8-KEarnings & ResultsLeadership ChangesRegulation FD+2

DOLLAR GENERAL CORP 8-K Report, Financial Results (Aug 29, 2019)

Filed August 29, 2019For Securities:DG

Summary

Dollar General Corporation (DG) filed an 8-K on August 29, 2019, primarily announcing its second-quarter 2019 financial results and a significant executive appointment. The company reported its operational and financial condition for the fiscal 2019 second quarter ended August 2, 2019, with detailed results furnished via an attached news release. Investors should note that information in this section is furnished, not filed. The most notable event in the filing is the appointment of Jeffery C. Owen as Chief Operating Officer, effective August 27, 2019. This promotion comes with an increased base salary, a higher targeted annual bonus percentage, and a stock option award. The company also announced the appointment of Steven G. Sunderland as Executive Vice President of Store Operations to fill the vacancy created by Mr. Owen's promotion, alongside the declaration of a quarterly cash dividend of $0.32 per share.

Key Highlights

  • 1Dollar General reported its Q2 2019 results of operations and financial condition.
  • 2Jeffery C. Owen was appointed Chief Operating Officer (COO) effective August 27, 2019.
  • 3Mr. Owen's compensation was adjusted with an increased base salary to $800,000 and a target bonus of 100% of base salary.
  • 4Mr. Owen received a stock option award to purchase 9,632 shares at $138.75 per share, vesting over four years.
  • 5Steven G. Sunderland was appointed Executive Vice President of Store Operations.
  • 6The Board of Directors declared a quarterly cash dividend of $0.32 per share, payable on or before October 22, 2019.
  • 7The filing contains furnished information regarding financial results and outlook, not deemed 'filed'.

Frequently Asked Questions

This 8-K filing, under Item 2.02, furnished the company's news release regarding its fiscal 2019 second-quarter results. While the specific financial metrics like revenue or net income are not detailed within the 8-K text itself, the accompanying Exhibit 99.1 (the news release) would contain this information. The filing also notes the declaration of a $0.32 per share quarterly cash dividend.

Jeffery C. Owen has been appointed as the Chief Operating Officer (COO) of Dollar General, effective August 27, 2019. In this role, he is responsible for Store Operations, Merchandising, and Supply Chain. Mr. Owen has a long history with Dollar General, having returned in 2015 and previously held various operations roles.

Upon his promotion to COO, Mr. Owen's annual base salary increased from $675,050 to $800,000. His targeted annual bonus also increased from 75% to 100% of his base salary. Additionally, he was awarded a non-qualified stock option to purchase 9,632 shares of common stock at an exercise price of $138.75 per share, with vesting over four years.

The Board of Directors declared a quarterly cash dividend of $0.32 per share. This indicates the company's commitment to returning capital to shareholders. While the declaration of future dividends is at the Board's discretion and depends on various factors, the continuation of regular quarterly dividends is generally expected.