Updates Financial Guidance for Fiscal Year 2023
GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)-- Dollar General Corporation (NYSE: DG) announced Todd Vasos, current Board member and former Chief Executive Officer (CEO), has been appointed CEO effective today. Vasos, who previously served as Dollar General’s CEO from June 2015 to November 2022, has agreed to return to lead the Company for the foreseeable future. He will remain a member of the Board of Directors, a role he has held since 2015. Vasos succeeds Jeff Owen, whose separation from the Company and resignation from its Board is effective today.
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Todd Vasos (Photo: Business Wire)
“The Board has tremendous respect for Jeff and greatly appreciates his many contributions to the Company, especially during his long tenure leading our retail operations,” said Michael Calbert, Chairman of Dollar General’s Board of Directors. “However, at this time the Board has determined that a change in leadership is necessary to restore stability and confidence in the Company moving forward.”
“Dollar General has operated from a position of strength for nearly 85 years, and the Board believes Todd is the right leader to refocus the Company’s strategic direction and priorities to stabilize the business,” continued Calbert. “Since Todd’s retirement in April, he has remained active as a member of our Board and is acutely aware of the challenges facing our business and the industry more broadly. We are confident Todd’s deep expertise and familiarity with Dollar General, as well as the strong relationships and respect he has maintained with our executive team, will support a seamless transition.”
“I am honored to be rejoining Dollar General at this pivotal time for our Company,” said Vasos. “I look forward to getting back to work with the broader team as we strive to return to a position of operational excellence for our employees and customers and deliver sustainable long-term growth and value creation for our shareholders.”
During Vasos’ seven years as CEO, he led the Company through a period of significant transformation, accelerated growth and innovation. Under his leadership, Dollar General expanded its store base by approximately 7,000 stores, added nearly 60,000 net new jobs, increased annual sales revenue by more than 80%, and more than doubled its market capitalization to approximately $58 billion. DG was named to Fortune Magazine’s World’s Most Admired Companies List in 2020 and 2022; Forbes’ Top 25 Responders to Covid-19 Pandemic in 2020; Mass Market Retailers’ Retailer of the Year in 2019 and 2020 and recognized by the Human Rights Campaign Foundation’s Corporate Equality Index for its workplace inclusion efforts in 2020, 2021 and 2022. Vasos was named a Most Admired CEO by Nashville Business Journal in 2021.
Vasos joined Dollar General in 2008 as Executive Vice President, Division President and Chief Merchandising Officer and was promoted to Chief Operating Officer in 2013. He was named CEO and joined the Company’s Board in June 2015. His first tenure as CEO concluded in November 2022, at which time he transitioned to the role of Senior Advisor prior to his retirement from the Company in April 2023. Before joining Dollar General, Vasos served in leadership positions with Longs Drug Stores Corporation, Phar-Mor Food and Drug Inc., and Eckerd Corporation. Vasos has served as a director of KeyCorp since July 2020.
Fiscal Year 2023 Financial Guidance Update To reflect the Company’s year-to-date financial results through its fiscal period ended September 1, 2023, as well as its expectations for the remainder of the fiscal year, the Company is narrowing its outlook for fiscal year 2023, provided on August 31, 2023.
The Company now expects:
Forward-Looking Statements This press release contains forward-looking information within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act. Forward-looking statements include those regarding the Company’s outlook, strategy, initiatives, plans, intentions or beliefs, including, but not limited to, statements made within the quotations of Messrs. Calbert and Vasos and in the section entitled “Fiscal Year 2023 Financial Guidance Update.” A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “outlook,” “guidance,” “may,” “will,” “should,” “could,” “would,” “can,” “believe,” “anticipate,” “plan,” “project,” “expect,” “estimate,” “target,” “forecast,” “accelerate,” “predict,” “position,” “assume,” “opportunities,” “prospects,” “investments,” “intend,” “continue,” “future,” “beyond,” “ongoing,” “potential,” “long-term,” “near-term,” “goal,” “uncertainty,” “look forward,” “moving forward” “strive,” “looking ahead,” “subject to,” “committed,” “confident,” “focus on,” or “likely to,” and similar expressions that concern the Company’s outlook, strategies, plans, initiatives, intentions or beliefs about future occurrences or results. These matters involve risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those which the Company expected. Many of these statements are derived from the Company’s operating budgets and forecasts as of the date of this release, which are based on many detailed assumptions that the Company believes are reasonable. However, it is very difficult to predict the effect of known factors on future results, and the Company cannot anticipate all factors that could affect future results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors. Important factors that could cause actual results to differ materially from the expectations expressed in or implied by such forward-looking statements include, but are not limited to:
All forward-looking statements are qualified in their entirety by these and other cautionary statements that the Company makes from time to time in its SEC filings and public communications. The Company cannot assure the reader that it will realize the results or developments the Company anticipates or, even if substantially realized, that they will result in the consequences or affect the Company or its operations in the way the Company expects. Forward-looking statements speak only as of the date made. The Company undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements as a result of new information, future events or circumstances, or otherwise, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.
Investors should also be aware that while the Company does, from time to time, communicate with securities analysts and others, it is against the Company’s policy to disclose to them any material, nonpublic information or other confidential commercial information. Accordingly, shareholders should not assume that the Company agrees with any statement or report issued by any securities analyst regardless of the content of the statement or report. Furthermore, the Company has a policy against confirming projections, forecasts or opinions issued by others. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the Company’s responsibility.
About Dollar General CorporationDollar General Corporation (NYSE: DG) is proud to serve as America’s neighborhood general store. Founded in 1939, Dollar General lives its mission of Serving Others every day by providing access to affordable products and services for its customers, career opportunities for its employees, and literacy and education support for its hometown communities. As of August 4, 2023, the Company’s 19,488 Dollar General, DG Market, DGX and pOpshelf stores across the United States and Mi Súper Dollar General stores in Mexico provide everyday essentials including food, health and wellness products, cleaning and laundry supplies, self-care and beauty items, and seasonal décor from our high-quality private brands alongside many of the world’s most trusted brands such as Coca Cola, PepsiCo/Frito-Lay, General Mills, Hershey, J.M. Smucker, Kraft, Mars, Nestlé, Procter & Gamble and Unilever. Learn more at DollarGeneral.com.
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Source: Dollar General Corporation