Dollar General (DG) is getting a boost on reports that the retailer is bucking the trend of closures, and will open 900 stores in fiscal 2018.
|DG||DOLLAR GENERAL CORP.||224.42||+0.99||+0.44%|
In releasing its fourth quarter and fiscal year 2017 results, Dollar General announced that it plans to open 900 new stores in 2018, remodel 1,000 stores and relocate 100 stores.
This follows the company opening 1,315 new stores and executing 2,079 real estate projects in 2017.
While retailers have been struggling as shoppers opt to make their purchases online rather than visit traditional, brick-and-mortar shops. Retailers that have announced store closures include Abercrombie & Fitch, Toys ‘R’ Us, CVS and Sears/Kmart to name a few.
But, there are bright spots. On Monday, Ross Stores (ROST) announced its plans to add about 100 new stores in fiscal 2018.
Back to Dollar General, the company’s same-store sales increased 3.3% in the quarter and 2.7% annually. The company earned $1.48 per share, adjusted, in the quarter – in line with expectations. Full-year adjusted earnings per share of $4.49 just missed the average analyst forecast for $4.51.