Discount Retail Chain Dollar General (NYSE stock listed) is continuing its rapid expansion into fiscal 2023 with plans for 1,050 new stores, following a successful Q3 2022 when sales rose 11.1% to US$9.5 billion. The quarter, which ended Oct. 28, also saw a 6.8% increase in same-store sales driven by larger basket sizes and a small increase in traffic.
“We are thankful to our team for their continued dedication to serving others, particularly in a challenging economic and operating environment,” said Jeff Owen, CEO of Dollar General in a statement. “We are pleased with our strong sales growth in the quarter, as well as a modest increase in customer traffic and continued share gains in both consumable and non-consumable product sales, all of which we believe are a testament to the strength of the value and convenience proposition we offer our customers.”
The off-price retailer executed on 800 retail projects in Q3 2022 and plans to execute on an additional 3,170 in the coming year. These efforts include 2,000 remodels, and 120 store relocations and up to 35 stores in Mexico.
Dollar General also is growing through the addition of three 1-million-square-foot distribution centers in an approximately $480 million combined investment announced in July. The facilities will support the DG Private Fleet and help the retailer achieve its goal of creating 10,000 net new jobs in 2022.
See here for more: Dollar General Plans to Open 1,050 Locations in 2023 - Retail TouchPoints
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