On this page of StockholderLetter.com we present the latest annual shareholder letter from DOLLAR GENERAL CORP — ticker symbol DG. Reading current and past DG letters to shareholders can bring important insights into the investment thesis.

 •  4/8/2025 Letter Continued (Full PDF)
 •  4/11/2023 DG Stockholder Letter
 •  4/5/2024 DG Stockholder Letter
 •  More "Department Stores" Category Stockholder Letters
 •  DG Benford's Law Stock Score = 88

DG Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT | 2025 PROXY STATEMENT

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 31, 2025, the
Company   s 20,594 Dollar General, DG Market, DGX and pOpshelf
stores across the United States and Mi S  per 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 d  cor 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, Nestl  , Procter & Gamble and Unilever.
44
47
9
71
42
73
87
224
8
294
80
336
1
154
23
711
14
79
276
1
565
7
142
1,880
61
99
979
13
144
26
753
27
264
56
611
701
7
680
7
312
3
964
9
172
4
10
8
1,098
20
576
675
4
489
11
1,019
1
54
10
777
661
5
196
1,014
24
1,106
681
7
8
20,594
1,063
17
STORES
IN 48 STATES & MEXICO
Dollar General
Stores
pOpshelf
Stores
Distribution
Centers
Fresh
Distribution Centers
Combination distribution centers have both refrigerated and non-refrigerated products.
1
Combination
Distribution Centers1
Regional Hub
Distribution Centers

TO OUR FELLOW SHAREHOLDERS, CUSTOMERS & EMPLOYEES:
As we commemorated Dollar General   s 85th anniversary in 2024,
we reflect with gratitude on our journey from a single store in
Kentucky to over 20,500 stores across the United States and
now Mexico. This milestone is a testament to our unwavering
commitment to our mission of Serving Others and the dedication
of our employees, customers, and communities who have
supported us every step of the way.
2024: A Year of Progress
This year, Dollar General continued to demonstrate resilience and
adaptability in a dynamic retail environment. Despite internal
and external challenges, including significant financial pressures
faced by our core customer base, our team executed with purpose
and determination. While these pressures impacted our financial
results, we remained focused on making meaningful progress
to further enhance the value and convenience proposition
for our customers, and deliver strong, sustainable returns for
our shareholders.
improving on-time and in-full delivery rates, which are critical to
supporting our stores. We also refreshed our sorting processes
inside the distribution center to drive greater efficiencies
downstream for our stores, exited temporary warehouse
facilities to streamline operations, and opened two new
distribution centers to facilitate our ongoing growth. These
advancements have not only increased efficiency and inventory
accuracy but have also reduced workload for store teams and
improved product availability for our customers.
Merchandising
Our merchandising team has been instrumental in simplifying
operations for our store teams, reducing inventory levels, and
optimizing product assortments. This year we made progress
in lowering average inventory per store, while also significantly
improving in-stock levels and providing meaningful value for our
customers. Initiatives like DG Deal Days and our $1 Value Valley
section have driven growth in key categories, underscoring our
ability to meet customers    needs at price points that help them
stretch their dollar.
Positioned for the Future
HIGHLIGHTS OF 2024
Net sales of $40.6 billion, and a
same-store sales increase of 1.4%
Operating profit of $1.7 billion*
Net income of $1.1 billion,
and diluted EPS of $5.11*
Cash flows from operations of $3.0 billion
*Operating Profit includes charges of $232 million, which resulted in a
negative impact of approximately $0.81 per share, primarily due to store
closures and pOpshelf impairment charges associated with a store
portfolio review conducted in the fourth quarter of fiscal 2024.
Back to Basics: Strengthening Our Foundation
In 2024, we remained focused on strengthening execution while
delivering on our operating priorities. Our Back to Basics efforts
have strengthened the foundation to elevate our operational
excellence, improve the customer and employee experience, and
create long-term value for our shareholders. These efforts were
focused on the following three key areas of the business:
Store Operations
For our customers, everything begins and ends with our stores.
Our goal has been to enhance their in-store experience by
ensuring that every store is clean, friendly and easy to shop.
This year, we meaningfully increased the number of stores that
meet or exceed customer expectations, as evidenced by the
significant improvement in customer satisfaction scores since
the beginning of the year. These improvements were supported
by improved in-stock levels, simplified operations and a greater
front-end employee presence, all of which have contributed to
a better shopping experience for our customers and increased
retention of our employees.
Supply Chain
Our supply chain is critical to our ability to deliver value and
convenience to our customers every day. In 2024, we prioritized
We are proud of our progress and remain committed to
continuous improvement as we work to further strengthen our
foundation, positioning us to build on this progress as we move
into 2025. Looking ahead, we will focus on initiatives to enhance
both value and convenience for new and existing customers.
These efforts include piloting same-day delivery through our DG
app and website, and expanding our real estate footprint through
new stores, while elevating our brand and shopping experience
through increasing remodels within our mature store base.
At Dollar General, we are deeply committed to the communities
we serve, and our commitment to our mission of Serving Others
remains at the heart of everything we do. In 2024, Dollar General
and its Foundations contributed over $27 million to charitable
initiatives, bringing hope and opportunity to individuals and
nonprofit organizations across the country.
None of this would be possible without the dedication and
resilience of our more than 195,000 employees, whose hard work
brings our mission to life every day. Their steadfast commitment
has been instrumental in our ability to execute on our Back to
Basics efforts, strengthen our foundation, and position Dollar
General for future success.
As we reflect on Dollar General   s 85-year legacy, we are inspired
by and excited about the opportunities that lie ahead. We are
energized by our ability to expand our reach, while further
enhancing the customer experience. It is exciting to move into the
next chapter of our journey, and we remain focused on delivering
meaningful value for our customers, employees, and shareholders.
Thank you for your continued trust and support.
Sincerely,
Todd J. Vasos
Chief Executive Officer

NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS AND PROXY STATEMENT

DEAR FELLOW SHAREHOLDERS,
On behalf of the Board of Directors, I am pleased to invite you to the virtual 2025 Annual Meeting of Shareholders of
Dollar General Corporation on May 29, 2025, at 8:00 a.m. CT. Please see the Notice of Annual Meeting of Shareholders for
instructions to join the annual meeting.
Commitment to Shareholder Engagement
The Board of Directors remains committed to robust shareholder engagement, and we appreciated the opportunity to
speak with many of you over the past year. In 2024, we invited shareholders representing approximately 66% of shares
outstanding to participate in our focused annual shareholder outreach program, with shareholders representing
approximately 56% of shares outstanding electing to participate. In my capacity as Chairman of the Board, I participated
in engagement with investors representing 31% of shares outstanding. The information we gathered from these engagements
helped inform the disclosures in our Serving Others report for 2024 and the Proxy Statement, as well as the Board   s decisionmaking processes, particularly around our executive compensation program.
Alignment of Executive Compensation with Performance
We remain focused on pay-for-performance alignment in our executive compensation program, which is designed to
serve the long-term interests of our shareholders by effectively balancing short- and long-term incentives based on
achievement of our annual and long-term business objectives, as well as to maintain our competitive position in the market
in which we compete for executive talent.
In October 2023, our former CEO and existing Board member, Todd Vasos, was re-appointed CEO. We met with many of
our shareholders who were pleased with his re-appointment and the compensation package he received. However, a
small percentage of shareholders believed that the one-time option award to Mr. Vasos upon his re-appointment, certain
of the structural aspects of our program, or both, led to a pay-for-performance imbalance. These beliefs were reflected in the
lower support for Say-on-Pay at the 2024 Annual Meeting of Shareholders, which received approximately 73% support.
In the fall of 2024, we re-engaged with many of our shareholders, specifically seeking feedback on the Say-on-Pay vote in
2024 and our executive compensation program in general. We discussed the changes we had made to the program for
2024 and sought input on potential changes for 2025. Our Compensation and Human Capital Management Committee,
working with its independent compensation consultant, took this feedback into account when designing the 2025 program,
as discussed in the Proxy Statement.
Focus on Board Refreshment
The Board of Directors is comprised of highly qualified and engaged individuals with a variety of skillsets and experiences.
We engage in a thoughtful Board refreshment process, which has resulted in the addition of one new independent director
in each of the last three years.
After 12 years of service, Patricia Fili-Krushel retired from the Board in August 2024. Pat was a thoughtful and highly
effective director over her tenure, and we appreciate her many contributions to our Company. Also in August 2024, we
welcomed our newest Board member, Kathleen Scarlett, who serves as the Senior EVP of Human Resources and Corporate
Affairs for Best Buy Co., Inc. Her wealth of retail industry experience and leadership in both human resources and corporate
affairs over the past 30 years provides valuable insights in support of our strategic goals and growth plans.
We look forward to the year ahead as we continue to deliver on our mission of Serving Others. Thank you for your investment
in Dollar General. I am grateful for your continued trust in us and for the privilege of continuing to serve as Chairman of
the Board.
SINCERELY,
MICHAEL M. CALBERT
CHAIRMAN OF THE BOARD
APRIL 8, 2025
We will begin mailing to shareholders printed copies of this document and the form of proxy or the Notice of Internet
Availability on or about April 8, 2025.



 4/8/2025 Letter Continued (Full PDF)