Dollar General · Earnings release · 8-K Exhibit 99

Dollar General Corporation

Reports Strong Fourth Quarter and Fiscal Year 2025 Results

Provides Financial Guidance

GOODLETTSVILLE,

Tenn.--(BUSINESS WIRE)--Dollar General Corporation (NYSE: DG) today reported financial results for its fourth quarter (13 weeks)

·

Fourth Quarter Net Sales Increased 5.9% to $10.9 Billion; Fiscal Year Net Sales Increased 5.2% to $42.7 Billion

·

Fourth Quarter Same-Store Sales Increased 4.3%; Fiscal Year Same-Store Sales Increased 3.0%

·

Fourth Quarter Operating Profit Increased 106.1% to $606.3 Million; Fiscal Year Operating Profit Increased 28.6% to $2.2 Billion

·

Fourth Quarter Diluted Earnings Per Share (“EPS”) Increased 121.8% to $1.93; Fiscal Year Diluted EPS Increased 34.1% to $6.85

·

Annual Cash Flow From Operations Increased 21.3% to $3.6 Billion

·

Board of Directors Declares Quarterly Cash Dividend of $0.59 per share

“We are pleased with our strong fourth quarter and fiscal year

results, and I want to thank our employees for their unwavering commitment to Serving Others,” said Todd Vasos, Dollar General’s

chief executive officer. “Our fourth quarter performance was highlighted by a 4.3% increase in same-store sales and continued advancement

of our key initiatives, which contributed to strong operating margin expansion and EPS growth that well exceeded our expectations. Overall,

this momentum reflects the progress we’ve made with our strategy and the continued relevance of our unique combination of value

and convenience, particularly in the thousands of rural communities we serve.”

“Looking ahead to 2026, we are excited about our plans to drive

continued growth through a variety of initiatives designed to further enhance the customer experience, elevate our brand, drive greater

enterprise-wide efficiencies, and extend our reach, all while creating long-term shareholder value.”

Fourth Quarter Fiscal 2025 Highlights

Net sales increased 5.9% to $10.9 billion in the fourth quarter of

fiscal 2025 compared to $10.3 billion in the fourth quarter of fiscal 2024. The net sales increase was driven by growth in same-store

sales and positive sales contributions from new stores, partially offset by the impact of store closures. T1Same-store sales increased 4.3%

compared to the fourth quarter of 2024, reflecting increases of 2.6% in customer traffic and 1.7% in average transaction amount. Same-store

sales in the fourth quarter of fiscal 2025 included growth in each of the consumables, seasonal, home products, and apparel categories.

Gross profit as a percentage of net sales was 30.4% in the fourth quarter

of fiscal 2025 compared to 29.4% in the fourth quarter of fiscal 2024, an increase of 105 basis points. This T2gross profit rate increase

was driven primarily by lower shrink, higher inventory markups and lower inventory damages; partially offset by an increased LIFO provision.

Selling, General and Administrative Expenses (“SG&A”)

as a percentage of net sales were 24.9% in the fourth quarter of fiscal 2025 compared to 26.5% in the fourth quarter of fiscal 2024, a

decrease of 165 basis points. The primary expenses that were lower as a percentage of net sales in the fourth quarter of 2025 were impairment

charges, primarily due to the store portfolio optimization review completed in fiscal 2024, and retail salaries; partially offset by higher

incentive compensation.

T3Operating profit for the fourth quarter of fiscal 2025 increased 106.1%

to $606.3 million compared to $294.2 million in the fourth quarter of fiscal 2024. In the fourth quarter of fiscal 2024, the Company’s

operating profit was negatively impacted by charges of $232 million related to a store portfolio optimization review, primarily due to

store closures and pOpshelf impairment charges.

Net interest expense for the fourth quarter of fiscal 2025 decreased

The effective income tax rate in the fourth quarter of fiscal 2025

was 21.8% compared to 16.2% in the fourth quarter of fiscal 2024. This higher effective income tax rate was primarily due to a higher

state effective tax rate and a decreased benefit from jobs-based tax credits due to higher earnings before taxes diluting the rate impact

of the credits.

The Company reported net income of $426.3 million for the fourth quarter

of fiscal 2025, an increase of 122.9% compared to $191.2 million in the fourth quarter of fiscal 2024. Diluted EPS increased 121.8% to

$1.93 for the fourth quarter of fiscal 2025 compared to diluted EPS of $0.87 in the fourth quarter of fiscal 2024. In the fourth quarter

of fiscal 2024, EPS included a negative impact of approximately $0.81 per share related to the store portfolio optimization review.

Fiscal Year 2025 Highlights

billion in fiscal 2024. The net sales increase was driven by growth in same-store sales and positive sales contributions from new stores,

partially offset by the impact of store closures. Same-store sales increased 3.0% compared to fiscal 2024, reflecting increases of 1.6%

in customer traffic and 1.4% in average transaction amount. Same-store sales in fiscal 2025 included growth in each of the consumables,

seasonal, home products, and apparel categories.

Gross profit as a percentage of net sales was 30.7% in fiscal 2025

compared to 29.6% in fiscal 2024, an increase of 107 basis points. The increase in the gross profit rate was driven primarily by lower

shrink, higher inventory markups and lower inventory damages, partially offset by an increased LIFO provision.

SG&A as a percentage of net sales were 25.5% in fiscal 2025 compared

to 25.4% in fiscal 2024, an increase of 13 basis points. The primary expenses that were higher as a percentage of net sales in 2025 were

incentive compensation and repairs and maintenance, partially offset by lower impairment charges primarily due to the store portfolio

optimization review completed in fiscal 2024.

Operating profit for fiscal 2025 increased 28.6% to $2.2 billion compared

to $1.7 billion in fiscal 2024. In fiscal 2024, the Company’s operating profit was negatively impacted by charges of $232 million

related to a store portfolio optimization review, primarily due to store closures and pOpshelf impairment charges.

Net interest expense for fiscal 2025 decreased 15.9% to $231 million

The effective income tax rate in fiscal 2025 was 23.0% compared to

21.8% in fiscal 2024. This higher effective income tax rate was primarily due to a higher state effective tax rate, enactment of Pillar

Two minimum tax, and a decreased benefit from jobs-based tax credits due to higher earnings before taxes diluting the rate impact of the

credits.

The Company reported net income of $1.5 billion for fiscal 2025, an

increase of 34.4% compared to $1.1 billion in fiscal 2024. Diluted EPS increased 34.1% to $6.85 for fiscal 2025 compared to diluted EPS

of $5.11 in fiscal year 2024. In fiscal 2024, EPS included a negative impact of approximately $0.81 per share related to the store portfolio

optimization review.

Merchandise Inventories

As of January 30, 2026, T4total merchandise inventories, at cost,

were $6.3 billion compared to $6.7 billion as of January 31, 2025, a decrease of 7.0% on an average per-store basis.

Capital Expenditures

Total additions to property and equipment in fiscal 2025 were $1.2

billion, including approximately: $732.0 million for improvements, upgrades, remodels and relocations of existing stores; $215.3 million

for distribution and transportation-related projects; $203.5 million related to store facilities, primarily for leasehold improvements,

fixtures and equipment in new stores; and $64.4 million for information systems upgrades and technology-related projects. During fiscal

2025, T5the Company opened 581 new stores in the United States and 8 new stores in Mexico, remodeled 2,000 stores through Project Renovate

and 2,254 stores through Project Elevate, and relocated 47 stores.

Share Repurchases

In fiscal 2025, as planned, the Company did not repurchase any shares

under its share repurchase program.

Dividend

On March 11, 2026, the Company’s Board of Directors declared

a quarterly cash dividend of $0.59 per share on the Company’s common stock, payable on or before April 21, 2026 to shareholders

of record on April 7, 2026. While the Board of Directors currently intends to continue regular cash dividends, the declaration and

amount of future dividends are subject to the sole discretion of the Board and will depend upon, among other things, the Company’s

results of operations, cash requirements, financial condition, contractual restrictions, excess debt capacity, and other factors the Board

may deem relevant in its sole discretion.

Fiscal Year 2026 Financial Guidance and Store Growth Outlook

The Company expects the following for fiscal year ending January 29,

·

G1Net sales growth in the range of approximately 3.7% to 4.2%

·

G2Same-store sales growth in the range of approximately 2.2% to 2.7%

·

G3Diluted EPS in the range of approximately $7.10 to $7.35

o

Diluted EPS guidance assumes an effective tax rate of approximately

o

T6Diluted EPS guidance assumes a negative impact of approximately $0.13

due to the expiration of the Work Opportunity Tax Credit on December 31, 2025

·

G4Capital expenditures, including those related to investments in the Company’s strategic initiatives, in the range of $1.4 billion to $1.5 billion

The Company is also G5reiterating its plans to execute approximately

4,730 real estate projects in fiscal 2026, G6including opening approximately 450 new stores in the United States G7and approximately 10 new

stores in Mexico, G8remodeling approximately 2,000 stores through Project Renovate, G9remodeling approximately 2,250 stores through Project

Elevate, G10and relocating approximately 20 stores.

T7The Company’s financial guidance assumes no share repurchases

Long-Term Financial Framework

The Company’s long-term financial framework, introduced on March 13,

2025, targets the following metrics:

Key Metric

Annual Goal

Net Sales Growth

Approximately 3.5% - 4%

Same-Store Sales Growth

Approximately 2% - 3%

Operating Margin*(1)

Approximately 6% - 7%

Diluted Earnings Per Share Growth*

New Unit Growth

Approximately 2%

Capital Expenditures

Approximately 3% of Net Sales

* On an adjusted basis, when applicable

Conference Call Information

The Company will hold a conference call on March 12, 2026 at 8:00

a.m. CT/9:00 a.m. ET, hosted by Todd Vasos, chief executive officer, and Donny Lau, chief financial officer. To participate

via telephone, please call (877) 407-0890 at least 10 minutes before the conference call is scheduled to begin. The conference ID is 13758196.

There will also be a live webcast of the call available at https://investor.dollargeneral.com under “News & Events, Events &

Presentations.” A replay of the conference call will be available through April 9, 2026, and will be accessible via webcast

replay or by calling (877) 660-6853. The conference ID for the telephonic replay is 13758196.

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 quotation of Mr. Vasos, and in the sections entitled “Dividend,” “Fiscal Year 2026 Financial Guidance

and Store Growth Outlook,” and “Long-Term Financial Framework.”

A reader can identify forward-looking statements because they are not

limited to historical fact or they use words such as “accelerate,” “aim,” “anticipate,” “assume,” “believe,” “beyond,” “can,” “committed,” “confident,” “continue,” “could,” “drive,” “estimate,” “expect,” “focus on,” “forecast,” “future,” “goal,” “guidance,” “intend,” “investments,” “likely,” “long-term,” “looking ahead,” “look to,” “may,” “model,” “moving toward,” “near-term,” “ongoing,” “opportunities,” “outcome,” “outlook,” “plan,” “position,” “potential,” “predict,” “project,” “prospects,” “seek,” “should,” “subject to,” “target,” “uncertain,” “well-positioned,” “will,” “would,” or “years ahead,” and similar expressions that concern the Company’s outlook, long-term financial

framework, 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 and estimates 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:

·

economic factors, including but not limited to employment levels; inflation (and the Company’s ability to adjust prices sufficiently to offset the effect of inflation); pandemics; higher fuel, energy, healthcare, housing and product costs; higher interest rates, consumer debt levels, and tax rates; lack of available credit; tax law changes that negatively affect credits and refunds; decreases in, or elimination of, government assistance programs or subsidies such as unemployment and food/nutrition assistance programs, student loan repayment forgiveness and economic stimulus payments; commodity rates; transportation, lease and insurance costs; wage rates (including the possibility of increased federal, and further increased state and/or local minimum wage rates/salary levels); foreign exchange rate fluctuations; T8measures that create barriers to or increase the costs of international trade (including sustained higher import duties or tariffs on both products that we sell and those that we use in our business); the dynamic and uncertain tariff environment (including its impact on our profitability and on our customers’ response to price increases); and changes in laws and regulations and their effect on, as applicable, customer spending, confidence and disposable income, the Company’s ability to execute its strategies and initiatives, the Company’s cost of goods sold, the Company’s SG&A expenses (including real estate and building costs), and the Company’s sales and profitability;

·

failure to achieve or sustain the Company’s strategies, initiatives and investments, including those relating to merchandising (including those related to non-consumable products), real estate and new store development, mature stores and store remodels (including Project Elevate), international expansion, store formats and concepts, digital, marketing, shrink, damages, sourcing, private brand, inventory management, supply chain, private fleet, store operations, expense reduction, technology, pOpshelf, and DG Media Network;

·

competitive pressures and changes in the competitive environment

and the geographic and product markets where the Company operates, including, but not limited to, pricing, promotional activity, expanded

availability of mobile, web-based and other digital technologies, and alliances or other business combinations;

·

failure to timely and cost-effectively execute the Company’s

real estate projects and timely meet its financial expectations, or to anticipate or successfully address the challenges imposed by the

Company’s expansion, including into new countries or domestic markets, states, or urban or suburban areas;

·

levels of inventory shrinkage and damages;

·

failure to successfully manage inventory balances and in-stock

levels, as well as to predict customer trends, spending levels, or price sensitivity;

·

failure to maintain the security of the Company’s business,

customer, employee or vendor information or to comply with privacy laws, or the Company or one of its vendors falling victim to a cyberattack

(which risk is heightened as a result of political uncertainty involving China, the conflict between Russia and Ukraine and the conflict

in the Middle East) that prevents the Company from operating all or a portion of its business;

·

damage or interruption to the Company’s information

systems as a result of external factors, staffing shortages or challenges in maintaining or updating the Company’s existing technology

or developing, implementing or integrating new technology (including artificial intelligence);

·

a significant disruption to the Company’s distribution

network, the capacity of the Company’s distribution centers or the timely receipt of inventory; increased fuel or transportation

costs; issues related to supply chain disruptions or seasonal buying pattern disruptions; or delays in constructing, opening or staffing

new distribution centers (including temperature-controlled distribution centers);

·

risks and challenges associated with sourcing merchandise

from suppliers, including, but not limited to, those related to international trade (for example, increasing tariffs on imported goods,

political uncertainty involving China, disruptive political events such as the conflict between Russia and Ukraine and the conflict in

the Middle East, the dynamic and uncertain tariff environment, and port labor disputes/agreements);

·

natural disasters, unusual weather conditions (whether or

not caused by climate change), pandemic outbreaks or other health crises, political or civil unrest, acts of war, violence or terrorism,

and disruptive global political events (for example, political uncertainty involving China, the conflict between Russia and Ukraine and

the conflict in the Middle East);

·

product liability, product recall or product safety, labeling

or other product-related claims;

·

incurrence of material uninsured losses, excessive insurance

costs or accident costs;

·

failure to attract, develop and retain qualified employees

while controlling labor costs (including the possibility of increased federal, and further increased state and/or local minimum wage

rates/salary levels), and other labor issues, including employee expectations and productivity and employee safety issues;

·

loss of key personnel or inability to hire additional qualified

personnel, ability to successfully execute management transitions within the Company’s senior leadership, or inability to enforce

non-compete agreements that we have in place with management personnel or enter into new non-compete agreements;

·

risks associated with the Company’s private brands,

including, but not limited to, the Company’s level of success in improving their gross profit rate at expected levels;

·

failure to protect the Company’s reputation;

·

seasonality of the Company’s business;

·

reliance on third parties in many aspects of the Company’s

business;

·

deterioration in market conditions, including market disruptions,

adverse conditions in the financial markets including financial institution failures, limited liquidity and interest rate increases,

changes in the Company’s credit profile (including the Company’s current increased debt levels or any downgrade to the Company’s

credit ratings), compliance with covenants and restrictions under the Company’s debt agreements, and the amount of the Company’s

available excess capital;

·

impact of market and other factors on the volatility of the

Company’s common stock price;

·

the impact of changes in or noncompliance with governmental

regulations and requirements, including, but not limited to, those dealing with the sale of products, including without limitation, product

and food safety, marketing, labeling or pricing; information security and privacy; labor and employment; employee wages, salary levels

and benefits (including the possibility of increased federal, and further increased state and/or local minimum wage rates/salary levels);

health and safety; real property; public accommodations; imports and customs; transportation; intellectual property; bribery and anti-corruption;

climate change; and environmental compliance (including any required public disclosures related thereto), as well as tax laws and policies

(including those related to the federal, state or foreign corporate tax rate), the interpretation of existing tax laws, the expiration

of the Work Opportunity Tax Credit, or the Company’s failure to sustain its reporting positions negatively affecting the Company’s

overall effective tax rate, and uncertainty surrounding potential changes to the regulatory environment under the current U.S. administration;

·

developments in or outcomes of private actions, class actions,

multi-district litigation, arbitrations, derivative actions, administrative proceedings, regulatory actions or other litigation or of

inquiries from federal, state and local agencies, regulatory authorities, attorneys general, committees, subcommittees and members of

the U.S. Congress, and other local, state, federal and international governmental authorities;

·

new accounting guidance or changes in the interpretation

or application of existing guidance;

·

the factors disclosed under “Risk Factors” in

the Company’s most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q; and

·

such other factors as may be discussed or identified in this

press release.

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 Corporation

Dollar 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 January 30, 2026, the Company’s 20,893 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.

DOLLAR

GENERAL CORPORATION AND SUBSIDIARIES

Consolidated

Balance Sheets

(In

thousands)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

$

Merchandise inventories

Income taxes receivable

Prepaid expenses and other current assets

Total current assets

Net property and equipment

Operating lease assets

Goodwill

Other intangible assets, net

Other assets, net

Total assets

$

$

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term obligations

$

$

Current portion of operating lease liabilities

Accounts payable

Accrued expenses and other

Income taxes payable

Total current liabilities

Long-term obligations

Long-term operating lease liabilities

Deferred income taxes

Other liabilities

Total liabilities

Commitments and contingencies

Shareholders' equity:

Preferred stock

-

-

Common stock

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income (loss)

Total shareholders' equity

Total liabilities and shareholders' equity

$

$

DOLLAR

GENERAL CORPORATION AND SUBSIDIARIES

Consolidated

Statements of Income

(In

thousands, except per share amounts)

(Unaudited)

For the Quarter Ended

% of Net

% of Net

Sales

Sales

Net sales

$

%

$

%

Cost of goods sold

Gross profit

Selling, general and administrative expenses

Operating profit

Interest expense, net

Other (income) expense

-

Income before income taxes

Income tax expense

Net income

$

%

$

%

Earnings per share:

Basic

$

$

Diluted

$

$

Weighted average shares outstanding:

Basic

Diluted

For the Year Ended

% of Net

% of Net

Sales

Sales

Net sales

$

%

$

%

Cost of goods sold

Gross profit

Selling, general and administrative expenses

Operating profit

Interest expense, net

Other (income) expense

-

Income before income taxes

Income tax expense

Net income

$

%

$

%

Earnings per share:

Basic

$

$

Diluted

$

$

Weighted average shares outstanding:

Basic

Diluted

DOLLAR

GENERAL CORPORATION AND SUBSIDIARIES

Consolidated

Statements of Cash Flows

(In

thousands)

(Unaudited)

For the Year Ended

Cash flows from operating activities:

Net income

$

$

Adjustments to reconcile net income to net cash from operating activities:

Depreciation and amortization

Deferred income taxes

)

)

Loss on debt retirement

-

Noncash share-based compensation

Other noncash (gains) and losses

Change in operating assets and liabilities:

Merchandise inventories

Prepaid expenses and other current assets

)

)

Accounts payable

Accrued expenses and other liabilities

Income taxes

)

Other

)

)

Net cash provided by (used in) operating activities

Cash flows from investing activities:

Purchases of property and equipment

)

)

Proceeds from sales of property and equipment

Net cash provided by (used in) investing activities

)

)

Cash flows from financing activities:

Repayments of long-term obligations

)

)

Costs associated with issuance of debt

)

)

Payments of cash dividends

)

)

Other equity and related transactions

)

Net cash provided by (used in) financing activities

)

)

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

$

$

Supplemental cash flow information:

Cash paid for:

Interest

$

$

Income taxes

$

$

Supplemental schedule of non-cash investing and financing activities:

Right of use assets obtained in exchange for new operating lease liabilities

$

$

Purchases of property and equipment awaiting processing for payment, included in Accounts payable

$

$

DOLLAR

GENERAL CORPORATION AND SUBSIDIARIES

Selected

Additional Information

(Unaudited)

Sales

by Category (in thousands)

For the Quarter Ended

% Change

Consumables

$

$

%

Seasonal

%

Home products

%

Apparel

%

Net sales

$

$

%

For the Year Ended

% Change

Consumables

$

$

%

Seasonal

%

Home products

%

Apparel

%

Net sales

$

$

%

Store Activity

For the Year Ended

Beginning store count

New store openings

Store closings

)

)

Net new stores

Ending store count

Total selling square footage (000's)

Growth rate (square footage)

%

%

Contacts

Investor Contact:

investorrelations@dollargeneral.com

Media Contact:

dgpr@dollargeneral.com

Media Content