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Dollar General sets sales, profit record in 2010

Goodlettsville, Tenn. – Dollar General Corp. reported record sales, operating profit and net income for both the fourth quarter and the full 2010 fiscal year.

Full-year net income rose 85.3% to $627.9 million, or $1.82 per diluted share, as sales increased 10.5% to $13.04 billion. Same-store sales expanded 4.9%. Operating profit, meanwhile, gained 33.6% to $1.27 billion.

Looking ahead to the current year, Dollar General management expects sales to grow 11% to 13%, including the benefit of an extra, or 53rd, week. Same-store sales, however, are projected to increase between 3% and 5%. Diluted earnings per share are estimated to range between $2.20 and $2.30, based on 346 million weighted average diluted shares.

"We are off to a strong start in 2011," said chairman and chief executive officer Rick Dreiling in a statement. "Even in a challenging macroeconomic environment, we expect to deliver strong financial performance in 2011."