BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Dollar General Corporation Announces Financial Results for FY 2023 and Outlook for FY 2024
GOODLETTSVILLE, Tenn.—Dollar General Corporation (NYSE: DG) has released its financial performance for the fourth quarter and the entire fiscal year of 2023, ending on February 2, 2024. Alongside, the company has provided financial guidance for the first quarter and the full fiscal year 2024.
FY 2023 Financial Highlights:
- Net Sales: Fourth quarter net sales saw a decrease of 3.4% to $9.9 billion, while the fiscal year net sales increased by 2.2% to $38.7 billion.
- Same-Store Sales: Reported a growth of 0.7% in the fourth quarter and 0.2% for the fiscal year.
- Operating Profit: Declined by 37.9% to $579.7 million in the fourth quarter; the fiscal year operating profit decreased by 26.5% to $2.4 billion.
- Diluted EPS: Dropped by 38.2% to $1.83 in the fourth quarter; the fiscal year diluted EPS decreased by 29.3% to $7.55.
- Annual Cash Flows: From operations increased by 20.5% to $2.4 billion.
- Quarterly Cash Dividend: A dividend of $0.59 per share was declared by the Board of Directors.
Operational Insights:
- Merchandise Inventories: As of February 2, 2024, stood at $7.0 billion, marking a per-store decrease of 1.1% from the previous year.
- Capital Expenditures: Totalled $1.7 billion in fiscal 2023, with investments spanning improvements, distribution projects, new store setups, and technology upgrades.
- Store Operations: Opened 987 new stores, remodeled 2,007 stores, and relocated 129 stores during the fiscal year.
- Share Repurchases: No shares were repurchased in fiscal 2023, with a remaining authorization for future repurchases at $1.4 billion.
FY 2024 Financial Guidance and Outlook:
- Net Sales Growth: Expected to be in the range of approximately 6.0% to 6.7%.
- Same-Store Sales Growth: Anticipated to be between 2.0% and 2.7%.
- Diluted EPS: Projected to be in the range of approximately $6.80 to $7.55, with an estimated negative impact of about $0.50 due to higher incentive compensation expense.
- Effective Tax Rate: Assumed to be between approximately 22.5% to 23.5%.
- Capital Expenditures: Expected to be between $1.3 billion to $1.4 billion, supporting strategic initiatives.
- Real Estate Projects: Planning to execute approximately 2,385 real estate projects, including 800 new store openings, 1,500 remodels, and 85 store relocations.
- Share Repurchases: No repurchases anticipated for fiscal year 2024.
First Quarter FY 2024 Outlook:
- Same-Store Sales: Expected to increase by 1.5% to 2.0%.
- Diluted EPS: Forecasted to be in the range of $1.50 to $1.60.
Dollar General remains focused on its "Back to the Basics" strategy, aiming for operational improvements and growth throughout fiscal year 2024.
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