Dollar General results were stronger than expected, including Advan’s. Comp-sales increased by +2.4%, whereas we expected a +1.2% increase. Our estimate “miss” was a result of General closing an unusually large number (168) of dog stores. General typically closes 90 stores annually. Thus, this cycle was 7.5X greater, which adversely impacted foot traffic, but which also likely juiced the comp as the dogs were no longer a drag. General also only opened 156 new locations vs.

By Thomas Paulson, Head of Market Insights Dollar General reported $10.2B revenue for Q4, up +5.0% YoY, and above our +3.9% estimate* (120bps Moe, 97% correlation). Comp-sales increased +1.2% driven by consumables (+2.7%). The non-consumables comp was roughly flat, the best result since early 2021. Additionally, comp-tickets increased +2.3% and comp-transactions decreased -1.1%. Advan shows traffic per average store declining -0.4%. The earnings release quotes CEO Todd Vasos saying, “As we reflect on our full fiscal 2024 year, we believe our Back to Basics work is resonating with customers, as demonstrated by higher customer satisfaction scores and healthy market share gains.