Dollar General Posts Profit Increase in 2Q, Names New President

GOODLETTSVILLE, Tenn. - Discount retailer Dollar General Corp. on Thursday reported a 41 percent rise in profit for the second quarter, attributed to 588 new stores and sales increases at its existing stores.

The company also named Lawrence V. Jackson, a former Safeway executive, as its new president and chief operating officer. Jackson will begin his new role Sept. 22, and will report to chairman and chief executive David A. Perdue.

Jackson, who formerly served as senior VP of supply operations at Safeway, fills jobs vacated in May by Don Shaffer. Before joining Safeway, Jackson was a longtime executive at Pepsi-Cola Co.

In its financial report, Dollar General said it earned $59.9 million, or 18 cents per share, for the three months ended Aug. 1, compared with $42.4 million, or 13 cents per share, a year ago.

Second-quarter sales were $1.65 billion, up from $1.45 billion a year earlier. The company credited 588 new stores and a sales increase of 4.7 percent at stores open at least a year for the jump.

Dollar General operates 6,479 stores in 27 states.
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