Dollar General Corp. DG,
share rose 0.7% in Thursday trading to the market after the discount trader reported second-quarter gains and sales that beat expectations. Net income jumped to $ 787.6 million, or $ 3.12 per share, from $ 426.6 million, to $ 1.65 per share, last year. The FactSet consensus was for $ 2.47 per share. Sales of $ 8.68 billion were up from $ 6.98 billion the previous year and well ahead of the FactSet outlook for $ 8.36 billion. Same-store sales were up 18.8%, also ahead of the FactSet consensus for a 14.9% rise. Dollar General reversed its share repurchase program during the quarter, buying back $ 602 million in common stock, leaving a total of $ 481 million. The company authorized an additional $ 2.0 billion on August 26. On August 25, the company declared a dividend of 36 cents per share to be paid on or before October 20 to record shareholders with effect from October 6. The company says it remains in high demand for COVID-19, with the same retail sales rising 15% from August 1 to August 25. Dollar General stock has gained nearly 31% for the year to date, while the S&P 500 index SPX,
is up 7.7% for the period.
.
