Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is traded on the New York Stock Exchange under the symbol “DG.” On March 12, 2021, there were approximately 2,757 shareholders of record of our common stock.
Dividends
We have paid quarterly cash dividends since 2015. Our Board of Directors most recently increased the amount of the quarterly cash dividend from $0.36 to $0.42 beginning with the dividend payable on April 20, 2021. While our Board of Directors currently expects to continue regular quarterly cash dividends, the declaration and amount of future cash dividends are subject to the Board’s sole discretion and will depend upon, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant in its sole discretion.
Issuer Purchases of Equity Securities
The following table contains information regarding purchases of our common stock made during the quarter ended January 29, 2021 by or on behalf of Dollar General or any “affiliated purchaser,” as defined by Rule 10b-18(a)(3) of the Securities Exchange Act of 1934:
Total Number
Approximate
of Shares
Dollar Value
Purchased
of Shares that May
Total Number
Average
as Part of Publicly
Yet Be Purchased
of Shares
Price Paid
Announced Plans
Under the Plans
Period
Purchased
per Share
or Programs(a)
or Programs(a)
10/31/20-11/30/20
—
$
—
—
$
1,579,203,000
12/01/20-12/31/20
2,527,911
$
210.44
2,527,911
$
1,047,218,000
01/01/21-01/29/21
1,725,845
$
213.17
1,725,845
$
679,314,000
Total
4,253,756
$
211.55
4,253,756
$
679,314,000
(a) On September 5, 2012, the Company announced a program permitting the Company to repurchase a portion of its outstanding shares not to exceed a dollar maximum established by the Company’s Board of Directors. The program was most recently amended on March 17, 2021 to increase the repurchase authorization by $2.0 billion, bringing the cumulative total value of authorized share repurchases under the program since its inception to $12.0 billion ($2.38 billion of which was available for repurchase as of March 17, 2021 following the increase in the authorization). Under the authorization, repurchases may be made from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Exchange Act, or in privately negotiated transactions. The timing, manner and number of shares repurchased will depend on a variety of factors, including price, market conditions, compliance with the covenants and restrictions under the Company’s debt agreements and other factors. This repurchase authorization has no expiration date.
ITEM 6. SELECTED FINANCIAL DATA
The following table sets forth selected consolidated financial and operating information of Dollar General Corporation as of the dates and for the periods indicated. The selected historical statement of income data and statement of cash flows data for the fiscal years ended January 29, 2021, January 31, 2020, and February 1, 2019, and balance sheet data as of January 29, 2021 and January 31, 2020, have been derived from our historical audited consolidated financial statements included elsewhere in this report. The selected historical statement of income data and statement of cash flows data for the fiscal years ended February 2, 2018 and February 3, 2017 and balance sheet
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data as of February 1, 2019, February 2, 2018, and February 3, 2017 presented in this table have been derived from audited consolidated financial statements not included in this report.
The information set forth below should be read in conjunction with, and is qualified by reference to, the Consolidated Financial Statements and related notes included in Part II, Item 8 of this report and the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Part II, Item 7 of this report. Certain financial disclosures relating to prior periods have been reclassified to conform to the current year presentation.
(Amounts in millions, excluding per share data,
Year Ended
number of stores, selling square feet, and net sales
January 29,
January 31,
February 1,
February 2,
February 3,
per square foot)
2021
2020
2019
2018
2017(1)
Statement of Income Data:
Net sales
$
33,746.8
$
27,754.0
$
25,625.0
$
23,471.0
$
21,986.6
Cost of goods sold
23,028.0
19,264.9
17,821.2
16,249.6
15,204.0
Gross profit
10,718.9
8,489.1
7,803.9
7,221.4
6,782.6
Selling, general and administrative expenses
7,164.1
6,186.8
5,687.6
5,213.5
4,719.2
Operating profit
3,554.8
2,302.3
2,116.3
2,007.8
2,063.4
Interest expense
150.4
100.6
99.9
97.0
97.8
Other (income) expense
—
—
1.0
3.5
—
Income before income taxes
3,404.4
2,201.7
2,015.4
1,907.3
1,965.6
Income tax expense
749.3
489.2
425.9
368.3
714.5
Net income
$
2,655.1
$
1,712.6
$
1,589.5
$
1,539.0
$
1,251.1
Earnings per share—basic
$
10.70
$
6.68
$
5.99
$
5.64
$
4.45
Earnings per share—diluted
10.62
6.64
5.97
5.63
4.43
Dividends per share
1.44
1.28
1.16
1.04
1.00
Statement of Cash Flows Data:
Net cash provided by (used in):
Operating activities
$
3,876.2
$
2,238.0
$
2,143.6
$
1,802.1
$
1,605.0
Investing activities
(1,024.9)
(782.5)
(731.6)
(645.0)
(550.9)
Financing activities
(1,715.0)
(1,450.7)
(1,443.9)
(1,077.6)
(1,024.1)
Total capital expenditures
(1,028.0)
(784.8)
(734.4)
(646.5)
(560.3)
Other Financial and Operating Data:
Same store sales growth(2)
16.3
%
3.9
%
3.2
%
2.7
%
0.9
%
Same store sales(2)
$
31,905.3
$
26,374.0
$
23,854.0
$
21,871.6
$
20,348.1
Number of stores included in same store sales calculation
16,050
15,209
14,283
13,150
12,383
Number of stores (at period end)
17,177
16,278
15,370
14,534
13,320
Selling square feet (in thousands at period end)
127,056
120,342
113,755
107,821
98,943
Net sales per square foot(3)
$
273
$
237
$
231
$
227
$
229
Consumables sales
76.8
%
78.0
%
77.5
%
76.9
%
76.4
%
Seasonal sales
12.1
%
11.7
%
11.9
%
12.1
%
12.2
%
Home products sales
6.5
%
5.8
%
5.9
%
6.0
%
6.2
%
Apparel sales
4.6
%
4.5
%
4.7
%
5.0
%
5.2
%
Balance Sheet Data (at period end):
Cash and cash equivalents and short-term investments
$
1,376.6
$
240.3
$
235.5
$
267.4
$
187.9
Total assets(4)
25,862.6
22,825.1
13,204.0
12,516.9
11,672.3
Long-term debt
4,131.0
2,912.0
2,864.7
3,006.0
3,211.5
Total shareholders’ equity
6,661.2
6,702.5
6,417.4
6,125.8
5,406.3
(1) The fiscal year ended February 3, 2017 was comprised of 53 weeks.
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(2) Same-store sales are calculated based upon stores that were open at least 13 full fiscal months and remain open at the end of the reporting period. We include stores that have been remodeled, expanded or relocated in our same-store sales calculation. Changes in same-store sales are calculated based on the comparable 52 calendar weeks in the current and prior years .
(3) Net sales per square foot was calculated based on total sales for the preceding 12 months as of the ending date of the reporting period divided by the average selling square footage during the period, including the end of the fiscal year, the beginning of the fiscal year, and the end of each of our three interim fiscal quarters.
(4) The increase in total assets at January 31, 2020 reflects the effects of adoption of lease accounting guidance.
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