Selected Financial Data
since 2010
Income Statement
Dollar General Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating profit | Net income |
|---|---|---|---|
| Feb 2, 2024 | 38,691,609) | 2,446,300) | 1,661,274) |
| Feb 3, 2023 | 37,844,863) | 3,328,302) | 2,415,989) |
| Jan 28, 2022 | 34,220,449) | 3,220,675) | 2,399,232) |
| Jan 29, 2021 | 33,746,839) | 3,554,765) | 2,655,050) |
| Jan 31, 2020 | 27,753,973) | 2,302,304) | 1,712,555) |
| Feb 1, 2019 | 25,625,043) | 2,116,306) | 1,589,472) |
| Feb 2, 2018 | 23,470,967) | 2,007,818) | 1,538,960) |
| Feb 3, 2017 | 21,986,598) | 2,063,449) | 1,251,133) |
| Jan 29, 2016 | 20,368,562) | 1,940,294) | 1,165,080) |
| Jan 30, 2015 | 18,909,588) | 1,769,093) | 1,065,345) |
| Jan 31, 2014 | 17,504,167) | 1,736,185) | 1,025,116) |
| Feb 1, 2013 | 16,022,128) | 1,655,276) | 952,662) |
| Feb 3, 2012 | 14,807,188) | 1,490,804) | 766,685) |
| Jan 28, 2011 | 13,035,000) | 1,274,065) | 627,857) |
| Jan 29, 2010 | 11,796,380) | 953,258) | 339,442) |
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).
Net sales exhibit a consistent upward trajectory over the analyzed fifteen-year period, increasing from approximately 11.8 billion USD in 2010 to 38.7 billion USD in 2024. A period of accelerated growth occurred between 2020 and 2021, during which net sales rose by approximately 21.7% in a single fiscal year. However, the rate of revenue growth slowed significantly in the most recent period, with only a 2.2% increase observed between February 2023 and February 2024.
- Operating Profit Trends
- Operating profit demonstrated steady growth for over a decade, rising from 953 million USD in 2010 to a peak of 3.55 billion USD in 2021. Since that peak, a downward trend has emerged, with operating profit declining to 2.45 billion USD by February 2024. This represents a notable contraction in operational efficiency, as operating profit fell despite the continued increase in total net sales.
- Net Income Performance
- Net income followed a similar pattern to operating profit, growing from 339 million USD in 2010 to a maximum of 2.66 billion USD in 2021. A significant decline is evident in the final reported year, where net income dropped from 2.42 billion USD in 2023 to 1.66 billion USD in 2024, a reduction of approximately 31%.
- Profitability Analysis
- A divergence is observed between revenue growth and profitability starting after 2021. While the top line continued to expand, both operating and net margins contracted. The correlation between the decline in operating profit and the decline in net income suggests that the reduction in bottom-line profitability is primarily driven by increased operating expenses or reduced gross margins rather than non-operating factors.
- Long-term Growth Trajectory
- Over the full span from 2010 to 2024, net sales increased by approximately 228%, while net income increased by approximately 389%. This indicates a long-term historical trend of operating leverage where profit growth outpaced revenue growth, although this trend reversed in the most recent three fiscal years.
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Balance Sheet: Assets
Dollar General Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Feb 2, 2024 | 8,010,724) | 30,795,591) |
| Feb 3, 2023 | 7,581,009) | 29,083,367) |
| Jan 28, 2022 | 6,303,843) | 26,327,371) |
| Jan 29, 2021 | 6,914,219) | 25,862,624) |
| Jan 31, 2020 | 5,177,868) | 22,825,084) |
| Feb 1, 2019 | 4,663,020) | 13,204,038) |
| Feb 2, 2018 | 4,247,852) | 12,516,911) |
| Feb 3, 2017 | 3,677,771) | 11,672,298) |
| Jan 29, 2016 | 3,432,410) | 11,257,885) |
| Jan 30, 2015 | 3,532,609) | 11,224,104) |
| Jan 31, 2014 | 3,205,607) | 10,867,524) |
| Feb 1, 2013 | 2,677,113) | 10,367,682) |
| Feb 3, 2012 | 2,275,074) | 9,688,520) |
| Jan 28, 2011 | 2,367,825) | 9,546,222) |
| Jan 29, 2010 | 1,845,449) | 8,863,519) |
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).
The asset base exhibits a sustained long-term expansion from 2010 through 2024, characterized by a period of steady growth followed by a significant acceleration in total asset valuation and a subsequent stabilization of growth rates.
- Total Asset Growth Trajectory
- Total assets grew incrementally from US$ 8.86 billion in 2010 to US$ 13.20 billion in 2019. A critical inflection point occurred between February 2019 and January 2020, during which total assets increased by approximately 72%, rising from US$ 13.20 billion to US$ 22.83 billion. This expansion continued through February 2024, with the total asset value reaching US$ 30.80 billion.
- Current Asset Analysis
- Current assets demonstrated a consistent upward trend, increasing from US$ 1.85 billion in 2010 to US$ 8.01 billion in 2024. Growth remained relatively linear until 2020, after which a more pronounced increase was recorded between January 2020 and January 2021, with values rising from US$ 5.18 billion to US$ 6.91 billion.
- Asset Composition and Structural Shifts
- The proportionality of current assets relative to total assets shifted significantly over the period. In 2010, current assets represented approximately 20.9% of total assets. This ratio peaked around 2019 at 35.3%, before dropping to 22.7% in 2020 due to the disproportionate surge in total assets. By 2024, current assets accounted for 26.0% of the total asset base, indicating that the growth in non-current assets heavily outweighed the growth in liquid assets during the 2019-2020 transition.
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Balance Sheet: Liabilities and Stockholders’ Equity
Dollar General Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Long-term obligations, including current portion | Shareholders’ equity | |
|---|---|---|---|
| Feb 2, 2024 | 6,725,701) | 7,000,184) | 6,749,119) |
| Feb 3, 2023 | 5,887,768) | 7,009,399) | 5,541,772) |
| Jan 28, 2022 | 5,979,357) | 4,172,068) | 6,261,986) |
| Jan 29, 2021 | 5,710,783) | 4,130,975) | 6,661,238) |
| Jan 31, 2020 | 4,543,560) | 2,911,993) | 6,702,500) |
| Feb 1, 2019 | 3,015,857) | 2,864,690) | 6,417,393) |
| Feb 2, 2018 | 2,964,878) | 3,005,958) | 6,125,774) |
| Feb 3, 2017 | 2,622,805) | 3,211,526) | 5,406,294) |
| Jan 29, 2016 | 1,995,596) | 2,970,554) | 5,377,876) |
| Jan 30, 2015 | 1,987,740) | 2,740,585) | 5,710,038) |
| Jan 31, 2014 | 1,811,971) | 2,818,754) | 5,402,193) |
| Feb 1, 2013 | 1,738,547) | 2,772,228) | 4,985,330) |
| Feb 3, 2012 | 1,509,902) | 2,618,481) | 4,668,495) |
| Jan 28, 2011 | 1,365,373) | 3,288,227) | 4,054,479) |
| Jan 29, 2010 | 1,206,500) | 3,403,386) | 3,390,298) |
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).
The organization's capital structure has experienced substantial expansion and a shift in leverage over the period from 2010 to 2024. There is a clear trajectory of increasing total liabilities, coupled with a fluctuating equity base, indicating a transition toward a more leveraged financial position.
- Current Liabilities
- Current liabilities exhibit a consistent long-term upward trend, growing from 1,206,500 thousand US dollars in 2010 to 6,725,701 thousand US dollars in 2024. A notable acceleration occurred between 2019 and 2021, where obligations rose sharply from approximately 3.0 billion to 5.7 billion US dollars. This represents a significant increase in short-term financial obligations relative to the company's earlier operating scale.
- Long-term Obligations
- Long-term obligations remained relatively stable with slight fluctuations between 2010 and 2020, hovering generally between 2.6 billion and 3.4 billion US dollars. However, a structural shift is evident starting in 2021, culminating in a sharp increase in 2023 when obligations reached 7,009,399 thousand US dollars. This surge indicates a strategic increase in long-term borrowing or a refinancing event that significantly heightened the company's long-term debt profile.
- Shareholders' Equity
- Shareholders' equity demonstrated steady growth for the first decade of the analysis, rising from 3,390,298 thousand US dollars in 2010 to a peak of 6,702,500 thousand US dollars in 2020. Following this peak, a period of contraction was observed, with equity declining to 5,541,772 thousand US dollars by 2023. A recovery occurred in 2024, with equity returning to 6,749,119 thousand US dollars, matching the previous peak levels.
- Capital Structure and Leverage Trends
- The relationship between debt and equity has shifted markedly. In 2010, total liabilities (current and long-term) were approximately 1.35 times the value of shareholders' equity. By 2024, this ratio increased to approximately 2.04, as total liabilities grew to 13.7 billion US dollars against equity of 6.7 billion US dollars. This indicates an increased reliance on debt to fund operations or growth, particularly evident in the simultaneous spike of long-term obligations and current liabilities since 2020.
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Cash Flow Statement
Dollar General Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Feb 2, 2024 | 2,391,798) | (1,694,023) | (542,068) |
| Feb 3, 2023 | 1,984,555) | (1,555,346) | (392,462) |
| Jan 28, 2022 | 2,865,811) | (1,065,557) | (2,832,002) |
| Jan 29, 2021 | 3,876,159) | (1,024,910) | (1,714,992) |
| Jan 31, 2020 | 2,237,998) | (782,485) | (1,450,680) |
| Feb 1, 2019 | 2,143,550) | (731,603) | (1,443,901) |
| Feb 2, 2018 | 1,802,108) | (645,028) | (1,077,554) |
| Feb 3, 2017 | 1,605,041) | (550,936) | (1,024,137) |
| Jan 29, 2016 | 1,377,988) | (503,383) | (1,296,481) |
| Jan 30, 2015 | 1,314,744) | (371,699) | (868,788) |
| Jan 31, 2014 | 1,213,065) | (249,978) | (598,330) |
| Feb 1, 2013 | 1,131,352) | (569,836) | (546,833) |
| Feb 3, 2012 | 1,050,480) | (513,835) | (907,965) |
| Jan 28, 2011 | 824,684) | (418,947) | (130,367) |
| Jan 29, 2010 | 668,643) | (248,046) | (576,516) |
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).
The cash flow profile over the period from 2010 to 2024 is characterized by consistent growth in operational liquidity, a steady increase in capital deployment for investments, and fluctuating outflows related to financing activities. There is a clear trajectory of expansion, with operating cash flows scaling significantly to support both investing and financing obligations.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited a sustained upward trend for over a decade, rising from 668,643 thousand dollars in 2010 to a peak of 3,876,159 thousand dollars in 2021. Following this peak, a period of volatility occurred, with a decline to 1,984,555 thousand dollars by 2023, followed by a partial recovery to 2,391,798 thousand dollars in 2024. The overall growth indicates a strong capacity to generate cash from core business operations.
- Investing Cash Flow Trends
- Cash outflows for investing activities remained constant throughout the entire period, reflecting a persistent strategy of capital expenditure. Outflows increased from 248,046 thousand dollars in 2010 to 1,694,023 thousand dollars in 2024. The acceleration of these outflows, particularly from 2020 onward, suggests an intensified focus on infrastructure, store expansion, or asset acquisition.
- Financing Cash Flow Trends
- Financing activities consistently resulted in net cash outflows, peaking in 2022 at 2,832,002 thousand dollars. This suggests significant activity in debt repayment, dividend distributions, or share repurchases. However, a notable shift occurred in 2023 and 2024, where outflows decreased sharply to 392,462 thousand dollars and 542,068 thousand dollars, respectively, indicating a reduction in financing-related cash distributions or a change in capital structure strategy.
- Cash Flow Synthesis
- The relationship between the three cash flow components reveals that operating cash flows have generally been sufficient to cover the increasing demands of investing activities. While financing outflows were aggressive between 2014 and 2022, the recent reduction in financing expenditures coincides with a period of fluctuating operating cash flows and high investment spending, suggesting a shift toward prioritizing internal growth and capital preservation over shareholder returns or debt reduction.
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Per Share Data
Dollar General Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Feb 2, 2024 | 7.57 | 7.55 | 2.36 |
| Feb 3, 2023 | 10.73 | 10.68 | 2.20 |
| Jan 28, 2022 | 10.24 | 10.17 | 1.68 |
| Jan 29, 2021 | 10.70 | 10.62 | 1.44 |
| Jan 31, 2020 | 6.68 | 6.64 | 1.28 |
| Feb 1, 2019 | 5.99 | 5.97 | 1.16 |
| Feb 2, 2018 | 5.64 | 5.63 | 1.04 |
| Feb 3, 2017 | 4.45 | 4.43 | 1.00 |
| Jan 29, 2016 | 3.96 | 3.95 | 0.88 |
| Jan 30, 2015 | 3.50 | 3.49 | 0.00 |
| Jan 31, 2014 | 3.17 | 3.17 | 0.00 |
| Feb 1, 2013 | 2.87 | 2.85 | 0.00 |
| Feb 3, 2012 | 2.25 | 2.22 | 0.00 |
| Jan 28, 2011 | 1.84 | 1.82 | 0.00 |
| Jan 29, 2010 | 1.05 | 1.04 | 0.00 |
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, 2, 3 Data adjusted for splits and stock dividends.
Earnings per share exhibited a consistent and strong upward trajectory for over a decade, followed by a period of volatility in the most recent fiscal years.
- Earnings Per Share Trends
- Basic earnings per share grew steadily from $1.05 in 2010 to a peak of $10.70 in 2021. This represents a substantial long-term increase in profitability on a per-share basis. Diluted earnings per share followed a near-identical pattern, maintaining a marginal gap below basic earnings and peaking at $10.62 in 2021.
- Recent Earnings Volatility
- Following the 2021 peak, earnings demonstrated increased instability. A slight decline occurred in 2022, followed by a recovery to $10.73 in 2023. However, a significant contraction is observed in 2024, with basic earnings per share falling to $7.57, marking the lowest earnings level since 2014.
- Dividend Distribution Patterns
- Dividend payments were initiated in 2016 at $0.88 per share. Since their inception, dividends have been increased annually without exception, reaching a historical high of $2.36 per share by 2024. This indicates a disciplined policy of increasing shareholder returns.
- Earnings-to-Dividend Correlation
- A divergence is observed between earnings performance and dividend growth in the most recent period. While basic earnings per share declined sharply in 2024, the dividend per share continued its upward trend. This suggests that dividend growth is not strictly tied to short-term fluctuations in annual earnings.
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