Goodletsville-based Dollar General is reporting profits up more than three times over the second quarter of last year. The spike precedes a possible initial public offering of stock for the privately held company.
Sales for the discount retailer hit $2.9 billion in the second quarter, up 11%. Net income approached $94 million which is a 237% jump over the same period last year.
A special stock dividend will cut into Dollar General’s strong quarterly earnings with $239 million going to shareholders this week.
In a written statement, CEO Rick Dreiling says lower expenses helped boost profits. Because the company is planning to go public again, executives are restricted from talking with the media.
Dollar General continues to expand with plans to open 500 new stores and remodel or relocate 450 this year.
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