Dollar General Corporation (NYSE: DG) reported third quarter 2022 earnings results today.
Net sales increased 11.1% to $9.5 billion compared to the same period a year ago, driven mainly by positive sales contributions from new stores and growth in same-store sales.
Same-store sales increased 6.8%, driven by increases in average transaction amount and customer traffic.
Net income increased 8% to $526.2 million and EPS increased 12% to $2.33 compared to the year-ago quarter.
Sales beat estimates but earnings fell short of expectations.
For the fourth quarter of 2022, Dollar General expects same-store sales growth of approx. 6-7% and EPS of $3.15-3.30.
The company lowered its FY2022 EPS growth guidance to a range of 7-8% from the prior outlook of 12-14%.
The earnings miss and guidance cut caused the stock to dive over 6% in premarket hours.