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Dollar General beats quarterly same-store sales estimates

Aug 27 (Reuters) - Dollar General Corp beat quarterly same-store sales estimates on Thursday, as more Americans bought low-price groceries and household items from the discount retailer amid the economic downturn due to the COVID-19 pandemic.

The company, which is raising its share buyback program by $2 billion, said same-store sales rose 18.8% in the second quarter ended July 31, above analysts’ average estimate of a 15.1% increase, according to IBES data from Refinitiv.

Net income rose to $787.6 million, or $3.12 per share, from $426.6 million, or $1.65 per share, a year earlier. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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