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<SEC-DOCUMENT>0001157523-04-005251.txt : 20040527
<SEC-HEADER>0001157523-04-005251.hdr.sgml : 20040527
<ACCEPTANCE-DATETIME>20040527083609
ACCESSION NUMBER:		0001157523-04-005251
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040527
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20040527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOLLAR GENERAL CORP
		CENTRAL INDEX KEY:			0000029534
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		IRS NUMBER:				610502302
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11421
		FILM NUMBER:		04833629

	BUSINESS ADDRESS:	
		STREET 1:		100 MISSION RIDGE
		CITY:			GOODLETTSVILLE
		STATE:			TN
		ZIP:			37072
		BUSINESS PHONE:		6158554000

	MAIL ADDRESS:	
		STREET 1:		100 MISSION RIDGE
		CITY:			GOODLETTSVILLE
		STATE:			TN
		ZIP:			37072

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TURNER CAL
		DATE OF NAME CHANGE:	19710401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TURNER J L & SON INC
		DATE OF NAME CHANGE:	19710401
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a4650214.txt
<DESCRIPTION>DOLLAR GENERAL CORPORATION 8-K COMBO
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                _________________

                                    FORM 8-K

                                 Current Report
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


         Date of Report (Date of earliest event reported): May 27, 2004
                                                           -------------

                           Dollar General Corporation
- --------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


           Tennessee                    001-11421                61-0502302
- --------------------------------------------------------------------------------
 (State or Other Jurisdiction    (Commission File Number)     (I.R.S. Employer
       of Incorporation)                                     Identification No.)


             100 Mission Ridge
         Goodlettsville, Tennessee                                 37072
- --------------------------------------------------------------------------------
 (Address of Principal Executive Offices)                        (Zip Code)


       Registrant's telephone number, including area code: (615) 855-4000
                                                           --------------

<PAGE>

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

         (a) Financial Statements.     None.
         (b) Pro Forma Financial Information.  None.
         (c) Exhibits.  See Exhibit Index immediately following the signature
             page hereto.


ITEM 9.  REGULATION FD DISCLOSURE

On May 27,  2004,  Dollar  General  Corporation  (the  "Company")  issued a news
release  regarding  results of operations and financial  condition for the first
quarter ended April 30, 2004, and the conference call to be held to discuss such
results.  The news release is attached hereto as Exhibit 99 and  incorporated by
reference as if fully set forth herein.


ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The  information  set forth in Item 9 above is  incorporated  by reference as if
fully set forth herein.

<PAGE>

                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

Date:  May 27, 2004                DOLLAR GENERAL CORPORATION
       ------------

                                   By:    /s/ Susan S. Lanigan
                                          --------------------------------------
                                          Susan S. Lanigan
                                          Senior Vice President, General Counsel
                                          and Corporate Secretary


<PAGE>

                                  EXHIBIT INDEX

Exhibit No.                Description
- -----------                -----------

   99                      News release dated May 27, 2004.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a4650214ex99.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                      Exhibit 99

Financial and Media Contact:
Emma Jo Kauffman
(615) 855-5525


    Dollar General Reports Increased Earnings for the First Quarter of 2004

GOODLETTSVILLE, Tenn.--May 27, 2004--Dollar General Corporation (NYSE:DG) today
reported that net income for the first quarter of fiscal 2004 increased 12.5
percent to $67.8 million, or $0.20 per diluted share, compared with $60.3
million, or $0.18 per diluted share, in the first quarter of fiscal 2003.

Net sales during the first quarter of 2004 increased 11.4 percent to $1.75
billion from $1.57 billion in the first quarter of 2003. The increase resulted
primarily from 601 net new stores and a same-store sales increase of 3.0
percent.

Gross profit during the current year period was $512.3 million, or 29.3 percent
of sales, versus $451.9 million, or 28.8 percent of sales, during the comparable
period in the prior year. The improvement in gross margin is primarily the
result of a higher average markup on beginning inventories and inventories
purchased during the quarter, partially offset by increased markdowns.

Selling, general and administrative expenses ("SG&A") during the current year
period were $397.7 million, or 22.8 percent of sales, versus $349.0 million, or
22.2 percent of sales, during the comparable period in the prior year. The
increase in SG&A as a percent to sales is primarily the result of expenses
related to the Company's 2004 store work-flow project, increases in the cost of
workers' compensation and other insurance programs, and increases in store
occupancy costs primarily due to increased rental expense on the Company's
leased facilities.

Net interest expense during the current year period was $6.4 million versus $9.4
million in the prior year. The Company's effective tax rate was 37.2 percent in
the current year period versus 35.5 percent in the comparable prior year period.
The increase in the Company's tax rate in the current year period is due in part
to the expiration of certain federal jobs tax credits. The tax rate in the first
quarter of 2003 was lower than normal due to a $0.8 million adjustment to state
income tax valuation reserves resulting from a tax law change.

Merchandise inventories at April 30, 2004 increased 6.4 percent over the prior
year quarter end, while inventory turns increased to 4.0 times in 2004 versus
3.9 times in 2003.

As of April 30, 2004, the Company had cash and cash equivalents of $256.9
million and total debt, including current portions, of $278.5 million, resulting
in a net debt position of $21.6 million at the end of the current year quarter
compared to a net debt position of $266.6 million as of May 2, 2003 and a net
cash position of $116.3 million as of January 30, 2004. The change from January
30, 2004 to April 30, 2004 is primarily due to repurchases of the Company's
common stock during the quarter.

During the current year quarter, the Company repurchased approximately 8.1
million shares of its common stock at a total cost of $152.6 million. The
Company has repurchased a total of approximately 10.5 million shares to date,
including 0.9 million shares purchased after April 30, 2004 with respect to its
12 million share repurchase authorization which expires on March 13, 2005.

Non-GAAP Disclosures
- --------------------

The tables accompanying this release include certain financial information not
derived in accordance with generally accepted accounting principles ("GAAP"),
including return on invested capital and return on assets, each of which is
calculated using certain financial results that exclude restatement-related
items. In addition, return on invested capital may be considered a non-GAAP
financial measure. None of this information should be considered a substitute
for any measures derived in accordance with GAAP. The Company has included its
calculation of return on invested capital and reconciliations of these non-GAAP
financial measures to the most comparable GAAP financial measures in the
accompanying schedules. The reasons why management believes this information is
useful to investors, and the additional purposes for which management uses this
information are disclosed in the Company's Form 10-K filed with the SEC on March
16, 2004.

Conference Call
- ---------------

The Company will host a conference call today at 10 a.m. EDT to discuss the
quarter's results. The security code for the conference call is "Dollar
General." If you wish to participate, please call (334) 260-2280 at least 10
minutes before the conference call is scheduled to begin. The call will also be
broadcast live online at www.dollargeneral.com. A replay of the conference call
will be available until 5 p.m. EDT on Thursday, June 10, online or by calling
(334) 323-7226. The access code for the replay is 40954 and the pass code is
86362.

About Dollar General
- --------------------

Dollar General is a Fortune 500(R) discount retailer with 6,930 neighborhood
stores as of April 30, 2004. Dollar General stores offer convenience and value
to customers by offering consumable basic items that are frequently used and
replenished, such as food, snacks, health and beauty aids and cleaning supplies,
as well as a selection of basic apparel, housewares and seasonal items at
everyday low prices. The Company store support center is located in
Goodlettsville, Tennessee. Dollar General's Web site can be reached at
www.dollargeneral.com.
- ---------------------


             DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
                     Consolidated Balance Sheets
                        (Dollars in thousands)


                                    April 30,    May 2,    January 30,
                                      2004        2003        2004
                                    ----------  ----------  ----------
                                   (Unaudited) (Unaudited)
ASSETS
Current assets:
 Cash and cash equivalents         $  256,883  $   75,946  $  398,278
 Merchandise inventories            1,277,185   1,200,701   1,157,141
 Deferred income taxes                 21,852      26,664      30,413
 Other current assets                  73,738      52,080      66,383
- ----------------------------------------------------------------------
 Total current assets               1,629,658   1,355,391   1,652,215
- ----------------------------------------------------------------------

Property and equipment, at cost     1,775,496   1,606,447   1,709,722
Less:  accumulated depreciation       757,849     618,336     720,498
- ----------------------------------------------------------------------
Net property and equipment          1,017,647     988,111     989,224
- ----------------------------------------------------------------------
Other assets, net                      26,464      12,465      11,270
- ----------------------------------------------------------------------
Total assets                       $2,673,769  $2,355,967  $2,652,709
======================================================================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
 Current portion of long-term
  obligations                      $   16,880  $   16,560  $   16,670
 Accounts payable                     510,187     357,224     383,791
 Accrued expenses and other           288,028     230,288     297,616
 Income taxes payable                  38,322      36,536      45,725
- ----------------------------------------------------------------------
 Total current liabilities            853,417     640,608     743,802
- ----------------------------------------------------------------------

Long-term obligations                 261,621     326,028     265,337
Deferred income taxes                  70,648      51,584      66,650

Shareholders' equity:
 Preferred stock                            -           -           -
 Common stock                         164,354     166,762     168,095
 Additional paid-in capital           386,158     314,973     376,930
 Retained earnings                    943,404     860,879   1,037,409
 Accumulated other comprehensive
  income                               (1,108)     (1,311)     (1,161)
- ----------------------------------------------------------------------
                                    1,492,808   1,341,303   1,581,273
 Other shareholders' equity            (4,725)     (3,556)     (4,353)
- ----------------------------------------------------------------------
 Total shareholders' equity         1,488,083   1,337,747   1,576,920
- ----------------------------------------------------------------------
Total liabilities and
 shareholders' equity              $2,673,769  $2,355,967  $2,652,709
======================================================================




             DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
                  Consolidated Statements of Income
           (Dollars in thousands, except per share amounts)
                             (Unaudited)


                                   For the Quarter (13 Weeks) Ended
                               ---------------------------------------
                                            % of                % of
                                April 30,    Net     May 2,      Net
                                  2004      Sales     2003      Sales
                               ----------- ------- ----------- -------
Net Sales                      $1,747,959  100.00% $1,569,064  100.00%
Cost of goods sold              1,235,709   70.69   1,117,158   71.20
- ----------------------------------------------------------------------
Gross profit                      512,250   29.31     451,906   28.80
Selling, general and
 administrative                   397,700   22.75     348,955   22.24
- ----------------------------------------------------------------------
Operating profit                  114,550    6.55     102,951    6.56
Interest expense, net               6,442    0.37       9,411    0.60
- ----------------------------------------------------------------------
Income before taxes on income     108,108    6.18      93,540    5.96
Provisions for taxes on income     40,259    2.30      33,208    2.12
- ----------------------------------------------------------------------
Net income                     $   67,849    3.88% $   60,332    3.85%
======================================================================

Diluted earnings per share     $     0.20          $     0.18
==========================================         ===========
Weighted average diluted shares
 (000s)                           337,257             334,597
==========================================         ===========
Basic earnings per share       $     0.20          $     0.18
==========================================         ===========
Weighted average basic shares
 (000s)                           334,109             333,243
==========================================         ===========
Dividends per share            $    0.040          $    0.035
==========================================         ===========




             DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
                Consolidated Statements of Cash Flows
                        (Dollars in thousands)
                             (Unaudited)


                                                   For the Quarter
                                                   (13 Weeks) Ended
                                                 ---------------------
                                                  April 30,   May 2,
                                                    2004       2003
                                                 ---------- ----------
Cash flows from operating activities:
 Net income                                       $ 67,849   $ 60,332
 Adjustments to reconcile net income to net cash
   provided by operating activities:
  Depreciation and amortization                     39,636     36,756
  Deferred income taxes                             12,559      8,500
  Tax benefit from stock option exercises            2,172        224
  Change in operating assets and liabilities:
   Merchandise inventories                        (120,044)   (77,670)
   Other current assets                             (7,355)    (6,381)
   Accounts payable                                 90,906     15,921
   Accrued expenses and other                       (9,175)    (9,198)
   Income taxes                                     (7,422)   (30,555)
   Other                                           (15,512)     1,763
- ----------------------------------------------------------------------
Net cash provided by (used in) operating
 activities                                         53,614       (308)
- ----------------------------------------------------------------------

Cash flows from investing activities:
 Purchase of property and equipment                (51,060)   (30,129)
 Proceeds from sale of property and equipment           29         66
- ----------------------------------------------------------------------
Net cash used in investing activities              (51,031)   (30,063)
- ----------------------------------------------------------------------

Cash flows from financing activities:
 Repayments of long-term obligations                (4,063)    (4,086)
 Payment of cash dividends                         (13,319)   (11,673)
 Proceeds from exercise of stock options             6,546        694
 Repurchase of common stock                       (133,589)         -
 Other financing activities                            447         64
- ----------------------------------------------------------------------
Net cash used in financing activities             (143,978)   (15,001)
- ----------------------------------------------------------------------

Net decrease in cash and cash equivalents         (141,395)   (45,372)
Cash and cash equivalents, beginning of period     398,278    121,318
- ----------------------------------------------------------------------
Cash and cash equivalents, end of period          $256,883   $ 75,946
======================================================================

Supplemental schedule of noncash investing and
 financing activities:
Repurchases of common stock included in accounts
 payable                                          $ 18,996   $      -
Purchases of property and equipment awaiting
 processing for payment, included in accounts
 payable                                          $ 16,494   $      -
Purchases of property and equipment under
 capital lease obligations                        $    550   $    117
======================================================================




             DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
                   Selected Additional Information
                             (Unaudited)

                   Sales by Category (in thousands)
                   --------------------------------

                                        13 Weeks Ended
                         --------------------------------------------
                           April 30,        May 2,           %
                             2004            2003          Change
                         -------------- -------------- --------------
Highly consumable           $1,114,394       $990,030           12.6%
Seasonal                       260,438        237,119            9.8%
Home products                  214,773        199,469            7.7%
Basic clothing                 158,354        142,446           11.2%
                         -------------- -------------- --------------
  Total sales               $1,747,959     $1,569,064           11.4%
                         ============== ============== ==============



                          New Store Activity
                          ------------------

                                               13 Weeks Ended
                                      ---------------- ---------------
                                       April 30, 2004    May 2, 2003
                                      ---------------- ---------------

Beginning store count                      6,700           6,113
New store openings                          244             223
Store closings                              14               7
Net new stores                              230             216
Ending store count                         6,930           6,329
Total selling square footage (000's)      47,004           42,761



                                           Customer Transaction Data
                                           -------------------------

                                                13 Weeks Ended
                                         -----------------------------
                                         April 30, 2004  May 2, 2003
                                         -------------- --------------

Same-store customer transactions                  +3.6%          +3.5%
Average customer purchase
 (total stores)                            $      8.41    $      8.42




             DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
                         Non-GAAP Disclosures
                    Return on Invested Capital (a)
                             (Unaudited)

                                           For the four quarters ended
                                           ---------------------------
                                             April 30,      May 2,
($ in thousands)                               2004          2003
                                           ------------- -------------

 Net income                                  $  308,517    $  279,350
 Add:
  Interest expense, net                          28,534        41,618
  Rent expense                                  256,930       224,214
  Tax effect of interest and rent              (107,302)      (95,359)
                                           ------------- -------------
  Interest and rent, net of tax                 178,162       170,473
                                           ------------- -------------

 Return, net of tax                          $  486,679    $  449,823
                                           ------------- -------------

 Restatement-related items:
  Penalty and litigation settlement
   proceeds                                      10,000       (29,541)
  Restatement-related items in SG&A                 628         1,405
  Tax effect                                       (255)       10,905
                                           ------------- -------------
    Restatement-related items, net of tax        10,373       (17,231)
                                           ------------- -------------

 Return excluding restatement-related items  $  497,052    $  432,592
                                           ------------- -------------

 Average Invested Capital:
  Average long-term obligations (b)          $  295,625    $  492,253
  Shareholders' equity (c)                    1,461,311     1,207,236
  Average rent x 8 (d)                        1,924,571     1,655,648
                                           ------------- -------------
  Invested capital                           $3,681,507    $3,355,137
                                           ------------- -------------


 Return on invested capital                        13.2%         13.4%
                                           ============= =============
 Return on invested capital, excluding
  restatement-related items                        13.5%         12.9%
                                           ============= =============


(a)  The Company believes that the most directly comparable ratio
     calculated solely using GAAP measures is the ratio of net income
     to the sum of average long-term obligations, including current
     portion, and average shareholders' equity. This ratio was 17.6%
     and 17.5% for rolling four quarters ended April 30, 2004 and May
     2, 2003, respectively.

(b)  Average long-term obligations is equal to the average long-term
     obligations, including current portion, measured at the end of
     each of the last five fiscal quarters.

(c)  Average shareholders' equity is equal to the average
     shareholders' equity measured at the end of each of the last five
     fiscal quarters.

(d)  Average rent expense is computed using a rolling two-year period.
     Average rent expense is multiplied by a factor of eight to
     capitalize operating leases in the determination of pretax
     invested capital. This is a conventional methodology utilized by
     credit rating agencies and investment bankers.



             DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
                         Non-GAAP Disclosures
                           Return on Assets
                             (Unaudited)

                                           For the four quarters ended
                                           ---------------------------
                                             April 30,       May 2,
($ in thousands)                               2004           2003
                                           ------------- -------------

 Net income                                  $  308,517    $  279,350
 Restatement-related items, net of tax           10,373       (17,231)
                                           ------------- -------------
 Net income, excluding restatement-related
  items                                      $  318,890    $  262,119
                                           ------------- -------------

 Average assets (a)                          $2,527,404    $2,390,849
                                           ------------- -------------

 Return on assets                                  12.2%         11.7%
                                           ============= =============
 Return on assets, excluding restatement-
  related items                                    12.6%         11.0%
                                           ============= =============



(a) Average assets is equal to the average total assets measured at
    the end of each of the last five fiscal quarters.



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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