GOODLETTSVILLE, Tenn. — The secret to Dollar General's success is keeping it simple, Rick Dreiling, chairman and CEO of the 75-year-old discounter, told shareholders Thursday morning. "Simple neighborhood stores, simple, frequently-needed items and everyday low prices," he said. "For 75 years, [Dollar General has focused] on helping low- and middle-income families save money and save time by offering quality, basic merchandise at affordable prices in convenient, small-box neighborhood stores."
Dollar General is the largest discounter with more than 11,000 locations across 40 states, Dreiling said, and the company will add some 700 new stores in 2014. "We still have room to grow," Dreiling said. "We will continue to relocate, remodel and refresh our stores to build our brand and enhance our customer shopping experience."
In 2013, Dollar General's net sales increased by 9.2% to $17.5 billion, Dreiling said. That represents $220 per square foot. Same-store sales grew 3.3%, marking the company's 24th consecutive year of same-store sales growth.