Projecting Income, Balance & Cash Flow Statements

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Historical Income Statements

Dollar General Corporation
Consolidated Income Statement
As of January 29, 2021, January 31, 2020, and February 1, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 29, 2021	January 31, 2020	February 1, 2019
Net Sales	$ 33,746,839	$ 27,753,973	$ 25,625,043
Cost of goods sold	$ 23,027,977	$ 19,264,912	$ 17,821,173
Gross profit	$ 10,718,862	$ 8,489,061	$ 7,803,870
Selling, general and administrative expenses	$ 7,164,097	$ 6,186,757	$ 5,687,564
Operating profit	$ 3,554,765	$ 2,302,304	$ 2,116,306
Interest expense	$ 150,385	$ 100,574	$ 99,871
Other (income) expense	$ - 0	$ - 0	$ 1,019
Income before income taxes	$ 3,404,380	$ 2,201,730	$ 2,015,416
Income tax expense	$ 749,330	$ 489,175	$ 425,944
Net income	$ 2,655,050	$ 1,712,555	$ 1,589,472
Earnings per share:
Basic	$ 10.70	$ 6.68	$ 5.99
Dilute	$ 10.62	$ 6.64	$ 5.97
Weighted average shares outstanding:
Basic	248,171	256,533	265,155
Dilute	250,076	258,053	266,105
Dividends per share	$ 1.44	$ 1.28	$ 1.16

Historical Balance Sheets

Dollar General Corporation
Consolidated Balance Sheets
As of January 29, 2021, January 31, 2020, and February 1, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 29, 2021	January 31, 2020	February 1, 2019
ASSETS
Current assets:
Cash and cash equivalents	$ 1,376,577	$ 240,320	$ 235,487
Merchandise inventoires	5,247,477	4,676,848	4,097,004
Income tax receivable	90,760	76,537	57,804
Prepaid expenses and other current assets	199,405	184,163	272,725
Total current assets	6,914,219	5,177,868	4,663,020
Net property and equipment	3,899,997	3,278,359	2,970,806
Operating lease assets	9,473,330	8,796,183	-
Goodwill	4,338,589	4,338,589	4,338,589
Other intangible assets, net	1,199,870	1,200,006	1,200,217
Other assets, net	69,619	34,079	31,406
Total assets	25,895,624	22,825,084	13,204,038
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligation	- 0	- 0	1,950
Current portion of operating lease liabilities	$ 1,074,079	$ 964,805	$ -
Accounts payable	3,614,089	2,860,682	2,385,469
Accured expenses and other	1,006,552	709,156	618,405
Income taxes payable	16,063	8,362	10,033
Total current liabilities	5,710,783	4,543,005	3,015,857
Long-term obligations	4,130,975	2,911,993	2,862,740
Long-term operating lease liabilities	8,385,388	7,819,683	- 0
Deffered income taxes	710,549	675,227	609,687
Other liabilities	263,691	172,676	298,361
Commitments and contingencies
Shareholder's equity:
Preferred stock	- 0	- 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 February 1, 2019 respectively	210,687	220,444	227,072
Additional paid-in capital	3,446,612	3,322,531	3,252,421
Retained earnings	3,006,102	3,162,660	2,941,107
Accummulated other comprehensive loss	(2,163)	(3,135)	(3,207)
Total shareholder's equity	6,661,238	6,702,500	6,417,393
Total liabilities and shareholder's equity	25,862,624	22,825,084	13,204,038

Hist. Statement of Cash Flows

Dollar General Corporation
Consolidated Statements of Cash Flows
As of January 29, 2021, January 31, 2020, and February 1, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 29, 2021	January 31, 2020	February 1, 2019
Cash flows from operating activities:
Net income	$ 2,655,050	$ 1,712,555	$ 1,589,472
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	574,237	504,804	454,134
Deferred income taxes	34,976	55,407	52,325
Noncash share-based compensation	68,609	48,589	40,879
Other noncash (gains) and losses	11,570	8,293	42,870
Change 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 payable	745,596	428,627	375,214
Accrued expenses and other liabilities	388,597	100,322	65,857
Income taxes	(6,522)	(20,404)	56,390
Other noncash (gains) and losses	(3,611)	(6,959)	(152)
Net cash provided by (used in) operating activities	3,876,159	2,237,998	2,143,550
Cash flows from investing activities:
Purchases of property and equipment	(1,027,963)	(784,843)	(734,380)
Proceeds from sales of property and equipment	3,053	2,358	2,777
Net cash provided by (used in) investing activities	(1,024,910)	(782,485)	(731,603)
Cash flows from financing activities:
Issuance of long-term obligations	1,494,315	-	499,495
Repayments 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 facilities	300,000	-	-
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 transactions	56,467	22,104	15,626
Net cash proivded by (used in) financing activities	(1,714,992)	(1,450,680)	(1,443,901)
Net increase (decrease) in cash and cash equivalments	1,136,257	4,833	(31,954)
Cash and cash equivalents, beginning of period	240,320	235,487	267,411
Cash and cash equivalents, end of period	$ 1,376,577	$ 240,320	$ 235,457
Supplemental cash flow information:
Cash paid for:
Interest	$ 128,211	$ 100,033	$ 98,012
Income taxes	$ 721,570	$ 457,119	$ 313,457
Supplemental noncash investing and financing activities:
Right of use assets obtained in exchange for new operating lease liabilities	$ 1,721,530	$ 1,705,988
Purchases of property and equipment awaiting processing for payment, included in Accounts payable	$ 118,059	$ 100,248	$ 63,662

Big Lots Income Statements

Big Lots, Inc.
Consolidated Income Statement
As of 2020, 2019, and 2018
$s in thousands, expect per share amounts
	For the Year Ended
	2020	2019	2018
Net Sales	$ 6,199,186	$ 5,323,180	$ 5,238,105
Cost of goods sold	3,701,800	3,208,498	3,116,210
Gross margin	2,497,386	2,114,682	2,121,895
Selling, general and administrative expenses	1,965,555	1,823,409	1,778,416
Depreciation expense	138,336	134,981	124,970
Gain on sale of distribution centers	(463,053)	(178,534)	-
Operating profit	856,548	334,826	218,509
Interest expense	(11,031)	(16,827)	(10,338)
Other (income) expense	(911)	(451)	(558)
Income before income taxes	844,606	317,548	207,613
Income tax expense	215,415	75,084	50,719
Net income	$ 629,191	$ 242,464	$ 156,894
Earnings per share:
Basic	$ 16.46	$ 6.18	$ 3.84
Dilute	$ 16.11	$ 6.16	$ 3.83

Big Lots Balance Sheets

Big Lots, Inc.
Consolidated Balance Sheets
As of January 30, 2021, February 1, 2020, and February 2, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 30, 2021	February 1, 2020	February 2, 2019
ASSETS
Current assets:
Cash and cash equivalents	$ 559,556	$ 52,721	$ 46,034
Inventories	940,294	921,266	969,561
Other current assets	85,939	89,962	112,408
Total current assets	1,585,789	1,063,949	1,128,003
Operating lease right-of-use assets	1,649,009	1,202,252	-
Property and equipment - net	717,216	849,147	822,338
Deferred income taxes	16,329	4,762	8,633
Other assets	68,914	69,171	64,373
Total assets	4,037,257	3,189,281	2,023,347
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$ 398,433	$ 378,241	$ 396,903
Current operating lease liabilities	226,075.0	212,144.0	-0
Property, payroll, and other taxes	109,694.0	82,109.0	75,317.0
Accrued operating expenses	138,331.0	118,973.0	99,422.0
Insurance reserves	34,660.0	36,131.0	38,883.0
Accrued salaries and wages	49,830.0	39,292.0	26,798.0
Income taxes payable	43,601.0	3,930.0	1,237.0
Total current liabilities	1,000,624	870,820	638,560
Long-term debt	35,764	279,464	374,100
Noncurrent operating lease liabilities	1,465,433	1,035,377	- 0
Deferred income taxes	7,762	48,610	- 0
Deferred rent	- 0	- 0	60,700
Insurance reserves	57,452	57,567	54,507
Unrecognized tax benefits	11,304	10,722	14,189
Synthetic lease obligation	- 0	- 0	144,477
Other liabilities	181,187	41,257	43,773
Shareholder's equity:
Preferred stock	- 0	- 0	- 0
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 35,535 shares, 39,037 shares, and 40,042 shares respectively	1,175	1,175	1,175
Treasury 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 capital	634,813	620,728	622,685
Retained earnings	3,351,002	2,769,793	2,575,267
Total shareholder's equity	1,277,731	845,464	693,041
Total liabilities and shareholder's equity	4,037,257	3,189,281	2,023,347

Big Lots Cash Flows

Big Lots, Inc.
Consolidated Statements of Cash Flows
As of 2020, 2019, and 2018
$s in thousands, expect per share amounts
	For the Year Ended
	2020	2019	2018
Operating activities:
Net income	$ 629,191	$ 242,464	$ 156,894
Adjustmnets to reconcile net income to net cash from operating activities:
Depreciation and amortization expense	138,848	135,686	114,025
Non-cash lease expense	246,442	229,143	-
Deferred income tax	(52,415)	52,374	5,353
Non-cash share-based compensation expense	26,155	13,051	26,335
Non-cash impairment charge	1,792	3,986	141
(Gain) loss on disposition of property and equipment	(462,916)	(177,996)	732
Unrealized (gain) loss on fuel derivatives	(294)	346	1,075
Change in assests and liabilities:
Inventories	(19,028)	48,295	(96,772)
Accounts payable	20,193	(18,662)	45,677
Operating lease liabilities	(250,131)	(215,956)	-
Current income taxes	56,564	(4,442)	(14,108)
Other current assets	(10,238)	(5,836)	(7,055)
Other current liabilities	55,775	36,962	(11,637)
Other assets	(90)	(5,499)	1,985
Other liabilities	19,501	5,054	11,415
Net cash provided by (used in) operating activities	$ 399,349	338,970	234,060
Investing activities:
Capital expenditures	(135,220)	(265,203)	(232,402)
Cash proceeds from sale of property and equipment	588,258	190,741	519
Assets acquired under synthetic lease	-	-	(128,872)
Payments for purchase of intangible assets	-	-	(15,750)
Other	(51)	(18)	32
Net cash provided by (used in) investing activities	452,987	(74,480)	(376,473)
Financing activities:
Net (repayment of) proceeds from long-term debt	(243,227)	(80,609)	174,300
Net financing proceeds from sale and leaseback	123,435	-	-
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 options	493	200	1,859
Payment for treasury shares acquired	(175,642)	(55,347)	(111,750)
Proceeds from synthetic lease	-	-	128,872
Payments for debt issurance costs	-	(150)	(1,495)
Other	52	(7)	1
Net cash proivded by (used in) financing activities	(345,501)	(257,803)	137,271
Increase (decrease) in cash and cash equivalents	506,835	6,687	(5,142)
Cash and cash equivalents:
Beginning of year	52,721	46,034	51,176
End of year	$ 559,556	$ 52,721	$ 46,034

Ollie's Income Statements

Ollie's Bargin Outlet Holdings, Inc.
Consolidated Income Statement
As of January 30, 2021, February 1, 2020, February 2, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 30, 2021	February 1, 2020	February 2, 2019
Net Sales	$ 1,808,821	$ 1,408,199	$ 1,241,377
Cost of sales	1,085,455	852,610	743,726
Gross profit	723,366	555,589	497,651
Selling, general and administrative expenses	418,889	356,060	312,790
Depreciation and amortization expenses	16,705	14,582	11,664
Pre-opening expenses	10,272	13,092	11,143
Operating profit	277,500	171,855	162,054
Interest (income) expense, net	(278)	(878)	1,261
Loss on extinguishment of debt	-	-	150
Income before income taxes	277,778	172,733	160,643
Income tax expense	35,082	31,603	25,630
Net income	$ 242,696	$ 141,130	$ 135,013
Earnings per share:
Basic	$ 3.75	$ 2.23	$ 2.60
Dilute	$ 3.68	$ 2.14	$ 2.05
Weighted average common shares outstanding:
Basic	64,748	63,214	62,568
Diluted	68,873	65,874	65,905

Ollie's Balance Sheets

Ollie's Bargin Outlet Holdings, Inc.
Consolidated Balance Sheets
As of January 30, 2021, February 1, 2020, February 2, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 30, 2021	February 1, 2020	February 2, 2019
ASSETS
Current assets:
Cash and cash equivalents	$ 447,126	$ 89,950	$ 51,941
Inventories	$ 353,704	$ 335,181	$ 296,407
Accounts receivable	$ 621	$ 2,840	$ 570
Prepaid expenses and other assets	$ 7,316	$ 5,567	$ 9,579
Total current assets	$ 808,767	$ 433,538	$ 358,497
Property and equipment, net	$ 138,712	$ 132,084	$ 119,052
Operating lease right -of-use assets	$ 380,546	$ 352,684	$ - 0
Goodwill	$ 444,850	$ 444,850	$ 444,850
Trade name	$ 230,559	$ 230,559	$ 232,304
Other assets	$ 2,421	$ 2,532	$ 4,300
Total assets	$ 2,005,855	$ 1,596,247	$ 1,159,003
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$ 328	$ 273	$ 238
Accounts payable	117,217	63,223	77,431
Income taxes payable	10,960	3,906	7,393
Current portion of operating lease liabilities	64,732	53,551	-
Accrued expenses and other	90,559	56,732	65,934
Total current liabilities	283,796	177,685	150,996
Revolving credit facility	-	-	-
Long-term debt	656	527	441
Deferred income taxes	65,064	59,401	55,616
Long-term operating expense liabilities	321,454	299,743	-
Other long-term liabilities	4	6	9,298
Total liabilities	670,974	537,362	216,351
Commitments and contingencies
Shareholder'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, respectively	66	64	63
Additional paid-in capital	648,949	615,350	600,234
Retained earnings	726,267	483,571	342,441
Treasury - common stock at cost; 702, 698, and 9 shares, respectively	(40,401)	(40,100)	(86)
Total shareholder's equity	1,334,881	1,058,885	942,652
Total liabilities and shareholder's equity	$ 2,005,855	$ 1,596,247	$ 1,159,003

Ollie's Cash Flows

Ollie's Bargin Outlet Holdings, Inc.
Consolidated Statements of Cash Flows
As of January 30, 2021, February 1, 2020, February 2, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 30, 2021	February 1, 2020	February 2, 2019
Cash flows from operating activities:
Net income	$ 141,130	$ 135,013	$ 127,594
Adjustmnets to reconcile net income to net cash from operating activities:
Depreciation and amortization of property and equipment	17,543	14,008	11,923
Amoritization of debt-issuance costs	296	482	640
Amoritization of original issue discount	-	5	17
Loss on extinguishment of debt	-	150	798
Amoritization of intangibles	-	335	338
Gain on sale of assets	(74)	(48)	(29)
Deferred income tax provision (benefit)	3,785	(1,568)	(30,323)
Deferred rent expense	-	1,590	1,920
Stock-based compensation expense	7,302	7,291	7,413
Changes 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)	3,564	22,955
Income tax payable	(3,487)	1,358	1,487
Accrued expenses and other liabilities	(3,724)	8,583	1,675
Net cash provided by operating activities	105,344	126,079	95,936
Cash flows from investing activities:
Purchases of property and equipment	(76,979)	(74,178)	(19,285)
Proceeds from sale of property and equipment	42,855	330	128
Net 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 exercises	9,087	10,179	10,413
Common 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 equivalments	38,009	12,707	(59,449)
Cash and cash equivalents, beginning of period	51,941	39,234	98,683
Cash and cash equivalents, end of period	$ 89,950	$ 51,941	$ 39,234
Supplemental cash flow information:
Cash paid for:
Interest	$ 335	$ 807	$ 3,806
Income taxes	$ 30,857	$ 26,112	$ 31,949
Non-cash transactions
Accrued purchases of property and equipment	$ 4,562	$ 5,735	$ 1,925

Historical & Competitor Ratios

Dollar General Corporation				COMPETITOR RATIO ANALYSIS
Historial Ratios
For the years ended January 29, 2021, January 31, 2020, and February 1, 2019
	2021	2020	2019	Big Lots	Ollie's Bargin Outlet	Industry Average
Liquidity
Current Ratio	1.21	1.14	1.55	1.58	2.85	1.27
Quick Ratio	0.24	0.05	0.08	0.56	1.58	0.54
Leverage Ratios
Debt to Total Assets Ratio	0.16	0.13	0.22	0.01	0.00
Debt to Equity Ratio	0.26	0.29	0.49	0.32	0.67	0.06
Long-Term Debt to Equity	0.62	0.43	0.45	0.03	0.00
Times Interest Earned Ratio	4.54	4.50	4.73	3.92	7.92
Activity Ratios
Inventory Turnover	3.04	2.86	3.02	2.64	2.08	8.35
Fixed Assets Turnover	6.09	5.83	5.93	5.43	8.83	4.40
Total Assets Turnover	1.30	1.22	1.94	1.54	0.90	2.13
Accounts Receivable Turnover
Average Collection Period
Profitability Ratios
Gross Profit Margin	31.76%	30.59%	30.45%	40.29%	39.99%	19.45%
Operating Profit Margin	10.53%	8.30%	8.26%	13.82%	15.34%	4.39%
Net Profit Margin	7.87%	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 Equity	39.86%	25.55%	24.77%	49.24%	18.18%	30.05%
Earnings Per Share (EPS)	10.70	6.68	5.99	17.71	3.75	2.97
Price Earnings Ratio
Footnote:
https://www.readyratios.com/sec/industry/5311/
https://csimarket.com/Industry/industry_ManagementEffectiveness.php?ind=1303

Common Sized Balance Sheets

Dollar General Corporation
Common Sized Balance Sheets
As of January 29, 2021, January 31, 2020, and February 1, 2019
	For the Year Ended
	January 29, 2021	January 31, 2020	February 1, 2019
ASSETS
Current assets:
Cash and cash equivalents	5%	1%	2%
Merchandise inventoires	20%	20%	31%
Income tax receivable	0%	0%	0%
Prepaid expenses and other current assets	1%	1%	2%
Total current assets	27%	23%	35%
Net property and equipment	15%	14%	22%
Operating lease assets	37%	39%	0%
Goodwill	17%	19%	33%
Other intangible assets, net	5%	5%	9%
Other assets, net	0%	0%	0%
Total assets	100%	100%	100%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligation	0%	0%	0%
Current portion of operating lease liabilities	4%	4%	0%
Accounts payable	14%	13%	18%
Accured expenses and other	4%	3%	5%
Income taxes payable	0%	0%	0%
Total current liabilities	22%	20%	23%
Long-term obligations	16%	13%	22%
Long-term operating lease liabilities	32%	34%	0%
Deffered income taxes	3%	3%	5%
Other liabilities	1%	1%	2%
Commitments and contingencies	0%	0%	0%
Shareholder's equity:	0%	0%	0%
Preferred stock	0%	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 February 1, 2019 respectively	1%	1%	2%
Additional paid-in capital	13%	15%	25%
Retained earnings	12%	14%	22%
Accummulated other comprehensive loss	-0%	-0%	-0%
Total shareholder's equity	26%	29%	49%
Total liabilities and shareholder's equity	100%	100%	100%

Common Sized Income Sheets

Dollar General Corporation
Common Sized Income Sheets
As of January 29, 2021, January 31, 2020, and February 1, 2019
	For the Year Ended
	January 29, 2021	January 31, 2020	February 1, 2019
Net Sales	100%	100%	100%
Cost of goods sold	68%	69%	70%
Gross profit	32%	31%	30%
Selling, general and administrative expenses	21%	22%	22%
Operating profit	11%	8%	8%
Interest expense	0%	0%	0%
Other (income) expense	0%	0%	0%
Income before income taxes	10%	8%	8%
Income tax expense	2%	2%	2%
Net income	8%	6%	6%

Horizontal Analysis of Balance

Dollar General Corporation
Horizontal Analysis Balance Sheets
As of January 29, 2021, January 31, 2020, and February 1, 2019
	For the Year Ended
	January 29, 2021	$ Change	% Change	January 31, 2020	$ Change	% Change	February 1, 2019
ASSETS
Current assets:
Cash and cash equivalents	$ 1,376,577	$ 1,136,257	473%	$ 240,320	$ 4,833	2%	$ 235,487
Merchandise inventoires	5,247,477	570,629	12%	4,676,848	579,844	14%	4,097,004
Income tax receivable	90,760	14,223	19%	76,537	18,733	32%	57,804
Prepaid expenses and other current assets	199,405	15,242	8%	184,163	(88,562)	-32%	272,725
Total current assets	6,914,219	1,736,351	34%	5,177,868	514,848	11%	4,663,020
Net property and equipment	3,899,997	621,638	19%	3,278,359	307,553	10%	2,970,806
Operating lease assets	9,473,330	677,147	8%	8,796,183	8,796,183	-	-
Goodwill	4,338,589	-	0%	4,338,589	-	0%	4,338,589
Other intangible assets, net	1,199,870	(136)	-0%	1,200,006	(211)	-0%	1,200,217
Other assets, net	69,619	35,540	104%	34,079	2,673	9%	31,406
Total assets	25,895,624	3,070,540	13%	22,825,084	9,621,046	73%	13,204,038
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligation	- 0	- 0	- 0	- 0	(1,950)	-100%	1,950
Current portion of operating lease liabilities	$ 1,074,079	$ 109,274	11%	$ 964,805	$ 964,805		$ -
Accounts payable	3,614,089	753,407	26%	2,860,682	475,213	20%	2,385,469
Accured expenses and other	1,006,552	297,396	42%	709,156	90,751	15%	618,405
Income taxes payable	16,063	7,701	92%	8,362	(1,671)	-17%	10,033
Total current liabilities	5,710,783	1,167,778	26%	4,543,005	1,527,148	51%	3,015,857
Long-term obligations	4,130,975	1,218,982	42%	2,911,993	49,253	2%	2,862,740
Long-term operating lease liabilities	8,385,388	565,705	7%	7,819,683	7,819,683		- 0
Deffered income taxes	710,549	35,322	5%	675,227	65,540	11%	609,687
Other liabilities	263,691	91,015	53%	172,676	(125,685)	-42%	298,361
Commitments and contingencies
Shareholder's equity:
Preferred stock	- 0	- 0	- 0	- 0	- 0	- 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 February 1, 2019 respectively	210,687	(9,757)	-4%	220,444	(6,628)	-3%	227,072
Additional paid-in capital	3,446,612	124,081	4%	3,322,531	70,110	2%	3,252,421
Retained earnings	3,006,102	(156,558)	-5%	3,162,660	221,553	8%	2,941,107
Accummulated other comprehensive loss	(2,163)	972	-31%	(3,135)	72	-2%	(3,207)
Total shareholder's equity	6,661,238	(41,262)	-1%	6,702,500	285,107	4%	6,417,393
Total liabilities and shareholder's equity	25,862,624	3,037,540	13%	22,825,084	9,621,046	73%	13,204,038

Horizontal Analysis of Income

Dollar General Corporation
Horizontal Analysis Income Statement
As of January 29, 2021, January 31, 2020, and February 1, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 29, 2021	$ Change	% Change	January 31, 2020	$ Change	% Change	February 1, 2019
Net Sales	$ 33,746,839	$ 5,992,866	22%	$ 27,753,973	$ 2,128,930	8%	$ 25,625,043
Cost of goods sold	$ 23,027,977	$ 3,763,065	20%	$ 19,264,912	$ 1,443,739	8%	$ 17,821,173
Gross profit	$ 10,718,862	$ 2,229,801	26%	$ 8,489,061	$ 685,191	9%	$ 7,803,870
Selling, general and administrative expenses	$ 7,164,097	$ 977,340	16%	$ 6,186,757	$ 499,193	9%	$ 5,687,564
Operating profit	$ 3,554,765	$ 1,252,461	54%	$ 2,302,304	$ 185,998	9%	$ 2,116,306
Interest expense	$ 150,385	$ 49,811	50%	$ 100,574	$ 703	1%	$ 99,871
Other (income) expense				$ - 0	$ (1,019)	-100%	$ 1,019
Income before income taxes	$ 3,404,380	$ 1,202,650	55%	$ 2,201,730	$ 186,314	9%	$ 2,015,416
Income tax expense	$ 749,330	$ 260,155	53%	$ 489,175	$ 63,231	15%	$ 425,944
Net income	$ 2,655,050	$ 942,495	55%	$ 1,712,555	$ 123,083	8%	$ 1,589,472
Earnings per share:
Basic	$ 10.70	$ 4.02	60%	$ 6.68	$ 0.69	12%	$ 5.99
Dilute	$ 10.62	$ 3.98	60%	$ 6.64	$ 0.67	11%	$ 5.97
Weighted average shares outstanding:
Basic	248,171	$ (8,362.00)	-3%	256,533	$ (8,622.00)	-3%	265,155
Dilute	250,076	$ (7,977.00)	-3%	258,053	$ (8,052.00)	-3%	266,105
Dividends per share	$ 1.44	$ 0.16	13%	$ 1.28	$ 0.12	10%	$ 1.16

Projected Income Statements

Dollar General Corporation
Projected Income Statement
As of January 29, 2021, January 31, 2020, and February 1, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 29, 2022	January 29, 2023	January 29, 2024
Net Sales	$ 35,197,953	$ 36,605,871	$ 38,033,500
Cost of goods sold	$ 23,582,629	$ 24,159,875	$ 24,721,775
Gross profit	$ 11,615,325	$ 12,445,996	$ 13,311,725
Selling, general and administrative expenses	$ 7,472,153	$ 6,434,227	$ 5,909,379
Operating profit	$ 4,143,171	$ 6,011,769	$ 7,402,346
Interest expense	$ 94,706	$ 94,706	$ 94,706
Other (income) expense	$ - 0	$ - 0	$ - 0
Income before income taxes	$ 4,048,465	$ 5,917,063	$ 7,307,640
Income tax expense	$ 661,722	$ 688,190	$ 715,030
Net 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.proquest.com%2Freports%2Fgeneral-merchandise-variety-stores-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/29534/000155837021003245/dg-20210129x10k.htm#ITEM7MANAGEMENTSDISCUSSIONANDANALYSIS_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 Sheets

Dollar General Corporation
Projected Balance Sheets
As of January 29, 2021, January 31, 2020, and February 1, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 29, 2022	January 29, 2023	January 29, 2024
ASSETS
Current assets:
Cash and cash equivalents	$ 1,401,351	$ 1,457,405	$ 1,514,244
Merchandise inventoires	5,473,119	5,692,043	5,914,033
Income tax receivable	94,663	98,449	102,289
Prepaid expenses and other current assets	207,979	216,299	224,734
Total current assets	7,177,112	7,464,196	7,755,300
Net property and equipment	4,067,697	4,230,405	4,395,391
Operating lease assets	9,880,683	10,275,911	10,676,671
Goodwill	4,525,148	4,706,154	4,889,694
Other intangible assets, net	1,251,464	1,301,523	1,352,282
Other assets, net	72,613	75,517	78,462
Total assets	26,974,717	28,053,706	29,147,800
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligation	- 0	- 0	- 0
Current portion of operating lease liabilities	$ 1,120,264	$ 1,165,075	$ 1,210,513
Accounts payable	3,769,495	3,920,275	4,073,165
Accured expenses and other	1,049,834	1,091,827	1,134,408
Income taxes payable	16,754	17,424	18,103
Total current liabilities	5,956,347	6,194,601	6,436,190
Long-term obligations	4,308,607	4,480,951	4,655,708
Long-term operating lease liabilities	8,745,960	9,095,798	9,450,534
Deffered income taxes	741,103	770,747	800,806
Other liabilities	275,030	286,031	297,186
Commitments and contingencies
Shareholder's equity:
Preferred stock	- 0	- 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 February 1, 2019 respectively	219,747	228,536	237,449
Additional paid-in capital	3,594,816	3,738,609	3,884,415
Retained earnings	3,135,364	3,260,779	3,387,949
Accummulated other comprehensive loss	(2,256)	(2,346)	(2,438)
Total shareholder's equity	6,947,671	7,225,578	7,507,376
Total liabilities and shareholder's equity	26,974,717	28,053,706	29,147,800

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 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.proquest.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 Flow

Dollar General Corporation
Projected Statements of Cash Flows
As of January 29, 2021, January 31, 2020, and February 1, 2019
$s in thousands, expect per share amounts
	For the Year Ended
	January 29, 2022	January 29, 2023	January 29, 2024
Cash flows from operating activities:
Net income	$ 3,386,743	$ 5,228,872	$ 6,592,610
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	598,929	622,886	865,812
Deferred income taxes	36,480	37,939	52,735
Noncash share-based compensation	71,559	74,422	103,446
Other noncash (gains) and losses	12,068	12,550	17,445
Change 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 payable	777,657	808,763	1,124,180
Accrued expenses and other liabilities	405,307	421,519	585,911
Income 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 activities	4,660,371	6,553,445	8,433,766
Cash flows from investing activities:
Purchases of property and equipment	(1,072,165)	(1,115,052)	(1,158,539)
Proceeds from sales of property and equipment	3,184	3,312	3,441
Net 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 obligations	1,558,571	1,620,913	2,253,070
Repayments 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 facilities	312,900	325,416	452,328
Repayments 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 transactions	58,895	61,251	85,139
Net cash proivded by (used in) financing activities	(1,788,737)	(1,860,286)	(2,585,798)
Net increase (decrease) in cash and cash equivalments	1,185,116	1,232,521	1,280,589
Cash and cash equivalents, beginning of period	1,401,351	2,586,467	3,818,988
Cash and cash equivalents, end of period	$ 2,586,467	$ 3,818,988	$ 5,099,577
Supplemental cash flow information:
Cash paid for:
Interest	$ 133,724	$ 139,073	$ 144,497
Income taxes	$ 752,598	$ 782,701	$ 813,227
Supplemental noncash investing and financing activities:
Right of use assets obtained in exchange for new operating lease liabilities	$ 1,721,530	$ 1,790,391	$ 1,860,216
Purchases of property and equipment awaiting processing for payment, included in Accounts payable	$ 118,059	$ 122,781	$ 127,570

	ACCT 370 Excel Project
	Dollar General Corporation
	100 Mission Ridge, Goodlettsville, TN 37072
	Jennifer Edmonds
	Company Name	Dollar General Corporation
	Ticker Symbol	DG
	Industry	Discount Retailer
	Products and Services Offered	Dollar 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 Competitors	Dollar General Corporation's main competitors are Family Dollar, Dollar Tree, Big Lots, 99 Cents Only