Operating Profit Margin
since 2010
Calculation
Dollar General Corp., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating profit1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | 6.32% | = | 100 | × | 2,446,300) | ÷ | 38,691,609) |
| Feb 3, 2023 | 8.79% | = | 100 | × | 3,328,302) | ÷ | 37,844,863) |
| Jan 28, 2022 | 9.41% | = | 100 | × | 3,220,675) | ÷ | 34,220,449) |
| Jan 29, 2021 | 10.53% | = | 100 | × | 3,554,765) | ÷ | 33,746,839) |
| Jan 31, 2020 | 8.30% | = | 100 | × | 2,302,304) | ÷ | 27,753,973) |
| Feb 1, 2019 | 8.26% | = | 100 | × | 2,116,306) | ÷ | 25,625,043) |
| Feb 2, 2018 | 8.55% | = | 100 | × | 2,007,818) | ÷ | 23,470,967) |
| Feb 3, 2017 | 9.39% | = | 100 | × | 2,063,449) | ÷ | 21,986,598) |
| Jan 29, 2016 | 9.53% | = | 100 | × | 1,940,294) | ÷ | 20,368,562) |
| Jan 30, 2015 | 9.36% | = | 100 | × | 1,769,093) | ÷ | 18,909,588) |
| Jan 31, 2014 | 9.92% | = | 100 | × | 1,736,185) | ÷ | 17,504,167) |
| Feb 1, 2013 | 10.33% | = | 100 | × | 1,655,276) | ÷ | 16,022,128) |
| Feb 3, 2012 | 10.07% | = | 100 | × | 1,490,804) | ÷ | 14,807,188) |
| Jan 28, 2011 | 9.77% | = | 100 | × | 1,274,065) | ÷ | 13,035,000) |
| Jan 29, 2010 | 8.08% | = | 100 | × | 953,258) | ÷ | 11,796,380) |
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29).
1 US$ in thousands
The financial performance between 2010 and 2024 is characterized by consistent revenue expansion contrasted with significant volatility in operating efficiency. While net sales grew steadily over the fifteen-year period, operating profit margins experienced several distinct cycles of expansion and contraction, culminating in a sharp decline in the most recent fiscal years.
- Revenue Growth Trends
- Net sales demonstrated uninterrupted growth, increasing from approximately 11.8 billion USD in 2010 to 38.7 billion USD in 2024. This indicates a sustained increase in market scale and top-line volume throughout the analyzed period.
- Operating Profit Margin Cycles
- The operating profit margin exhibited three primary phases. An initial growth phase occurred from 2010 to 2013, where margins rose from 8.08% to a peak of 10.33%. This was followed by a period of gradual compression and stabilization between 2014 and 2019, with margins fluctuating between 8.26% and 9.92%. A subsequent sharp spike occurred in 2021, reaching a historical high of 10.53%.
- Recent Profitability Contraction
- A notable divergence between revenue and profitability is observed starting in 2022. Despite net sales continuing to rise from 34.2 billion USD in 2022 to 38.7 billion USD in 2024, operating profit declined from 3.2 billion USD to 2.4 billion USD. This resulted in the operating profit margin falling to 6.32% by February 2024, the lowest level recorded in the provided timeframe.
- Operational Efficiency Analysis
- The data suggests that while the company successfully scaled its operations, the ability to convert sales into operating profit diminished significantly after 2021. The contraction from a 10.53% margin in 2021 to 6.32% in 2024 indicates that operating expenses grew at a pace that outstripped revenue gains during the final three years of the period.
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Comparison to Competitors
Dollar General Corp., operating profit margin, long-term trends, comparison to competitors
| Dollar General Corp. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Feb 2, 2024 | 6.32% | 3.72% | 5.31% | 4.20% |
| Feb 3, 2023 | 8.79% | 3.41% | 3.53% | 3.37% |
| Jan 28, 2022 | 9.41% | 3.50% | 8.44% | 4.57% |
| Jan 29, 2021 | 10.53% | 3.49% | 6.99% | 4.06% |
| Jan 31, 2020 | 8.30% | 3.33% | 5.96% | 3.96% |
| Feb 1, 2019 | 8.26% | 3.17% | 5.45% | 4.30% |
| Feb 2, 2018 | 8.55% | 3.24% | 6.00% | 4.12% |
| Feb 3, 2017 | 9.39% | 3.26% | 7.15% | 4.73% |
| Jan 29, 2016 | 9.53% | 3.16% | 7.49% | 5.04% |
| Jan 30, 2015 | 9.36% | 3.19% | 6.25% | 5.63% |
| Jan 31, 2014 | 9.92% | 2.92% | 5.83% | 5.68% |
| Feb 1, 2013 | 10.33% | 2.97% | 7.33% | 5.96% |
| Feb 3, 2012 | 10.07% | 2.84% | 7.62% | 5.98% |
| Jan 28, 2011 | 9.77% | 2.80% | 7.79% | 6.10% |
| Jan 29, 2010 | 8.08% | 2.72% | 7.15% | 5.91% |
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02), 10-K (reporting date: 2017-02-03), 10-K (reporting date: 2016-01-29), 10-K (reporting date: 2015-01-30), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-02-01), 10-K (reporting date: 2012-02-03), 10-K (reporting date: 2011-01-28), 10-K (reporting date: 2010-01-29).