GOODLETTSVILLE (AP) - Dollar General Corp. on Thursday reported a boost in second-quarter profit, topping Wall Street expectations on higher sales.
But its shares slipped in premarket trading as the higher revenue figure was still short of expectations.
The Goodlettsville, Tennessee-based company's profit rose 12.4 percent to $282.3 million, or 95 cents per share. Revenue rose 7.9 percent to $5.1 billion.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share, while eight analysts surveyed by Zack's expected slightly higher revenue of $5.14 billion.
Same-store sales rose 2.8 percent during the quarter, on increases in customer traffic and average transaction value. The remainder of the sales boost was attributable to new stores, the company said.
Dollar General expects full-year earnings to be $3.85 to $3.95 per share, with total sales rising between 8 percent and 9 percent. Analysts surveyed by FactSet expect revenue of $3.95 per share on revenue of $20.5 billion for the year.
The discount retailer has been under new leadership since June, when Todd Vasos replaced Rick Dreiling as CEO.
Dollar General shares fell $2.82, or 2.3 percent, to $74.89 in morning trading Thursday. It shares have 17 percent in the last 12 months.