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DOLLAR GENERAL CORP Annual Report (Amendment), Year Ended Jan 28, 2000

Filing Date
Filed July 31, 2000
Period End
January 28, 2000
Security
DG
In the record · 2016–202610-K1110-Q328-K90

DG filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 90 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Mar ’17Mar ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K/A filed July 31, 2000. Cited figures are marked; the original filing is the authoritative source.

Dollar General's amended 10-K/A (Amendment No. 1) for the fiscal year ended January 28, 2000 was filed solely to add the unqualified audit opinion of Deloitte & Touche LLP, which was omitted from the original April 2000 filing.

The amendment restates Item 8 in full, so the financial statements themselves are unchanged from the original report. For fiscal 1999, the company reported net sales of $3.89 billiona, up about 20.7% from $3.22 billion, with net income of $219.4 million (5.6% of sales) versus $182.0 million a year earlier, and diluted EPS of $0.81 versus $0.68 (both after retroactive stock split adjustments). The balance sheet strengthened over the year.

Shareholders' equity rose to $925.9 millionb from $725.8 million, driven by earnings and the non-cash conversion of 1.7 million preferred shares into 40.9 million common shares, which eliminated the preferred and treasury stock balances. Total assets grew to $1.45 billion. Inventory increased to $985.7 million, about 21% higher, which is substantial relative to sales growth and warrants monitoring.

Long-term debt remained negligible at $1.2 millionc, and the company had no borrowings outstanding under its $175 million revolver or its seasonal credit lines at year-end. Cash flow from operations declined to $140.4 million from $218.6 million, pressured by a $174 million inventory build and a $51 million reduction in accrued expenses, the latter largely reflecting the prior year's $68 million sale/leaseback advance that did not recur.

Management's disclosures also show a material operating lease commitment base, with minimum annual rentals of $149.5 milliond in 2000 and $351.4 million of residual value guarantees, and a pending LIFO-to-cost-of-goods adjustment and interest rate swaps of $200 million. Investors should weigh the strong earnings and balance sheet against weaker operating cash generation and rising inventory levels.

02—Key points

Key Highlights

  1. Net sales grew 20.7% to $3.89 billion in fiscal 1999, with hardlines accounting for $3.19 billion (about 82% of sales).
  2. Net income rose 20.5% to $219.4 million; diluted EPS increased to $0.81 from $0.68, with gross margin steady at 28.2%.
  3. Shareholders' equity increased 28% to $925.9 million after the non-cash conversion of preferred stock into 40.9 million common shares.
  4. Operating cash flow fell 36% to $140.4 million, as inventory growth of $174 million and lower accrued expenses absorbed cash.
  5. Merchandise inventories rose to $985.7 million, up about 21%, outpacing sales growth and tying up more working capital.
  6. Year-end debt was minimal at $2.4 million total, with no borrowings under the $175 million revolver or seasonal lines of credit.
  7. The amendment only adds Deloitte & Touche's unqualified audit opinion to Item 8; the financial figures are unchanged from the original 10-K.

03—Questions

Frequently Asked Questions

  1. Why was this 10-K/A filed?

    The original annual report, filed April 27, 2000, inadvertently omitted the unqualified auditor's opinion from Deloitte & Touche LLP. This amendment restates Item 8 in full with the opinion added, and no other financial data was modified.

  2. How strong is Dollar General's profitability?

    Profitability was stable. Operating margin held at 9.0%, net margin was 5.6%, and the effective tax rate was 36.2%. Net income growth of 20.5% was in line with sales growth, indicating consistent execution rather than margin expansion.

  3. Is inventory growth a concern for investors?

    Inventory rose about 21% to $985.7 million, slightly faster than sales growth of roughly 21%. Given the cash flow impact, investors should watch whether inventory turns and markdown exposure remain healthy in the coming year.

  4. What is the company's debt and liquidity position?

    Debt is minimal, with total long-term debt and current portion of about $2.4 million. Cash rose to $58.8 million, and the company had undrawn credit facilities including a $175 million revolver expiring in September 2002.

  5. What significant commitments does the company carry?

    The company has substantial operating lease obligations, with minimum rentals of $149.5 million due in fiscal 2000 and $181.8 million thereafter, plus residual value guarantees of $351.4 million tied to leased headquarters, distribution centers, and stores. Rent expense totaled $149.3 million in 1999.

04—Continue

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