Dollar General · Earnings release · 8-K Exhibit 99

Dollar

General Corporation Reports First Quarter 2025 Results

Raises Financial

Guidance for Fiscal Year 2025

GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--Dollar

General Corporation (NYSE: DG) today reported financial results for its fiscal year 2025 first quarter (13 weeks) ended May 2, 2025.

·

Net

Sales Increased 5.3% to $10.4 Billion

·

Same-Store

Sales Increased 2.4%

·

Operating

·

Diluted

Earnings Per Share ("EPS") Increased 7.9% to $1.78

·

T1Cash

Flows From Operations Increased 27.6% to $847.2 Million

·

Board

of Directors Declares Quarterly Cash Dividend of $0.59 per share

"We are pleased with our start

to the year, including strong same-store sales and EPS results," said Todd Vasos, Dollar General's chief executive officer. "Our

efforts to improve execution and enhance the associate and customer experience are yielding positive outcomes in both our operational

performance and our financial results. I want to thank our team for their hard work and dedication to serving our customers and communities

with value and convenience every day. T2These efforts contributed to market share gains in sales of both consumables and non-consumables,

and drove growth with both our core customer and trade-in customers during the quarter."

"Looking ahead, we are uniquely

well-positioned to serve our customer in a variety of economic environments. We are proud of our progress and are excited about the future

of this business, as we look to further create sustainable long-term value for our shareholders."

First Quarter Fiscal 2025 Highlights

billion in the first quarter of 2025 compared to $9.9 billion in the first quarter of 2024. The net sales increase was driven by

positive sales contributions from new stores and growth in same-store sales, partially offset by the impact of store closures.

Same-store sales increased 2.4% compared to the first quarter of 2024, T3reflecting a 2.7% increase in average transaction amount and

a 0.3% decrease in customer traffic. Same-store sales in the first quarter of 2025 included growth in each of the

consumables, seasonal, home products, and apparel categories.

Gross profit as a percentage of net

sales was 31.0% in the first quarter of 2025 compared to 30.2% in the first quarter of 2024, an increase of 78 basis points. T4This gross

profit rate increase was driven primarily by lower shrink and higher inventory markups; partially offset by increased markdowns.

Selling, General and Administrative

Expenses ("SG&A") as a percentage of net sales were 25.4% in the first quarter of 2025 compared to 24.7% in the first quarter

of 2024, an increase of 77 basis points. T5The primary expenses that were a higher percentage of net sales in the first quarter of 2025

were retail labor, incentive compensation, and repairs and maintenance.

Operating profit for the first quarter

of 2025 increased 5.5% to $576.1 million compared to $546.1 million in the first quarter of 2024.

Interest expense for the first quarter

of 2025 decreased 10.8% to $64.6 million compared to $72.4 million in the first quarter of 2024.

The effective income tax rate in the

The Company reported net income of $391.9

million for the first quarter of 2025, an increase of 7.9% compared to $363.3 million in the first quarter of 2024. Diluted EPS increased

7.9% to $1.78 for the first quarter of 2025 compared to diluted EPS of $1.65 in the first quarter of 2024.

Merchandise Inventories

As of May 2, 2025, T6total merchandise

inventories, at cost, were $6.6 billion compared to $6.9 billion as of May 3, 2024, a decrease of 7.0% on an average per-store basis.

Capital Expenditures

Total additions to property and equipment

in the first quarter of 2025 were $291 million, including approximately: $167 million for improvements, upgrades, remodels and relocations

of existing stores; $76 million related to store facilities, primarily for leasehold improvements, fixtures and equipment in new stores;

$36 million for distribution and transportation-related projects; and $12 million for information systems upgrades and technology-related

projects. During the first quarter of 2025, the Company opened 156 new stores, T7remodeled 668 stores through Project Elevate and remodeled

559 stores through Project Renovate, and relocated 23 stores.

Dividend

Board of Directors declared a quarterly cash dividend of $0.59 per share on the Company's common stock, payable on or before July 22,

2025, to shareholders of record on July 8, 2025. 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 2025 Financial Guidance

and Store Growth Outlook

While the Company's first quarter 2025

financial results exceeded its internal expectations, uncertainty exists for the remainder of the year regarding the potential impact

of tariffs on the business, and particularly on consumer behavior. The tariff environment remains highly dynamic, and the specific tariffs

applicable to goods imported by the Company and its suppliers into the U.S. continue to evolve.

The Company is updating its expectations

for the year, primarily to reflect its outperformance in the first quarter and the tariff uncertainty discussed above. T8This updated guidance

assumes the Company will be able to mitigate a significant portion of the potential impact to its cost of goods from tariffs at currently

implemented rates, but that consumer spending could be pressured by tariff-related price increases.

The updated guidance assumes current

tariff rates remain in place through mid-August 2025, and the Company has plans in place to address the potential reversion to the

tariff rates previously announced on goods from China on April 2, 2025.

As a result, the Company now expects

the following for the fiscal year ending January 30, 2026 ("fiscal year 2025"):

·

G1Net sales growth of approximately 3.7% to 4.7%, compared to its previous expectation of approximately 3.4% to 4.4%

·

G2Same-store sales growth of approximately 1.5% to 2.5%, compared to its previous expectation of approximately 1.2% to 2.2%

·

G3Diluted EPS approximately $5.20 to $5.80, compared to its previous expectation of approximately $5.10 to $5.80

o

Diluted EPS guidance continues to assume an effective tax rate of approximately 23.5%

G4The Company continues to expect capital

expenditures, including those related to investments in the Company's strategic initiatives, in the range of $1.3 billion to $1.4 billion.

The Company's financial guidance continues

to assume no share repurchases in fiscal year 2025.

The Company is also reiterating its

plans to execute approximately 4,885 real estate projects in fiscal year 2025, including opening approximately 575 new stores in the

U.S. and up to 15 new stores in Mexico, G5remodeling approximately 2,000 stores through Project Renovate, G6remodeling approximately 2,250

stores through Project Elevate, and G7relocating approximately 45 stores.

Conference Call Information

The Company will hold a conference call

on June 3, 2025 at 8:00 a.m. CT/9:00 a.m. ET, hosted by Todd Vasos, chief executive officer, and Kelly Dilts, 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 13753584. 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 July 1, 2025, and will

be accessible via webcast replay or by calling (877) 660-6853. The conference ID for the telephonic replay is 13753584.

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," and "Fiscal Year

2025 Financial Guidance and Store Growth Outlook."

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," "uncertainty," "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; measures that create barriers to or increase the costs of international trade (including increased import duties or tariffs); the dynamic and uncertain tariff environment (including its impact on our profitability and 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, 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 May 2, 2025, the Company's 20,582 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 fromour high-quality private brands alongside many

of the world’s most trusted brandssuch 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)

May 2,

May 3,

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

May 2,

% of Net

Sales

May 3,

% of Net

Sales

Net sales

$

%

$

%

Cost of goods sold

Gross profit

Selling, general and administrative expenses

Operating profit

Interest expense, net

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

)

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

)

)

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

$

$

%

Store Activity

For the Quarter 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: