GOODLETTSVILLE, Tenn. — Dollar General Corp. turned in another stellar performance in fiscal 2022, reporting double-digit top-line growth that narrowly missed Wall Street’s expectations. Looking ahead to fiscal 2023, management unveiled aggressive growth plans that call for more than 1,000 new store openings.

Last year marked a major leadership transition for the nation’s leading small-box discounter, as Todd Vasos stepped down as chief executive officer, handing the reins to Jeff Owen. The transition had been announced last July and took effect November 1, with Vasos assuming a senior advisory position that he is expected to relinquish on April 1, when he retires from the company. He will continue to serve on the board of directors and is expected to enter into a two-year consulting agreement with the retailer.

“We’ve made significant progress advancing our operating priorities and strategic initiatives in fiscal 2022, including executing nearly 3,000 real estate projects, completing the rollout of our nonconsumables initiative, nearly tripling our pOpshelf store count, more than doubling the size of our private tractor fleet and opening three new distribution centers,” Owen said in a statement. “As a result, we believe we are well positioned to continue serving our customers with our unique combination of value and convenience.”

Owen added that plans for fiscal 2023 include continued investment in strategic initiatives and an incremental investment in the store fleet of about $100 million. “This investment will primarily consist of incremental labor hours to support our expectations regarding consistent store standards while further enhancing the associate and customer experience,” Owen explained during a conference call. “In turn, we believe this investment will position us to drive greater on-shelf availability and capture additional market share while amplifying the potential of our initiatives and ensuring our readiness for our growing customer base.”

The company reiterated its previously announced plans to carry out 3,170 store projects, including 1,050 store openings, 2,000 remodels and 120 relocations. Management also confirmed its prior projection of net sales growth of 5.5% to 6%, including an expected negative impact of about 2 percentage points due to lapping the 53rd week of fiscal 2022; same-store sales growth of 3% to 3.5%; and diluted earnings per share growth of about 4% to 6%.

Fiscal 2022 saw Dollar General post a 10.6% increase in sales to $37.84 billion. Fiscal 2022 included an additional 53rd week that contributed $678.1 million in sales. Same-store sales (which do not include the 53rd week) grew 4.3%, fueled by a higher average transaction that was partially offset by a slight drop in customer traffic.

During the year, consumables sales jumped 14.8% to $30.2 million, or 80% of the total top line. Sales of seasonal items were flat at $4.2 million, while home products inched up 0.4% to $2.3 million. Apparel, however, decreased 19.4% to $1.12 million.

Taking a closer look at operating results, gross margin dipped 37 basis points to 31.23%, mainly due to a higher LIFO provision that was driven by high product costs; a greater proportion of sales generated by lower-margin consumables; and higher inventory markdowns, damage and shrink, all of which was partially offset by higher inventory markups and improved transportation costs. Operating profit consequently advanced 3.3% to $3.33 billion for the year.

Net income for the year edged up 0.7% to $42.32 billion, or $10.68 per diluted share, but jumped 10.3% to $659.1 million, or $2.96 per diluted share, in the 14-week fourth quarter. Net sales, meanwhile, vaulted 17.9% to $10.2 billion as same-store sales gained 5.7%.

The earnings performance exceeded the Zacks Equity Research consensus estimate of $2.94 per share, but the top line fell short of analysts’ projection of $10.24 billion.

Gross margin for the quarter fell 35 basis points to 30.86% due to the factors singled out above, but operating profit still leapt 17.1% to $933.2 million.

“Our fourth quarter sales results were strong, although below our expectations, and we are pleased with continued market share gains in both consumables and nonconsumables, as well as continued growth with new and existing customers,” Owen said.