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Dollar General Boosts FY22 Sales Outlook; Declares Dividend - Update

While reporting financial results for the first quarter on Thursday, Dollar General Corp. (DG) raised its sales growth guidance for the full-year 2022, while maintaining annual earnings outlook, despite the ongoing uncertainties arising from product cost inflation and continued pressure in the supply chain.

For fiscal 2022, the company now projects earnings growth in a range of about 12 to 14 percent on net sales growth of 10.0 to 10.5 percent, with same-store sales decline in the 3.0 to 3.5 percent range.

Previously, the company expected earnings growth in the range of about 12 to 14 percent on net sales growth of about 10 percent, with same-store sales growth of about 2.5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $11.37 per share on net sales growth of 9.3 percent to $37.41 billion for the year. Analysts' estimates typically exclude special items.

On Wednesday, the company's Board of Directors declared a quarterly cash dividend of $0.55 per share on the Company's common stock, payable on or before July 19, 2022 to shareholders of record on July 5, 2022.

The company also reiterated its plans to execute 2,980 real estate projects in fiscal 2022, including 1,110 new store openings, 1,750 remodels, and 120 store relocations.

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