Core Viewpoint - VINCI Autoroutes has successfully opened the A57 motorway in Toulon, enhancing traffic flow and safety while promoting public transport usage through a €300 million investment [2][4]. Group 1: Project Overview - The A57 motorway has been widened into a dual three-lane carriageway, significantly improving its capacity to handle an average of 110,000 vehicles daily [2][7]. - The project involved revamping a 7 km urban section, adding a lane in each direction, and reconfiguring interchanges while adhering to modern water resource protection standards [3]. Group 2: Economic Impact - The A57 project has positively impacted the local economy, particularly in the building and public works sectors, with a peak workforce of 550 people contributing to a total of 2.7 million hours of work [4]. - An agreement signed in 2020 aimed to provide 150,000 hours of work for individuals on integration paths, surpassing the initial target by more than double [4]. Group 3: Company Profile - VINCI is a global leader in concessions, energy services, and construction, employing 285,000 people across over 120 countries, focusing on infrastructure and facilities that enhance daily life and mobility [5]. - The company is committed to environmentally and socially responsible operations, aiming to create long-term value for all stakeholders [5].

With shares down more than half from an all-time high of $248 reached in 2022, Dollar General (DG -0.71%) is a fallen star that has caught the attention of value-hungry investors. Challenges like pandemic-era inflation wreaked havoc on its low-cost business model, ceding ground to larger retailers like Walmart. However, now the tables could be turning.Management's recovery efforts are starting to show results, and macroeconomic challenges like tariffs and potential recession could impact the company less th ...

For the quarter ended April 2025, Dollar General (DG) reported revenue of $10.44 billion, up 5.3% over the same period last year. EPS came in at $1.78, compared to $1.65 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $10.29 billion, representing a surprise of +1.45%. The company delivered an EPS surprise of +21.09%, with the consensus EPS estimate being $1.47.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

Financial Data and Key Metrics Changes - Net sales increased by 5.3% to $10.4 billion in Q1 2025 compared to $9.9 billion in the same quarter last year [9] - Gross profit as a percentage of sales was 31%, an increase of 78 basis points, primarily due to lower shrink and higher inventory markups [17] - EPS for the quarter increased by 7.9% to $1.78, exceeding internal expectations [19] - Merchandise inventories decreased by $344 million or 5% year-over-year, with a 7% decrease on a per store basis [20] - Cash flows from operations increased by 27.6% to $847 million compared to the prior year [20] Business Line Data and Key Metrics Changes - Same store sales increased by 2.4%, driven by a 2.7% growth in average basket size [10] - Positive comp sales were observed across all categories, including consumables, seasonal, home, and apparel [10] - Non-consumable product categories performed well during the Easter and early spring seasons, with comp sales in seasonal and home categories at or above 3% [11] Market Data and Key Metrics Changes - Customer traffic slightly decreased by 0.3% during the quarter but remained strong on a two-year stack basis [10] - 25% of Dollar General customers reported having less income than a year ago, indicating a financially constrained core consumer [12] - Increased trade-in activity from both middle and higher-income customers was noted, with new customers spending more compared to last year [12] Company Strategy and Development Direction - The company aims to enhance its value and convenience proposition while focusing on long-term financial goals and shareholder value [16] - Plans include opening 575 new stores in the U.S. and executing approximately 4,885 real estate projects in 2025 [24] - The company is diversifying sourcing strategies to mitigate tariff impacts, reducing exposure to China for direct imports to less than 70% [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining comp momentum due to improved store standards, customer service, and reduced turnover [41] - The company updated its financial guidance for 2025, expecting net sales growth of approximately 3.7% to 4.7% and same store sales growth of approximately 1.5% to 2.5% [23] - Management acknowledged the dynamic tariff landscape and its potential impact on consumer spending and cost of goods [22] Other Important Information - The company is focused on reducing inventory while increasing sales, which has positively impacted operational performance [20] - The company continues to invest in its digital initiatives, including partnerships with DoorDash for delivery services, which saw a 50% increase in sales through this platform [32] Q&A Session Summary Question: Confidence in sustaining comp momentum and any surprises on the top line - Management highlighted confidence due to improved store standards, customer service, and reduced turnover, with trade-in activity contributing positively [41][48] Question: Changes in traffic and consumer behavior - Management noted positive traffic in May and anticipated continued comp momentum, supported by trade-in customers with disposable income [60][62] Question: Willingness to invest in price and wage rates - Management expressed comfort with current investments in wages and pricing, emphasizing the importance of maintaining a $1 price point for over 2,000 items [75][76] Question: Shrink benefits and future expectations - Management reported a 61 basis point improvement in shrink and expects continued benefits throughout the year, with ongoing efforts to mitigate shrink [86][89]

Financial Data and Key Metrics Changes - Net sales increased by 5.3% to $10.4 billion in Q1 compared to $9.9 billion in the previous year's first quarter [7] - Gross profit as a percentage of sales was 31%, an increase of 78 basis points, primarily due to lower shrink and higher inventory markups [16] - EPS for the quarter increased by 7.9% to $1.78, exceeding internal expectations [19] - Merchandise inventories decreased by $344 million or 5% year-over-year, with a 7% decrease on a per store basis [20] Business Line Data and Key Metrics Changes - Same store sales increased by 2.4%, driven by a 2.7% growth in average basket size [8] - Positive comp sales were observed across all categories, including consumables, seasonal, home, and apparel [8] - Non-consumable product categories performed well during the Easter and early spring seasons, with both seasonal and home categories comping at or above 3% [9] Market Data and Key Metrics Changes - Customer traffic slightly decreased by 0.3% during the quarter but remained strong on a two-year stack basis [8] - 25% of Dollar General customers reported having less income than a year ago, indicating a financially constrained core consumer [11] - Increased trade-in activity was noted from both middle and higher-income customers, with new customers making more trips and spending more compared to last year [11] Company Strategy and Development Direction - The company aims to enhance its value and convenience proposition while focusing on long-term financial goals and shareholder value [15] - Plans include opening 575 new stores in the U.S. and executing approximately 4,885 real estate projects in 2025 [24] - The company is diversifying sourcing strategies to mitigate tariff impacts, reducing exposure to China for direct imports to less than 70% [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining comp momentum due to improved store standards and customer service [42] - The evolving tariff environment poses risks, but the company has plans to mitigate potential impacts on consumer spending and cost of goods [22] - The updated financial guidance for 2025 reflects Q1 outperformance while considering uncertainties in the macroeconomic environment [22] Other Important Information - The company generated cash flows from operations of $847 million during the quarter, an increase of 27.6% compared to the prior year [20] - The company returned cash to shareholders through a quarterly dividend of $0.59 per share, totaling $130 million [20] - The company is focused on reducing its adjusted debt to adjusted EBITDAR leverage ratio to below three times [26] Q&A Session Summary Question: Confidence in sustaining comp momentum and any surprises on the top line - Management highlighted improvements in store standards and customer service as key factors for confidence in sustaining comp momentum [42] - The company noted that trade-in activity has accelerated, contributing positively to customer retention [49] Question: Traffic progression and changes in consumer behavior - Management reported positive traffic in May and expressed optimism for continued momentum through the year [62] - The company is focused on retaining trade-in customers and leveraging delivery partnerships to enhance sales [66] Question: Willingness to invest in price and wage rates - Management indicated satisfaction with current investments in wages and pricing, emphasizing the importance of maintaining a competitive price point [72] - The company continues to monitor promotional activity and is prepared to adjust pricing strategies as needed [78] Question: Importance of comp growth for margin expansion - Management stated that sustained comp growth is essential for achieving long-term margin targets, with a focus on improving non-consumable sales [86] - The company expects shrink improvements to continue benefiting margins throughout the year [90]

Dollar General (DG) came out with quarterly earnings of $1.78 per share, beating the Zacks Consensus Estimate of $1.47 per share. This compares to earnings of $1.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 21.09%. A quarter ago, it was expected that this discount retailer would post earnings of $1.50 per share when it actually produced earnings of $1.68, delivering a surprise of 12%.Over the last four quarters, the comp ...

这家总部位于田纳西州古德斯维尔的零售企业公布，在截至5月2日的季度实现营收104亿美元，略高于 分析师平均预期，每股收益1.78美元，分析师预期为1.48美元，同店销售额增长2.4%，也远超分析师预 测的1.41%。 消费需求隐忧 由于核心客群多为低收入人群，美国达乐公司明显感受到通胀压力带来的经营挑战。Vasos年初曾预 警，其消费者正缩减生活必需品的购买量。 智通财经APP获悉，折扣零售巨头美国达乐公司(DG.US)公布了超预期的第一季度业绩，同时小幅上调 了全年盈利指引。该公司表示，已制定有效措施应对现行关税政策带来的冲击。 这家以低价策略著称的连锁零售商将本财年同店销售增长预期从此前预测的1.2%-2.2%上调至 1.5%-2.5%，同时将全年每股收益预期下限调高10美分至5.20美元，上限维持5.80美元不变。 受此利好消息刺激，周二美股盘前该股股价一度上涨约11%。截至周一收盘，该股年内累计涨幅已达 28%。 首席执行官Todd Vasos在财报中表示："我们对今年的开局表现感到满意。"并指出，市场份额的持续提 升是业绩向好的关键驱动力。 此外，作为中国进口商品的主要销售渠道，该零售商在特朗普政府 ...

Financial Performance - Net sales for the 13 weeks ended May 2, 2025, increased to $10,435,979, up 5.3% from $9,914,021 in the same period last year[22] - Gross profit for the same period rose to $3,231,288, representing a gross margin of 30.9%, compared to 30.2% in the prior year[22] - Net income for the quarter was $391,928, an increase of 7.9% from $363,317 in the previous year[22] - Earnings per share (EPS) for the quarter was $1.78, up from $1.65 year-over-year[22] - Consolidated net income for the 13 weeks ended May 2, 2025, was $391,928 thousand, compared to $363,317 thousand for the same period in 2024, representing an increase of 7.9%[72] - Cash flows from operating activities rose to $847.2 million in 2025, an increase of $183.3 million compared to 2024[121] Assets and Liabilities - Total current assets decreased to $7,896,303 from $8,163,925 at the end of January 2025, primarily due to a reduction in cash and cash equivalents[20] - Total liabilities decreased to $23,283,998 from $23,719,026, reflecting a reduction in current liabilities[20] - Cash and cash equivalents at the end of the period were $850,018, down from $932,576 at the beginning of the period[30] - As of May 2, 2025, the Company's total current and long-term obligations were $5.744 billion, down from $6.238 billion as of January 31, 2025[52] Tax and Legal Matters - Total reserves for uncertain tax benefits, interest expense related to income taxes, and potential income tax penalties amounted to $14.5 million as of May 2, 2025[46] - The effective income tax rate for the 13-week period ended May 2, 2025, was 23.4%, slightly higher than the 23.3% rate for the same period in 2024[48] - The Company expects to reduce its reserve for uncertain tax positions by $3.5 million in the coming twelve months[47] - The effective income tax rate for 2025 was 23.4%, slightly higher than 23.3% in 2024, primarily due to stock-based compensation[113] - The Company believes that pending legal matters will be resolved without a material adverse effect on its consolidated financial statements[68] Operational Highlights - The company reported a LIFO provision of $12.3 million for the quarter, compared to $10.3 million in the same period last year[36] - Operating lease costs for the 13-week periods ended May 2, 2025, and May 3, 2024, were $487.9 million and $459.8 million, respectively, reflecting an increase of 6.5%[51] - The weighted-average remaining lease term for the Company's operating leases was 9.3 years, with a weighted average discount rate of 4.6% as of May 2, 2025[51] - The company opened 156 new stores and remodeled 668 stores in the first quarter of 2025, with plans to open approximately 575 new stores in 2025[92] - The Company operates 20,582 stores across 48 U.S. states and Mexico as of May 2, 2025, maintaining its position as the largest discount retailer in the U.S. by store count[82] Sales and Inventory - Consumables sales reached $8,636,680 thousand, up from $8,210,850 thousand, reflecting a growth of 5.2% year-over-year[70] - The percentage of net sales from consumables remained high at 82.76%, reflecting the company's focus on this category[111] - Inventory turnover improved to 4.2 in 2025 from 3.8 in 2024, indicating better inventory management[106] - Total merchandise inventories decreased by 2% in 2025, with apparel and home products both seeing an 8% decline[122] - Inventory represented approximately 46% of total assets as of May 2, 2025, indicating a focus on inventory management[117] Expenses and Dividends - Selling, general and administrative expenses increased by 8.5% to $2.66 billion, impacting overall profitability[109] - Cash dividends paid were $129.8 million in 2025, slightly up from $129.7 million in 2024[126] - Dividends paid during the quarter remained stable at $0.59 per share, consistent with the previous year[22] - A cash dividend of $0.59 per share was paid during the first quarter of 2025, with a similar dividend declared for June 2025[76] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[32] - The company plans to enhance its digital shopping experience and expand same-day home delivery offerings through partnerships with third-party delivery services[90] - The company has approximately $1.38 billion available under its common stock repurchase program, which has no expiration date[74] - The company has a remaining stock repurchase authorization of approximately $1.38 billion but plans no repurchases in 2025[127] - The Company is focused on mitigating the impact of tariffs on consumer behavior and financial results, with no material impact observed in the first quarter of 2025[84]

Financial Performance - Net sales increased by 5.3% to $10.4 billion in Q1 2025 compared to $9.9 billion in Q1 2024[4] - Operating profit increased by 5.5% to $576.1 million, up from $546.1 million in Q1 2024[7] - Diluted earnings per share (EPS) rose by 7.9% to $1.78, compared to $1.65 in Q1 2024[9] - Net income for the quarter was $391,928,000, representing a 7.9% increase from $363,317,000 in the prior year[31] - Earnings per share for the quarter were $1.78, up from $1.65 in the same quarter last year[31] Sales and Revenue Growth - Same-store sales rose by 2.4%, driven by a 2.7% increase in average transaction amount, despite a 0.3% decrease in customer traffic[4] - The company expects net sales growth of approximately 3.7% to 4.7% for fiscal year 2025, an increase from the previous expectation of 3.4% to 4.4%[16] - For the quarter ended May 2, 2025, net sales increased by 5.3% to $10,435,979,000 compared to $9,914,021,000 for the same period in 2024[31] Profitability Metrics - Gross profit as a percentage of net sales improved to 31.0%, up from 30.2% in Q1 2024, an increase of 78 basis points[6] - Gross profit margin improved to 30.96% from 30.18% year-over-year, with gross profit amounting to $3,231,288,000[31] Cash Flow and Liquidity - Cash flows from operations increased by 27.6% to $847.2 million[5] - Cash and cash equivalents at the end of the period were $850,018,000, down from $932,576,000 at the beginning of the period[33] Inventory and Assets - Total merchandise inventories decreased by 7.0% to $6.6 billion as of May 2, 2025, compared to $6.9 billion as of May 3, 2024[10] - The company reported a decrease in merchandise inventories to $6,590,096,000 from $6,934,389,000 year-over-year[29] - Total assets decreased slightly to $30,987,661,000 from $31,132,733,000 at the end of January 2025[29] Expenses and Liabilities - Selling, general and administrative expenses increased to $2,655,175,000, accounting for 25.44% of net sales[31] - The company’s total liabilities were $23,283,998,000, a decrease from $24,009,320,000 in the previous year[29] Future Plans - The updated guidance for diluted EPS is approximately $5.20 to $5.80, compared to the previous expectation of $5.10 to $5.80[16] - The company plans to execute approximately 4,885 real estate projects in fiscal year 2025, including opening about 575 new stores in the U.S.[18] - The company opened 156 new stores during the quarter, resulting in a total store count of 20,582, a net decrease of 12 stores[37]

French public limited company (société anonyme)with a share capital of €1,460,429,245.00Registered office : 1973, boulevard de la Défense92000 Nanterre – France552 037 806 RCS Nanterrewww.vinci.com DISCLOSUREOF THE NUMBER OF SHARES FORMING THE CAPITALAND OF THE TOTAL NUMBER OF VOTING RIGHTSAS OF 31 MAY 2025 Total number of shares584,171,698Theoretical number of voting rights (including treasury stock)584,171,698Number of voting rights (excluding treasury stock)561,517,947 This disclosure is on VINCI web sit ...