We are the largest discount retailer in the United States by number of stores, with 20,662 stores located in 48 U.S.
−Removed: states and Mexico as of March 1, 2024, with the greatest concentration of stores in the southern, southwestern, midwestern and eastern United States.
+Added: states and Mexico as of February 28, 2025, with the greatest concentration of stores in the southern, southwestern, midwestern and eastern United States.
Our first stores in Mexico opened in 2023.
16 unchanged sentences
Our long-term operating priorities are:
−Removed: 1) driving profitable sales growth, 2) capturing growth opportunities, 3) enhancing our position as a low-cost operator, and 4) investing in our diverse teams through development, empowerment and inclusion .
+Added: 1) driving profitable sales growth, 2) capturing growth opportunities, 3) enhancing our position as a low-cost operator, and 4) investing in the growth and development of our teams.
For more information on these operating priorities, see the “Executive Overview” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in Part II, Item 7 of this report.
10 unchanged sentences
largest discount retailers.
−Removed: Our ability to offer everyday low prices on quality merchandise is supported by our low-cost operating structure and our strategy to maintain a limited number of items per merchandise category, which we believe helps us maintain strong purchasing power.
+Added: Our ability to offer everyday low prices on quality merchandise is supported by our low-cost operating approach and our strategy to maintain a limited number of items per merchandise category, which we believe helps us maintain strong purchasing power.
We offer nationally advertised brands at these everyday low prices in addition to offering our own private brands, often at substantially lower prices.
8 unchanged sentences
Substantial Growth Opportunities.
−Removed: We believe we have substantial long-term growth potential in the U.S., and we have identified significant opportunities to add new stores, including our pOpshelf concept, in both existing and new markets.
+Added: We believe we have substantial long-term growth potential in the U.S., and we have identified significant opportunities to add new Dollar General stores in both existing and new markets.
In addition, we have opportunities to relocate, remodel or convert locations within our existing store base to better serve our customers.
−Removed: Our pOpshelf concept, which we continue to evaluate and evolve, represents an additional growth opportunity as a unique small-box retail concept that focuses on categories such as seasonal and home décor, health and beauty, home cleaning supplies, and party and entertainment goods.
+Added: Our attractive store economics, including a relatively low initial investment and simple, low-cost operating approach, and our variety of store formats have allowed us to grow our store base to current levels and provide us significant opportunities to continue our profitable store growth strategy.
+Added: We recently made the decision to close 45 pOpshelf stores, our unique small-box retail concept that focuses primarily on non-consumables, and to convert an additional six pOpshelf stores to Dollar General stores, and we have paused expansion of this concept while we evaluate and evolve its go-forward strategy and performance.
We have also identified international expansion, with an initial focus on Mexico, as an opportunity for growth.
We opened our first Mi Súper Dollar General stores in Mexico in 2023 and believe there is additional growth potential in Mexico in the years ahead.
−Removed: Our attractive store economics, including a relatively low initial investment and simple, low-cost operating model, and our variety of store formats have allowed us to grow our store base to current levels and provide us significant opportunities to continue our profitable store growth strategy.
Our Merchandise
17 unchanged sentences
The Dollar General Store
−Removed: The typical Dollar General store is operated by a store manager, one or more assistant store managers, and three or more sales associates.
−Removed: Our stores generally feature a low-cost, no frills building with limited capital requirements, low operating costs, and a focused merchandise offering within a broad range of categories, allowing us to deliver low retail prices while generating strong cash flows and capital investment returns.
+Added: The typical Dollar General store staff includes a store manager, one or more assistant store managers, and three or more sales associates.
+Added: Our stores generally feature a low-cost, no frills building with limited capital requirements, a low operating cost approach, and a focused merchandise offering within a broad range of categories, allowing us to deliver competitive retail prices while generating strong cash flows and capital investment returns.
Our stores currently average approximately 7,500 square feet of selling space, and approximately 80% of our stores are located in towns of 20,000 or fewer people.
−Removed: Our primary new store formats currently average selling space of approximately 8,500 square feet and 9,500 square feet.
+Added: Our primary new store format currently averages selling space of approximately 8,500 square feet.
We generally have had good success in locating suitable store sites in the past, and we believe that there is ample opportunity for new store growth in existing and new markets.
8 unchanged sentences
We purchase merchandise from a wide variety of suppliers and maintain direct buying relationships with many producers of national brand merchandise.
−Removed: Despite our broad offering, we maintain only a limited number of items per category, allowing us to keep our average costs low.
−Removed: Our two largest suppliers accounted for approximately 10% and 8%, respectively, of our purchases in 2023.
+Added: Despite our broad offering, we maintain a relatively limited number of items per category, which supports our low average cost.
+Added: Our two largest suppliers accounted for approximately
+Added: 11% and 8%, respectively, of our purchases in 2024.
Our private brands come from a wide variety of suppliers.
2 unchanged sentences
Our stores are currently supported by distribution centers for frozen, refrigerated and non-refrigerated merchandise located strategically throughout our geographic footprint.
−Removed: We lease additional temporary warehouse space as necessary to support our distribution needs.
In addition to our traditional distribution centers, we operate multiple temperature-controlled distribution facilities in support of our self-distribution of frozen and refrigerated goods, such as dairy, deli and frozen products.
+Added: We lease additional temporary warehouse space as necessary to support our distribution needs.
We regularly analyze and rebalance the distribution network with a goal of ensuring that it remains efficient and provides the service levels our stores require.
3 unchanged sentences
The nature of our business is somewhat seasonal.
−Removed: Generally, our operating profit has been greater in the fourth quarter, which includes the Christmas selling season, as compared with operating profit in each of the first three quarters of our fiscal year.
+Added: Generally, our operating profit is greater in the fourth quarter, which includes the Christmas selling season, as compared with operating profit in each of the first three quarters of our fiscal year.
In addition, our quarterly results can be affected by the timing of certain holidays, new store openings, remodels, relocations, store closings, and weather patterns.
4 unchanged sentences
These other retail companies operate stores in many of the areas where we operate, and many of them engage in extensive advertising and marketing efforts.
−Removed: Our direct competitors include Family Dollar, Dollar Tree, Big Lots, 99 Cents Only and various local, independent operators, as well as Walmart, Target, Kroger, Aldi, Walgreens, CVS, and Rite Aid, among others.
+Added: Our direct competitors include Family Dollar, Dollar Tree, and various local, independent operators, as well as Walmart, Target, Kroger, Aldi, Costco, Sams Club, BJ’s Wholesale Club, Walgreens, CVS, and Rite Aid, among others.
Certain of our competitors have greater financial, distribution, marketing and other resources than we do and may be able to secure better arrangements from suppliers than we can.
1 unchanged sentence
We believe that we differentiate ourselves from other forms of retailing by offering competitive prices in a convenient, small-store format.
−Removed: We are able to maintain competitive prices due in part to our low-cost operating structure and the relatively limited assortment of products offered.
−Removed: Purchasing large volumes of merchandise within our focused assortment in each merchandise category allows us to keep our average product costs low, contributing to our ability to offer competitive everyday low prices to our customers.
+Added: We are able to maintain competitive prices due in part to our low-cost operating approach and the relatively limited assortment of products offered.
+Added: Purchasing large volumes of merchandise within our focused assortment in each merchandise category allows us to keep our average product costs low, contributing to our ability to offer competitive everyday prices to our customers.
See “Item 1A.
4 unchanged sentences
Our trademark registrations have various expiration dates;
−Removed: however, assuming that the trademark registrations are properly renewed, they have a perpetual duration.
−Removed: We also hold an exclusive license to the Rexall brand through at least March 5, 2029 and the Believe Beauty brand through at least March 18, 2025.
+Added: however, assuming that the trademark
+Added: registrations are properly renewed, they have a perpetual duration.
+Added: We also hold an exclusive license to the Rexall brand through at least March 5, 2032.
Human Capital Resources
−Removed: At Dollar General, a foundational element in how we operate is exemplified in our fourth operating priority – Investing in our diverse teams through development, empowerment and inclusion.
+Added: At Dollar General, a foundational element in how we operate is exemplified in our fourth operating priority – Investing in the growth and development of our teams.
Building on our core value of respecting the dignity and differences of others, our goal is to create a work environment where each employee is encouraged and empowered to bring their unique perspective and voice to work each day.
14 unchanged sentences
To help measure the success of our overall employee compensation and benefits programs, we monitor employee applicant flow and staffing levels across the organization, as well as employee turnover, particularly at the store manager level.
−Removed: As a testament to our employee development efforts, in February 2021 we were inducted into Training magazine’s Hall of Fame, following two consecutive years as the magazine’s top training and development program and rounding out 10 consecutive years among its Top 100 list.
+Added: In addition, we conduct regular employee surveys to assess engagement and identify opportunities for improvement.
+Added: As a testament to our employee development efforts, we were inducted into Training magazine’s Hall of Fame, following two consecutive years as the magazine’s top training and development program and rounding out 10 consecutive years among its Top 100 list.
In 2024, we estimate we invested over four million training hours in our employees to promote their education and development.
1 unchanged sentence
We offer a variety of differentiated programs, including mentorship, cohorts, and leader-led and experiential opportunities to ensure there is a path of development for all employees.
−Removed: Our internal promotion rate helps us measure the success of our development programs.
−Removed: As of March 1, 2024, we employed approximately 185,800 full-time and part-time employees, including divisional and regional managers, district managers, store managers, other store employees, and distribution center, fleet and administrative employees.
−Removed: As of the end of 2023, more than 70% of store managers and thousands of additional employees, including several members of our senior leadership, have been promoted from within our organization.
+Added: Our internal placement rate helps us measure the success of our development programs.
+Added: As of February 28, 2025, we employed approximately 194,200 full-time and part-time employees, including divisional and regional managers, district managers, store managers, other store employees, and distribution center, fleet and administrative employees.
+Added: As of the end of 2024, more than 70% of store managers and thousands of additional employees, including the majority of our senior leadership, have been placed from within our organization.
We strive to create an environment where our employees feel respected, safe, empowered, and valued.
2 unchanged sentences
Our operations are subject to the applicable federal, state, local and foreign laws, rules, and regulations of the jurisdictions in which we operate or conduct business.
−Removed: These laws, rules and regulations relate to, among other things, the sale of products, including without limitation, product and food safety, marketing and labeling;
+Added: These laws, rules and regulations relate to, among other
+Added: things, the sale of products, including without limitation, product and food safety, marketing and labeling;
information security and privacy;
5 unchanged sentences
anti-bribery;
−Removed: financial reporting and disclosure, including disclosures related to
−Removed: environmental, social and governance (“ESG”) matters;
+Added: financial reporting and disclosure, including disclosures related to environmental, social and governance matters;
antitrust and fair competition;
anti-money laundering;
+Added: distribution;
transportation;
2 unchanged sentences
and environmental compliance.
−Removed: We routinely incur significant compliance-related costs, both direct and indirect, including investments in store standards and labor, such as our approximately $150 million labor investment in 2023.
−Removed: Although we may incur additional material compliance-related costs in the future, to date, other than the investments referenced above, compliance with these laws, rules and regulations has not had a material effect on our capital expenditures, earnings or competitive position.
+Added: We routinely incur significant compliance-related costs, both direct and indirect, including those related to store standards and labor.
+Added: Although we may incur additional material compliance-related costs in the future, to date, other than the expenses referenced above, compliance with these laws, rules and regulations has not had a material effect on our capital expenditures, earnings or competitive position.
Many of our entry-level store employees are paid at rates in line with the applicable state minimum wage, and consequently, in certain situations, increases to such wage rates have increased our labor costs.
−Removed: If federal, state and/or local minimum wage rates/salary levels were to increase significantly and/or rapidly, compliance with such increases could adversely affect our earnings.
+Added: If federal, state and/or local minimum wage rates/salary levels were to further increase significantly and/or rapidly, compliance with such increases could adversely affect our earnings.
Additionally, if significant changes in the federal, state or foreign corporate tax rates occur in the future, such change could adversely affect our overall effective tax rate and earnings.
4 unchanged sentences
The information on our website is not incorporated by reference into, and is not a part of, this Form 10-K.
−Removed: We file with or furnish to the Securities and Exchange Commission (the “SEC”) annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, proxy statements and annual reports to shareholders, and, from time to time, registration statements and other documents pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
+Added: We file with or furnish to the Securities and Exchange Commission (the “SEC”) annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, as well as proxy statements and annual reports to shareholders, and, from time to time, registration statements and other documents pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
These documents are available free of charge to investors on or through the Investor Information section of our website (https://investor.dollargeneral.com) as soon as reasonably practicable after we electronically file them with or furnish them to the SEC.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.