Company InformationACCT 370 Excel ProjectDollar General Corporation100 Mission Ridge, Goodlettsville, TN 37072Jennifer EdmondsCompany NameDollar General CorporationTicker SymbolDGIndustryDiscount RetailerProducts and Services OfferedDollar General offers a broad selection of merchandise, including consumable items, seasonal items, home products and apparel. Brands sold include national brads and private brand selections at every day low prices.Major CompetitorsDollar General Corporation's main competitors are Family Dollar, Dollar Tree, Big Lots, 99 Cents Only Historical Income StatementsDollar General CorporationConsolidated Income StatementAs of January 29, 2021, January 31, 2020, and February 1, 2019$s in thousands, expect per share amountsFor the Year EndedJanuary 29, 2021January 31, 2020February 1, 2019Net Sales$ 33,746,839$ 27,753,973$ 25,625,043Cost of goods sold$ 23,027,977$ 19,264,912$ 17,821,173Gross profit$ 10,718,862$ 8,489,061$ 7,803,870Selling, general and administrative expenses$ 7,164,097$ 6,186,757$ 5,687,564Operating profit$ 3,554,765$ 2,302,304$ 2,116,306Interest expense$ 150,385$ 100,574$ 99,871Other (income) expense$ - 0$ - 0$ 1,019Income before income taxes$ 3,404,380$ 2,201,730$ 2,015,416Income tax expense$ 749,330$ 489,175$ 425,944Net income$ 2,655,050$ 1,712,555$ 1,589,472Earnings per share:Basic$ 10.70$ 6.68$ 5.99Dilute$ 10.62$ 6.64$ 5.97Weighted average shares outstanding:Basic248,171256,533265,155Dilute250,076258,053266,105Dividends per share$ 1.44$ 1.28$ 1.16 Historical Balance SheetsDollar General CorporationConsolidated Balance SheetsAs of January 29, 2021, January 31, 2020, and February 1, 2019$s in thousands, expect per share amountsFor the Year EndedJanuary 29, 2021January 31, 2020February 1, 2019ASSETSCurrent assets:Cash and cash equivalents$ 1,376,577$ 240,320$ 235,487Merchandise inventoires5,247,4774,676,8484,097,004Income tax receivable90,76076,53757,804Prepaid expenses and other current assets199,405184,163272,725Total current assets6,914,2195,177,8684,663,020Net property and equipment3,899,9973,278,3592,970,806Operating lease assets9,473,3308,796,183-Goodwill4,338,5894,338,5894,338,589Other intangible assets, net1,199,8701,200,0061,200,217Other assets, net69,61934,07931,406Total assets25,895,62422,825,08413,204,038LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Current portion of long-term obligation- 0- 01,950Current portion of operating lease liabilities$ 1,074,079$ 964,805$ -Accounts payable3,614,0892,860,6822,385,469Accured expenses and other1,006,552709,156618,405Income taxes payable16,0638,36210,033Total current liabilities5,710,7834,543,0053,015,857Long-term obligations4,130,9752,911,9932,862,740Long-term operating lease liabilities8,385,3887,819,683- 0Deffered income taxes710,549675,227609,687Other liabilities263,691172,676298,361Commitments and contingenciesShareholder's equity:Preferred stock- 0- ...

1. Company InformationACCT 370 Excel ProjectDollar General
Corporation100 Mission Ridge, Goodlettsville, TN
37072Jennifer EdmondsCompany NameDollar General
CorporationTicker SymbolDGIndustryDiscount RetailerProducts
and Services OfferedDollar General offers a broad selection of
merchandise, including consumable items, seasonal items, home
products and apparel. Brands sold include national brads and
private brand selections at every day low prices.Major
CompetitorsDollar General Corporation's main competitors are
Family Dollar, Dollar Tree, Big Lots, 99 Cents Only
Historical Income StatementsDollar General
CorporationConsolidated Income StatementAs of January 29,
2021, January 31, 2020, and February 1, 2019$s in thousands,
expect per share amountsFor the Year EndedJanuary 29,
2021January 31, 2020February 1, 2019Net Sales$ 33,746,839$
27,753,973$ 25,625,043Cost of goods sold$ 23,027,977$
19,264,912$ 17,821,173Gross profit$ 10,718,862$
8,489,061$ 7,803,870Selling, general and administrative
expenses$ 7,164,097$ 6,186,757$ 5,687,564Operating
profit$ 3,554,765$ 2,302,304$ 2,116,306Interest expense$
150,385$ 100,574$ 99,871Other (income) expense$ - 0$ -
0$ 1,019Income before income taxes$ 3,404,380$
2,201,730$ 2,015,416Income tax expense$ 749,330$
489,175$ 425,944Net income$ 2,655,050$ 1,712,555$
1,589,472Earnings per share:Basic$ 10.70$ 6.68$
5.99Dilute$ 10.62$ 6.64$ 5.97Weighted average shares
outstanding:Basic248,171256,533265,155Dilute250,076258,053
266,105Dividends per share$ 1.44$ 1.28$ 1.16
Historical Balance SheetsDollar General
CorporationConsolidated Balance SheetsAs of January 29, 2021,
January 31, 2020, and February 1, 2019$s in thousands, expect
per share amountsFor the Year EndedJanuary 29, 2021January
31, 2020February 1, 2019ASSETSCurrent assets:Cash and cash
equivalents$ 1,376,577$ 240,320$ 235,487Merchandise

2. inventoires5,247,4774,676,8484,097,004Income tax
receivable90,76076,53757,804Prepaid expenses and other
current assets199,405184,163272,725Total current
assets6,914,2195,177,8684,663,020Net property and
equipment3,899,9973,278,3592,970,806Operating lease
assets9,473,3308,796,183-
Goodwill4,338,5894,338,5894,338,589Other intangible assets,
net1,199,8701,200,0061,200,217Other assets,
net69,61934,07931,406Total
assets25,895,62422,825,08413,204,038LIABILITIES AND
SHAREHOLDERS' EQUITYCurrent liabilities:Current portion
of long-term obligation- 0- 01,950Current portion of operating
lease liabilities$ 1,074,079$ 964,805$ -Accounts
payable3,614,0892,860,6822,385,469Accured expenses and
other1,006,552709,156618,405Income taxes
payable16,0638,36210,033Total current
liabilities5,710,7834,543,0053,015,857Long-term
obligations4,130,9752,911,9932,862,740Long-term operating
lease liabilities8,385,3887,819,683- 0Deffered income
taxes710,549675,227609,687Other
liabilities263,691172,676298,361Commitments and
contingenciesShareholder's equity:Preferred stock- 0- 0-
0Common stock: $0.875 per value, 1,000,000 shares authorized,
240,785; 251,936; and 259,511 shares issued and outstanding at
January 29, 2021, January 31, 2020, and February 1, 2019
respectively210,687220,444227,072Additional paid-in
capital3,446,6123,322,5313,252,421Retained
earnings3,006,1023,162,6602,941,107Accummulated other
comprehensive loss(2,163)(3,135)(3,207)Total shareholder's
equity6,661,2386,702,5006,417,393Total liabilities and
shareholder's equity25,862,62422,825,08413,204,038
Hist. Statement of Cash FlowsDollar General
CorporationConsolidated Statements of Cash FlowsAs of
January 29, 2021, January 31, 2020, and February 1, 2019$s in
thousands, expect per share amountsFor the Year EndedJanuary
29, 2021January 31, 2020February 1, 2019Cash flows from

3. operating activities:Net income$ 2,655,050$ 1,712,555$
1,589,472Adjustments to reconcile net income to net cash from
operating activities:Depreciation and
amortization574,237504,804454,134Deferred income
taxes34,97655,40752,325Noncash share-based
compensation68,60948,58940,879Other noncash (gains) and
losses11,5708,29342,870Change in operating assets and
liabilities:Merchandise
inventories(575,827)(578,783)(521,342)Prepaid expenses and
other current assets(16,516)(14,453)(12,097)Accounts
payable745,596428,627375,214Accrued expenses and other
liabilities388,597100,32265,857Income
taxes(6,522)(20,404)56,390Other noncash (gains) and
losses(3,611)(6,959)(152)Net cash provided by (used in)
operating activities3,876,1592,237,9982,143,550Cash flows
from investing activities:Purchases of property and
equipment(1,027,963)(784,843)(734,380)Proceeds from sales of
property and equipment3,0532,3582,777Net cash provided by
(used in) investing activities(1,024,910)(782,485)(731,603)Cash
flows from financing activities:Issuance of long-term
obligations1,494,315-499,495Repayments of long-term
obligation(4,640)(1,465)(577,321)Net increase (decrease) in
commercial paper
outstanding(425,200)58,300(63,300)Borrowings under revolving
credit facilities300,000--Repayments of borrowings under
revolving credit facilities(300,000)--Costs associated with
issuance of debt(13,574)(1,675)(4,384)Repurchases of common
stock(2,466,434)(1,200,376)(1,007,494)Payments of cash
dividends(355,926)(327,568)(306,523)Other equity and related
transactions56,46722,10415,626Net cash proivded by (used in)
financing activities(1,714,992)(1,450,680)(1,443,901)Net
increase (decrease) in cash and cash
equivalments1,136,2574,833(31,954)Cash and cash equivalents,
beginning of period240,320235,487267,411Cash and cash
equivalents, end of period$ 1,376,577$ 240,320$
235,457Supplemental cash flow information:Cash paid

4. for:Interest$ 128,211$ 100,033$ 98,012Income taxes$
721,570$ 457,119$ 313,457Supplemental noncash investing
and financing activities:Right of use assets obtained in
exchange for new operating lease liabilities$ 1,721,530$
1,705,988Purchases of property and equipment awaiting
processing for payment, included in Accounts payable$
118,059$ 100,248$ 63,662
Big Lots Income StatementsBig Lots, Inc.Consolidated Income
StatementAs of 2020, 2019, and 2018$s in thousands, expect per
share amountsFor the Year Ended202020192018Net Sales$
6,199,186$ 5,323,180$ 5,238,105Cost of goods
sold3,701,8003,208,4983,116,210Gross
margin2,497,3862,114,6822,121,895Selling, general and
administrative
expenses1,965,5551,823,4091,778,416Depreciation
expense138,336134,981124,970Gain on sale of distribution
centers(463,053)(178,534)-Operating
profit856,548334,826218,509Interest
expense(11,031)(16,827)(10,338)Other (income)
expense(911)(451)(558)Income before income
taxes844,606317,548207,613Income tax
expense215,41575,08450,719Net income$ 629,191$ 242,464$
156,894Earnings per share:Basic$ 16.46$ 6.18$ 3.84Dilute$
16.11$ 6.16$ 3.83
Big Lots Balance SheetsBig Lots, Inc.Consolidated Balance
SheetsAs of January 30, 2021, February 1, 2020, and February
2, 2019$s in thousands, expect per share amountsFor the Year
EndedJanuary 30, 2021February 1, 2020February 2,
2019ASSETSCurrent assets:Cash and cash equivalents$
559,556$ 52,721$
46,034Inventories940,294921,266969,561Other current
assets85,93989,962112,408Total current
assets1,585,7891,063,9491,128,003Operating lease right-of-use
assets1,649,0091,202,252-Property and equipment -
net717,216849,147822,338Deferred income
taxes16,3294,7628,633Other assets68,91469,17164,373Total

5. assets4,037,2573,189,2812,023,347LIABILITIES AND
SHAREHOLDERS' EQUITYCurrent liabilities:Accounts
payable$ 398,433$ 378,241$ 396,903Current operating
lease liabilities226,075.0212,144.0-0Property, payroll, and
other taxes109,694.082,109.075,317.0Accrued operating
expenses138,331.0118,973.099,422.0Insurance
reserves34,660.036,131.038,883.0Accrued salaries and
wages49,830.039,292.026,798.0Income taxes
payable43,601.03,930.01,237.0Total current
liabilities1,000,624870,820638,560Long-term
debt35,764279,464374,100Noncurrent operating lease
liabilities1,465,4331,035,377- 0Deferred income
taxes7,76248,610- 0Deferred rent- 0- 060,700Insurance
reserves57,45257,56754,507Unrecognized tax
benefits11,30410,72214,189Synthetic lease obligation- 0-
0144,477Other liabilities181,18741,25743,773Shareholder's
equity:Preferred stock- 0- 0- 0Common shares - authorized
298,000 shares; $0.01 par value; issued 117,495 shares;
outstanding 35,535 shares, 39,037 shares, and 40,042 shares
respectively1,1751,1751,175Treasury shares - 81,960 shares,
78,458 shares, and 77,453 shares, respectively, at
cost(2,709,259)(2,546,232)(2,506,086)Additional paid-in
capital634,813620,728622,685Retained
earnings3,351,0022,769,7932,575,267Total shareholder's
equity1,277,731845,464693,041Total liabilities and
shareholder's equity4,037,2573,189,2812,023,347
Big Lots Cash FlowsBig Lots, Inc.Consolidated Statements of
Cash FlowsAs of 2020, 2019, and 2018$s in thousands, expect
per share amountsFor the Year Ended20202019201 8Operating
activities:Net income$ 629,191$ 242,464$
156,894Adjustmnets to reconcile net income to net cash from
operating activities:Depreciation and amortization
expense138,848135,686114,025Non-cash lease
expense246,442229,143-Deferred income
tax(52,415)52,3745,353Non-cash share-based compensation
expense26,15513,05126,335Non-cash impairment

6. charge1,7923,986141(Gain) loss on disposition of property and
equipment(462,916)(177,996)732Unrealized (gain) loss on fuel
derivatives(294)3461,075Change in assests and
liabilities:Inventories(19,028)48,295(96,772)Accounts
payable20,193(18,662)45,677Operating lease
liabilities(250,131)(215,956)-Current income
taxes56,564(4,442)(14,108)Other current
assets(10,238)(5,836)(7,055)Other current
liabilities55,77536,962( 11,637)Other
assets(90)(5,499)1,985Other liabilities19,5015,05411,415Net
cash provided by (used in) operating activities$
399,349338,970234,060Investing activities:Capital
expenditures(135,220)(265,203)(232,402)Cash proceeds from
sale of property and equipment588,258190,741519Assets
acquired under synthetic lease--(128,872)Payments for purchase
of intangible assets--(15,750)Other(51)(18)32Net cash provided
by (used in) investing
activities452,987(74,480)(376,473)Financing activities:Net
(repayment of) proceeds from long-term
debt(243,227)(80,609)174,300Net financing proceeds from sale
and leaseback123,435--Payment of finance lease
obligations(3,648)(73,469)(3,908)Dividends
paid(46,964)(48,421)(50,608)Proceeds from the exercise of
stock options4932001,859Payment for treasury shares
acquired(175,642)(55,347)(111,750)Proceeds from synthetic
lease--128,872Payments for debt issurance costs-
(150)(1,495)Other52(7)1Net cash proivded by (used in)
financing activities(345,501)(257,803)137,271Increase
(decrease) in cash and cash
equivalents506,8356,687(5,142)Cash and cash
equivalents:Beginning of year52,72146,03451,176End of year$
559,556$ 52,721$ 46,034
Ollie's Income StatementsOllie's Bargin Outlet Holdings,
Inc.Consolidated Income StatementAs of January 30, 2021,
February 1, 2020, February 2, 2019$s in thousands, expect per
share amountsFor the Year EndedJanuary 30, 2021February 1,

7. 2020February 2, 2019Net Sales$ 1,808,821$ 1,408,199$
1,241,377Cost of sales1,085,455852,610743,726Gross
profit723,366555,589497,651Selling, general and administrative
expenses418,889356,060312,790Depreciation and amortization
expenses16,70514,58211,664Pre-opening
expenses10,27213,09211,143Operating
profit277,500171,855162,054Interest (income) expense,
net(278)(878)1,261Loss on extinguishment of debt--150Income
before income taxes277,778172,733160,643Income tax
expense35,08231,60325,630Net income$ 242,696$ 141,130$
135,013Earnings per share:Basic$ 3.75$ 2.23$ 2.60Dilute$
3.68$ 2.14$ 2.05Weighted average common shares
outstanding:Basic64,74863,21462,568Diluted68,87365,87465,9
05
Ollie's Balance SheetsOllie's Bargin Outlet Holdings,
Inc.Consolidated Balance SheetsAs of January 30, 2021,
February 1, 2020, February 2, 2019$s in thousands, expect per
share amountsFor the Year EndedJanuary 30, 2021February 1,
2020February 2, 2019ASSETSCurrent assets:Cash and cash
equivalents$ 447,126$ 89,950$ 51,941Inventories$
353,704$ 335,181$ 296,407Accounts receivable$ 621$
2,840$ 570Prepaid expenses and other assets$ 7,316$
5,567$ 9,579Total current assets$ 808,767$ 433,538$
358,497Property and equipment, net$ 138,712$ 132,084$
119,052Operating lease right -of-use assets$ 380,546$
352,684$ - 0Goodwill$ 444,850$ 444,850$ 444,850Trade
name $ 230,559$ 230,559$ 232,304Other assets$ 2,421$
2,532$ 4,300Total assets$ 2,005,855$ 1,596,247$
1,159,003LIABILITIES AND SHAREHOLDERS'
EQUITYCurrent liabilities:Current portion of long-term debt$
328$ 273$ 238Accounts payable117,21763,22377,431Income
taxes payable10,9603,9067,393Current portion of operating
lease liabilities64,73253,551-Accrued expenses and
other90,55956,73265,934Total current
liabilities283,796177,685150,996Revolving credit facility---
Long-term debt656527441Deferred income taxes

8. 65,06459,40155,616Long-term operating expense
liabilities321,454299,743-Other long-term
liabilities469,298Total liabilities
670,974537,362216,351Commitments and
contingenciesShareholder's equity:Preferred stock - 50,000
shares authorized at $0.001 par value; no shares issued---
Common stock - 500,000 shares authorized at $0.001 par value;
66,165, 63,712, and 63,015 shares issued,
respectively666463Additional paid-in
capital648,949615,350600,234Retained
earnings726,267483,571342,441Treasury - common stock at
cost; 702, 698, and 9 shares,
respectively(40,401)(40,100)(86)Total shareholder's
equity1,334,8811,058,885942,652Total liabilities and
shareholder's equity$ 2,005,855$ 1,596,247$ 1,159,003
Ollie's Cash FlowsOllie's Bargin Outlet Holdings,
Inc.Consolidated Statements of Cash FlowsAs of January 30,
2021, February 1, 2020, February 2, 2019$s in thousands,
expect per share amountsFor the Year EndedJanuary 30,
2021February 1, 2020February 2, 2019Cash flows from
operating activities:Net income$ 141,130$ 135,013$
127,594Adjustmnets to reconcile net income to net cash from
operating activities:Depreciation and amortization of property
and equipment17,54314,00811,923Amoritization of debt-
issuance costs296482640Amoritization of original issue
discount-517Loss on extinguishment of debt-
150798Amoritization of intangibles-335338Gain on sale of
assets(74)(48)(29)Deferred income tax provision
(benefit)3,785(1,568)(30,323)Deferred rent expense-
1,5901,920Stock-based compensation
expense7,3027,2917,413Changes in operating assets and
liabilities:Inventories(38,774)(41,222)(45,078)Accounts
receivable(2,270)701(970)Prepaid expenses and other
assets(870)(4,163)(4,424)Accounts
payable(15,513)3,56422,955Income tax
payable(3,487)1,3581,487Accrued expenses and other

9. liabilities(3,724)8,5831,675Net cash provided by operating
activities105,344126,07995,936Cash flows from investing
activities:Purchases of property and
equipment(76,979)(74,178)(19,285)Proceeds from sale of
property and equipment42,855330128Net cash provided by
(used in) investing activities(34,124)(73,848)(19,157)Cash
flows from financing activities:Repayments on term loan and
capital leases(460)(49,001)(146,422)Payment of debt issuance
costs(552)--Proceeds from stock option
exercises9,08710,17910,413Common shares withheld for
taxes(1,272)(702)(219)Payment for shares repurchased(40,014) -
-Net cash used in financing
activities(33,211)(39,524)(136,228)Net increase (decrease) in
cash and cash equivalments38,00912,707(59,449)Cash and cash
equivalents, beginning of period51,94139,23498,683Cash and
cash equivalents, end of period$ 89,950$ 51,941$
39,234Supplemental cash flow information:Cash paid
for:Interest$ 335$ 807$ 3,806Income taxes$ 30,857$
26,112$ 31,949Non-cash transactionsAccrued purchases of
property and equipment$ 4,562$ 5,735$ 1,925
Historical & Competitor RatiosDollar General
CorporationCOMPETITOR RATIO ANALYSISHistorial
RatiosFor the years ended January 29, 2021, January 31, 2020,
and February 1, 2019202120202019Big LotsOllie's Bargin
OutletIndustry AverageLiquidityCurrent
Ratio1.211.141.551.582.851.27Quick
Ratio0.240.050.080.561.580.54Leverage RatiosDebt to Total
Assets Ratio0.160.130.220.010.00Debt to Equity
Ratio0.260.290.490.320.670.06Long-Term Debt to
Equity0.620.430.450.030.00Times Interest Earned
Ratio4.544.504.733.927.92Activity RatiosInventory
Turnover3.042.863.022.642.088.35Fixed Assets
Turnover6.095.835.935.438.834.40Total Assets
Turnover1.301.221.941.540.902.13Accounts Receivable
TurnoverAverage Collection PeriodProfitability RatiosGross
Profit

10. Margin31.76%30.59%30.45%40.29%39.99%19.45%Operating
Profit Margin10.53%8.30%8.26%13.82%15.34%4.39%Net
Profit Margin7.87%6.17%6.20%10.15%13.42%2.81%Return on
Total Assets
(ROA)10.25%7.50%12.04%15.58%12.10%8.07%Return on
Stockholder's
Equity39.86%25.55%24.77%49.24%18.18%30.05%Earnings Per
Share (EPS)10.706.685.9917.713.752.97Price Earnings
RatioFootnote:https://www.readyratios.com/sec/industry/5311/h
ttps://csimarket.com/Industry/industry_ManagementEffectivene
ss.php?ind=1303
Common Sized Balance SheetsDollar General
CorporationCommon Sized Balance SheetsAs of January 29,
2021, January 31, 2020, and February 1, 2019For the Year
EndedJanuary 29, 2021January 31, 2020February 1,
2019ASSETSCurrent assets:Cash and cash
equivalents5%1%2%Merchandise
inventoires20%20%31%Income tax receivable0%0%0%Prepaid
expenses and other current assets1%1%2%Total current
assets27%23%35%Net property and
equipment15%14%22%Operating lease
assets37%39%0%Goodwill17%19%33%Other intangible assets,
net5%5%9%Other assets, net0%0%0%Total
assets100%100%100%LIABILITIES AND SHAREHOLDERS'
EQUITYCurrent liabilities:Current portion of long-term
obligation0%0%0%Current portion of operating lease
liabilities4%4%0%Accounts payable14%13%18%Accured
expenses and other4%3%5%Income taxes payable0%0%0%Total
current liabilities22%20%23%Long-term
obligations16%13%22%Long-term operating lease
liabilities32%34%0%Deffered income taxes3%3%5%Other
liabilities1%1%2%Commitments and
contingencies0%0%0%Shareholder's equity:0%0%0%Preferred
stock0%0%0%Common stock: $0.875 per value, 1,000,000
shares authorized, 240,785; 251,936; and 259,511 shares issued
and outstanding at January 29, 2021, January 31, 2020, and

11. February 1, 2019 respectively1%1%2%Additional paid-in
capital13%15%25%Retained
earnings12%14%22%Accummulated other comprehensive loss-
0%-0%-0%Total shareholder's equity26%29%49%Total
liabilities and shareholder's equity100%100%100%
Common Sized Income SheetsDollar General
CorporationCommon Sized Income SheetsAs of January 29,
2021, January 31, 2020, and February 1, 2019For the Year
EndedJanuary 29, 2021January 31, 2020February 1, 2019Net
Sales100%100%100%Cost of goods sold68%69%70%Gross
profit32%31%30%Selling, general and administrative
expenses21%22%22%Operating profit11%8%8%Interes t
expense0%0%0%Other (income) expense0%0%0%Income
before income taxes10%8%8%Income tax expense2%2%2%Net
income8%6%6%
Horizontal Analysis of BalanceDollar General
CorporationHorizontal Analysis Balance SheetsAs of January
29, 2021, January 31, 2020, and February 1, 2019For the Year
EndedJanuary 29, 2021$ Change% ChangeJanuary 31, 2020$
Change% ChangeFebruary 1, 2019ASSETSCurrent assets:Cash
and cash equivalents$ 1,376,577$ 1,136,257473%$
240,320$ 4,8332%$ 235,487Merchandise
inventoires5,247,477570,62912%4,676,848579,84414%4,097,00
4Income tax
receivable90,76014,22319%76,53718,73332%57,804Prepaid
expenses and other current
assets199,40515,2428%184,163(88,562)-32%272,725Total
current
assets6,914,2191,736,35134%5,177,868514,84811%4,663,020N
et property and
equipment3,899,997621,63819%3,278,359307,55310%2,970,80
6Operating lease
assets9,473,330677,1478%8,796,1838,796,183--
Goodwill4,338,589-0%4,338,589-0%4,338,589Other intangible
assets, net1,199,870(136)-0%1,200,006(211)-0%1,200,217Other
assets, net69,61935,540104%34,0792,6739%31,406Total

12. assets25,895,6243,070,54013%22,825,0849,621,04673%13,204,
038LIABILITIES AND SHAREHOLDERS' EQUITYCurrent
liabilities:Current portion of long-term obligation- 0- 0- 0-
0(1,950)-100%1,950Current portion of operating lease
liabilities$ 1,074,079$ 109,27411%$ 964,805$ 964,805$
-Accounts
payable3,614,089753,40726%2,860,682475,21320%2,385,469A
ccured expenses and
other1,006,552297,39642%709,15690,75115%618,405Income
taxes payable16,0637,70192%8,362(1,671)-17%10,033Total
current
liabilities5,710,7831,167,77826%4,543,0051,527,14851%3,015,
857Long-term
obligations4,130,9751,218,98242%2,911,99349,2532%2,862,74
0Long-term operating lease
liabilities8,385,388565,7057%7,819,6837,819,683- 0Deffered
income taxes710,54935,3225%675,2276 5,54011%609,687Other
liabilities263,69191,01553%172,676(125,685)-
42%298,361Commitments and contingenciesShareholder's
equity:Preferred stock- 0- 0- 0- 0- 0- 0- 0Common stock: $0.875
per value, 1,000,000 shares authorized, 240,785; 251,936; and
259,511 shares issued and outstanding at January 29, 2021,
January 31, 2020, and February 1, 2019
respectively210,687(9,757)-4%220,444(6,628)-
3%227,072Additional paid-in
capital3,446,612124,0814%3,322,53170,1102%3,252,421Retain
ed earnings3,006,102(156,558)-
5%3,162,660221,5538%2,941,107Accummulated other
comprehensive loss(2,163)972-31%(3,135)72-2%(3,207)Total
shareholder's equity6,661,238(41,262)-
1%6,702,500285,1074%6,417,393Total liabilities and
shareholder's
equity25,862,6243,037,54013%22,825,0849,621,04673%13,204,
038
Horizontal Analysis of IncomeDollar General
CorporationHorizontal Analysis Income StatementAs of January

13. 29, 2021, January 31, 2020, and February 1, 2019$s in
thousands, expect per share amountsFor the Year EndedJanuary
29, 2021$ Change% ChangeJanuary 31, 2020$ Change%
ChangeFebruary 1, 2019Net Sales$ 33,746,839$
5,992,86622%$ 27,753,973$ 2,128,9308%$ 25,625,043Cost
of goods sold$ 23,027,977$ 3,763,06520%$ 19,264,912$
1,443,7398%$ 17,821,173Gross profit$ 10,718,862$
2,229,80126%$ 8,489,061$ 685,1919%$ 7,803,870Selling,
general and administrative expenses$ 7,164,097$
977,34016%$ 6,186,757$ 499,1939%$ 5,687,564Operating
profit$ 3,554,765$ 1,252,46154%$ 2,302,304$
185,9989%$ 2,116,306Interest expense$ 150,385$
49,81150%$ 100,574$ 7031%$ 99,871Other (income)
expense$ - 0$ (1,019)-100%$ 1,019Income before income
taxes$ 3,404,380$ 1,202,65055%$ 2,201,730$ 186,3149%$
2,015,416Income tax expense$ 749,330$ 260,15553%$
489,175$ 63,23115%$ 425,944Net income$ 2,655,050$
942,49555%$ 1,712,555$ 123,0838%$ 1,589,472Earnings
per share:Basic$ 10.70$ 4.0260%$ 6.68$ 0.6912%$
5.99Dilute$ 10.62$ 3.9860%$ 6.64$ 0.6711%$
5.97Weighted average shares outstanding:Basic248,171$
(8,362.00)-3%256,533$ (8,622.00)-3%265,155Dilute250,076$
(7,977.00)-3%258,053$ (8,052.00)-3%266,105Dividends per
share$ 1.44$ 0.1613%$ 1.28$ 0.1210%$ 1.16
Projected Income StatementsDollar General
CorporationProjected Income StatementAs of January 29, 2021,
January 31, 2020, and February 1, 2019$s in thousands, expect
per share amountsFor the Year EndedJanuary 29, 2022January
29, 2023January 29, 2024Net Sales$ 35,197,953$
36,605,871$ 38,033,500Cost of goods sold$ 23,582,629$
24,159,875$ 24,721,775Gross profit$ 11,615,325$
12,445,996$ 13,311,725Selling, general and administrative
expenses$ 7,472,153$ 6,434,227$ 5,909,379Operating
profit$ 4,143,171$ 6,011,769$ 7,402,346Interest expense$
94,706$ 94,706$ 94,706Other (income) expense$ - 0$ - 0$
- 0Income before income taxes$ 4,048,465$ 5,917,063$

14. 7,307,640Income tax expense$ 661,722$ 688,190$
715,030Net income$ 3,386,743$ 5,228,872$ 6,592,610
Assumptions:
1. Net Sales: According to Dun & Bradstreet, Dollar & Other
General Merchandise Stores will have an average revenue
growth of 4.3% in 2022, 4.0% in 2023 and 3.9% in 2024.
("General Merchandise and Variety Stores, Dollar Stores,
Departments Stores and Warehouse Clubs Industry (U.S.)
Analytics, Extensive Financial Benchmarks, Metrics and
Revenue Forecasts to 2027", p. 13)
2. COGS: Average over the last three years has decreased by 1%
each year.
3. SG&A can be forecasted as the same rate as the revenue
growth.
4. Interest Expense: "Interest expense increased $49.8 million
to $150.4 million in 2020 compared to 2019, primarily due to
higher average outstanding debt balances in connection with the
issuance of debt in the first quarter of 2020, and increased $0.7
million to $100.6 million in 2019 compared to 2018." 284,119
(in thousands) are due in the next 1-3 years. Average is
$94,706.33. (“United States Securities and Exchange
Commission - Dollar General Corporation”, p. 36)
5. Taxes: Used average over the last three years = 1.88% of net
sales according to the Common Sized Income Statement
percentages.
6. Dollar General plans to increase stores by 6% each year.
References
General Merchandise and Variety Stores, Dollar Stores,
Departments Stores and Warehouse Clubs Industry (U.S.)
Analytics, Extensive Financial Benchmarks, Metrics and
Revenue Forecasts to 2027, NAIC 452000 Published May 26,
2021. (2021). (). Houston: Plunkett Research, Ltd. Retrieved
from Entrepreneurship Database; ProQuest Central
http://ezproxy.liberty.edu/login?qurl=https%3A%2F%2Fwww.pr
oquest.com%2Freports%2Fgeneral-merchandise-variety-stores-

15. dollar%2Fdocview%2F2537157230%2Fse-
2%3Faccountid%3D12085
“United States Securities and Exchange Commission - Dollar
General Corporation.” Sec.gov, 29 Jan. 2021,
www.sec.gov/ix?doc=/Archives/edgar/data/29534/00015583702
1003245/dg-
20210129x10k.htm#ITEM7MANAGEMENTSDISCUSSIONAN
DANALYSIS_58. Accessed 7 Aug. 2021.
Other Research:
Corporate Finance Academy. “Income Statement Forecasting -
How to Do a 5 Year Forecast in Excel.” YouTube, 26 Nov.
2020, www.youtube.com/watch?v=6FMPZCMoAKY. Accessed
7 Aug. 2021.
Projected Balance SheetsDollar General CorporationProjected
Balance SheetsAs of January 29, 2021, January 31, 2020, and
February 1, 2019$s in thousands, expect per share amount sFor
the Year EndedJanuary 29, 2022January 29, 2023January 29,
2024ASSETSCurrent assets:Cash and cash equivalents$
1,401,351$ 1,457,405$ 1,514,244Merchandise
inventoires5,473,1195,692,0435,914,033Income tax
receivable94,66398,449102,289Prepaid expenses and other
current assets207,979216,299224,734Total current
assets7,177,1127,464,1967,755,300Net property and
equipment4,067,6974,230,4054,395,391Operating lease
assets9,880,68310,275,91110,676,671Goodwill4,525,1484,706,1
544,889,694Other intangible assets,
net1,251,4641,301,5231,352,282Other assets,
net72,61375,51778,462Total
assets26,974,71728,053,70629,147,800LIABILITIES AND
SHAREHOLDERS' EQUITYCurrent liabilities:Current portion
of long-term obligation- 0- 0- 0Current portion of operating
lease liabilities$ 1,120,264$ 1,165,075$ 1,210,513Accounts
payable3,769,4953,920,2754,073,165Accured expenses and

16. other1,049,8341,091,8271,134,408Income taxes
payable16,75417,42418,103Total current
liabilities5,956,3476,194,6016,436,190Long-term
obligations4,308,6074,480,9514,655,708Long-term operating
lease liabilities8,745,9609,095,7989,450,534Deffered income
taxes741,103770,747800,806Other
liabilities275,030286,031297,186Commitments and
contingenciesShareholder's equity:Preferred stock- 0- 0-
0Common stock: $0.875 per value, 1,000,000 shares authorized,
240,785; 251,936; and 259,511 shares issued and outstanding at
January 29, 2021, January 31, 2020, and February 1, 2019
respectively219,747228,536237,449Additional paid-in
capital3,594,8163,738,6093,884,415Retained
earnings3,135,3643,260,7793,387,949Accummulated other
comprehensive loss(2,256)(2,346)(2,438)Total shareholder's
equity6,947,6717,225,5787,507,376Total liabilities and
shareholder's equity26,974,71728,053,70629,147,800
Assumptions:
1. Dollar General affirmed plans to execute 2,900 real estate
projects, including 1,050 new store openings, 1,750 store
remodels and 100 store relocations. That compares to 1,000 new
stores, 1,670 remodels and 110 relocations in 2020 (Troy, 2021,
para. 4). They also plan to increase the number of stores by 6%
each year.
2. According to Dun & Bradstreet, Dollar & Other General
Merchandise Stores will have an average revenue growth of
4.3% in 2022, 4.0% in 2023 and 3.9% in 2024. ("General
Merchandise and Variety Stores, Dollar Stores, Departments
Stores and Warehouse Clubs Industry (U.S.) Analytics,
Extensive Financial Benchmarks, Metrics and Revenue
Forecasts to 2027", p. 13)
References
General Merchandise and Variety Stores, Dollar Stores,
Departments Stores and Warehouse Clubs Industry (U.S.)
Analytics, Extensive Financial Benchmarks, Metrics and

17. Revenue Forecasts to 2027, NAIC 452000 Published May 26,
2021. (2021). (). Houston: Plunkett Research, Ltd. Retrieved
from Entrepreneurship Database; ProQuest Central
http://ezproxy.liberty.edu/login?qurl=https%3A%2F%2Fwww.pr
oquest.com%2Freports%2Fgeneral-merchandise-variety-stores-
dollar%2Fdocview%2F2537157230%2Fse-
2%3Faccountid%3D12085
Repko, M. (2021, March 18). Dollar General will open more
than 1,000 stores this year and expand its Popshelf brand.
CNBC; CNBC. https://www.cnbc.com/2021/03/18/dollar-
general-will-build-bigger-stores-expand-popshelf-brand.html
Troy, Mike. “Dollar General Forecasts 2021 Comp Decline.”
Progressive Grocer, 18 Mar. 2021,
progressivegrocer.com/dollar-general-forecasts-2021-comp-
decline. Accessed 7 Aug. 2021.
Proj. Statement of Cash FlowDollar General
CorporationProjected Statements of Cash FlowsAs of January
29, 2021, January 31, 2020, and February 1, 2019$s in
thousands, expect per share amountsFor the Year EndedJanuary
29, 2022January 29, 2023January 29, 2024Cash flows from
operating activities:Net income$ 3,386,743$ 5,228,872$
6,592,610Adjustments to reconcile net income to net cash from
operating activities:Depreciation and
amortization598,929622,886865,812Deferred income
taxes36,48037,93952,735Noncash share-based
compensation71,55974,422103,446Other noncash (gains) and
losses12,06812,55017,445Change in operating assets and
liabilities:--Merchandise
inventories(600,588)(624,611)(868,209)Prepaid expenses and
other current assets(17,226)(17,915)(24,902)Accounts
payable777,657808,7631,124,180Accrued expenses and other

18. liabilities405,307421,519585,911Income
taxes(6,802)(7,075)(9,834)Other noncash (gains) and
losses(3,755)(3,906)(5,429)Net cash provided by (used in)
operating activities4,660,3716,553,4458,433,766Cash flows
from investing activities:Purchases of property and
equipment(1,072,165)(1,115,052)(1,158,539)Proceeds from
sales of property and equipment3,1843,3123,441Net cash
provided by (used in) investing
activities(1,068,981)(1,111,740)(1,155,098)Cash flows from
financing activities:Issuance of long-term
obligations1,558,5711,620,9132,253,070Repayments of long-
term obligation(4,840)(5,033)(6,996)Net increase (decrease) in
commercial paper
outstanding(443,484)(461,223)(641,100)Borrowings under
revolving credit facilities312,900325,416452,328Repayments of
borrowings under revolving credit
facilities(312,900)(325,416)(452,328)Costs associated with
issuance of debt(14,158)(14,724)(20,466)Repurchases of
common stock(2,572,491)(2,675,390)(3,718,793)Payments of
cash dividends(371,231)(386,080)(536,651)Other equity and
related transactions58,89561,25185,139Net cash proivded by
(used in) financing
activities(1,788,737)(1,860,286)(2,585,798)Ne t increase
(decrease) in cash and cash
equivalments1,185,1161,232,5211,280,589Cash and cash
equivalents, beginning of
period1,401,3512,586,4673,818,988Cash and cash equivalents,
end of period$ 2,586,467$ 3,818,988$
5,099,577Supplemental cash flow information:Cash paid
for:Interest$ 133,724$ 139,073$ 144,497Income taxes$
752,598$ 782,701$ 813,227Supplemental noncash investing
and financing activities:Right of use assets obtained in
exchange for new operating lease liabilities$ 1,721,530$
1,790,391$ 1,860,216Purchases of property and equipment
awaiting processing for payment, included in Accounts payable$
118,059$ 122,781$ 127,570

19. Assumptions:
1. Dollar General affirmed plans to execute 2,900 real estate
projects, including 1,050 new store openings, 1,750 store
remodels and 100 store relocations. That compares to 1,000 new
stores, 1,670 remodels and 110 relocations in 2020 (Troy, 2021,
para. 4). They also plan to increase the number of stores by 6%
each year.
2. According to Dun & Bradstreet, Dollar & Other General
Merchandise Stores will have an average revenue growth of
4.3% in 2022, 4.0% in 2023 and 3.9% in 2024. ("General
Merchandise and Variety Stores, Dollar Stores, Departments
Stores and Warehouse Clubs Industry (U.S.) Analytics,
Extensive Financial Benchmarks, Metrics and Revenue
Forecasts to 2027", p. 13)
References
General Merchandise and Variety Stores, Dollar Stores,
Departments Stores and Warehouse Clubs Industry (U.S.)
Analytics, Extensive Financial Benchmarks, Metrics and
Revenue Forecasts to 2027, NAIC 452000 Published May 26,
2021. (2021). (). Houston: Plunkett Research, Ltd. Retrieved
from Entrepreneurship Database; ProQuest Central
http://ezproxy.liberty.edu/login?qurl=https%3A%2F%2Fwww.pr
oquest.com%2Freports%2Fgeneral-merchandise-variety-stores-
dollar%2Fdocview%2F2537157230%2Fse-
2%3Faccountid%3D12085
Repko, M. (2021, March 18). Dollar General will open more
than 1,000 stores this year and expand its Popshelf brand.
CNBC; CNBC. https://www.cnbc.com/2021/03/18/dollar-
general-will-build-bigger-stores-expand-popshelf-brand.html
Troy, Mike. “Dollar General Forecasts 2021 Comp Decline.”
Progressive Grocer, 18 Mar. 2021,
progressivegrocer.com/dollar-general-forecasts-2021-comp-
decline. Accessed 7 Aug. 2021.