February 3 marked the end of Q4 for the fiscal year 2022 for retail chain Dollar General, and you know what that means. The grocer has given us a glimpse into its financial results, reporting that it increased its fourth quarter net sales by 17.9 percent and its fiscal year net sales by 10.6 percent, reaching $10.2 billion and $37.8 billion respectively. On top of the strategic advancements revealed in the report, the retailer announced plans to invest $100 million to bolster its workforce.
“Our fourth-quarter sales results were strong, although below our expectations, and we are pleased with continued market share gains in both consumables and non-consumables, as well as continued growth with new and existing customers,” said Jeff Owen, Chief Executive Officer. “We want to thank our more than 170,000 associates for their commitment to serving our customers, communities, and each other in this challenging economic and operating environment.”
Dollar General reported its net sales increased to $10.2 billion in the fourth quarter of 2022 compared to $8.7 billion in the same quarter of 2021. The company’s fiscal year 2022 net sales increased to $37.8 billion, up $3.6 billion compared to $34.2 billion in the fiscal year 2021.
Total additions to property and equipment were $1.6 billion, including approximately: $589 million for improvements, upgrades, remodels, and relocations of existing stores; $443 million for distribution and transportation-related projects; $373 million related to store facilities, primarily for leasehold improvements, fixtures and equipment in new stores; and $62 million for information systems upgrades and technology-related projects, according to the release.
“Looking ahead, we are excited about our plans for fiscal 2023, which include continued investment in our strategic initiatives and an incremental investment of approximately $100 million in our stores, primarily in incremental labor hours, as we look to build on our sales momentum and capture additional market share by further enhancing store standards and the in-store experience,” Owen concluded. “Building on the investments we made in 2022, and the substantial progress we have made in our supply chain, we believe this incremental investment will yield strong returns as we continue creating long-term sustainable growth and value for our shareholders.”
For more information, read the full release here.
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