06/30/2023

Dollar General Expands Board of Directors

Retailer adds David Rowland, former executive chairman of Accenture

Digital Editor

With David Rowland’s election, Dollar General’s board of directors now consists of 10 total members.

Dollar General Corp. has appointed David Rowland, former executive chairman of professional services company Accenture plc, to its board of directors, effective Aug. 5.

“We are pleased to welcome David to our board of directors,” said Michael Calbert, Dollar General’s chairman of the board. “David brings a deep knowledge of the global marketplace and vast experience in finance, operations, strategy and risk management, which will be an asset to Dollar General as we focus on driving value to our customers, employees and shareholders.”

With Rowland’s election, Dollar General’s board of directors now consists of 10 total members. He joins the nine current Dollar General board members with extensive expertise and experience across several industries. Rowland also will serve on the company’s audit committee of the board of directors, effective Aug. 5.

Rowland’s career spanned nearly four decades with Dublin, Ireland-based Accenture. During that time, he held such notable leadership roles as executive chairman, interim CEO, CFO, and SVP, finance, as well as a variety of consulting and finance leadership roles of increasing responsibility, beginning in 1983.

Dollar General recently reported a tough first quarter as its core customers cut back on non-essential spending. The retailer’s net income totaled $514.4 million, or $2.34 per share, for the quarter ended May 5, compared with $552.7 million, or $2.41 per share, in the year-ago quarter.

Revenue rose 6.7% to $9.34 billion, missing estimates of $9.47 billion. Same-store sales rose 1.6%, less than expected. Strength in consumables was offset by slowdowns in the seasonal, home and apparel categories.

Dollar General decided to cut back on the expansion of its pOpshelf format, which is focused mostly on discretionary items, reducing the number of expected new store openings in fiscal 2023 to 990, down from its previous estimate of 1,050. In line with its previous forecast, the company still anticipates 2,000 remodels and 120 store relocations.

The company also reduced its guidance for fiscal 2023. It now expects net sales to rise between 3.5% and 5%, down from its previous range of 5.5% to 6%. Earnings per share are expected to be in the range of flat to down 8% from the prior year, compared with a previous guidance of a 4% to 6% increase.

As of May 5, Goodlettsville, Tenn.-based Dollar General operated 19,294 Dollar General, DG Market, DGX and pOpshelf stores across the United States, and Mi Súper Dollar General stores in Mexico. The company is No. 16 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America.