaching lows near -20.45%, possibly indicating improved operational efficiencies or cost control. However, from late 2021 through 2023 and into 2024, SG&A expenses as a percentage of sales increased, peaking near -24.67%, suggesting rising operating expenses relative to sales in this period.
Operating Profit
Operating profit margins show notable volatility, ranging from lows near 4.47% up to highs slightly over 12% in mid-2020. The period of 2020 exhibits the strongest operating profit margins, coinciding with lower SG&A relative expenses and relatively stable COGS. However, from 2022 forward, operating margins decline steadily, bottoming out near 4.47% in late 2023 before a slight recovery to approximately 5.39% by mid-2024. This decline appears linked to rising SG&A expenses and increasing COGS.
Interest Expense, Net
Interest expenses as a percentage of net sales remain relatively low throughout, fluctuating between -0.35% and -0.89%. The trend indicates a slight increase in interest burden from 2022 onwards, peaking around -0.89% before declining somewhat into 2024.
Income Before Income Taxes
Income before income taxes closely follows the trend in operating profit, showing a peak near 11.55% in mid-2020 and declining to lows around 3.62% by late 2023. A modest recovery to near 5.1% to 4.72% occurs into early 2024. This trend reflects the combined effects of operating profit dynamics and interest expenses.
Income Tax Expense
Income tax expense as a percentage of net sales varies between approximately -0.77% and -2.48%. Tax expenses spiked during the 2020 period but trended downward afterward, reaching the lowest percentage in late 2023, which may reflect changes in income levels or tax rates.
Net Income
Net income margins mirror the trends in income before taxes, peaking around 9.07% in mid-2020 and declining steadily thereafter. By late 2023, net income margin drops to about 2.85%, with a slight rebound to 3.66% by early and mid-2024. This decline highlights margin compression likely due to increased costs and expenses, partially offset by operational and tax factors.