Group 1 - BofA Securities analyst Robert F. Ohmes reiterated a Buy rating on Dollar General Corporation with a price forecast of $90.00, citing expected benefits from increasing trade-in activity that will drive comparable sales and stabilize demand from core customers [1][2] - The company observed early signs of increased trade-in activity in late third quarter, with significant levels in the fourth quarter leading to larger basket sizes in both dollar value and units [2] - Dollar General's inventory levels have improved throughout 2024, following aggressive reductions, and this trend is expected to continue into the first quarter of 2025 [3] Group 2 - An accelerated store remodeling plan covering 20% of stores annually is anticipated to reduce shrink, lower maintenance costs, and minimize operational disruptions [4] - The company has several drivers for gross margin expansion, including strategic initiatives, shrink reduction, and lower damages, with the DG Media Network being a key contributor [4] - Dollar General's Back to Basics strategy aims to enhance efficiency and reduce SG&A costs through initiatives like SKU rationalization, inventory reduction, and distribution center resets [5]

Nanterre, 26 March 2025 VINCI renews its multi-year highways maintenance contract with Hertfordshire County Council in the United Kingdom A contract to service more than 5,000 km of roads and pavements north of London A seven-year initial term, with potential extensions until 2046Worth at least €65 million (£55 million) a year Hertfordshire County Council, north of London, renewed its long-term highways contract with Ringway, VINCI Construction's UK-based subsidiary specialised in road services and infrast ...

Nanterre, March 25th, 2025 Disclosure of transactions in on shares from March 17th to March 21st, 2025 Within the framework of the authorization granted by the General Meeting of VINCI SA of April 09, 2024, to trade in its shares and in accordance with the regulations relating to share buybacks, VINCI SA (LEI:213800WFQ334R8UXUG83) declares the purchases of treasury shares below (FR0000125486), carried out from March 17th to March 21st, 2025: I - Aggregate presentation by day and by market Issuer’s nameDa ...

Group 1 - The Combined Ordinary and Extraordinary General Meeting of VINCI is scheduled for Thursday, April 17, 2025, at 10:00 a.m. in Paris [1] - The advanced notice of the meeting, including the agenda and resolutions for approval, was published on March 7, 2025, in the BALO [2] - A notice containing the main conditions for attending and voting will be published on March 26, 2025, in the BALO [3] Group 2 - Documents related to the meeting will be made available to shareholders in accordance with applicable laws and regulations [4] - The press release serves as an official information document for the VINCI Group [5]

Market Overview - The S&P 500 has entered correction territory with a drop of at least 10%, but it is currently down less than 8% from its all-time high, indicating a potential short-lived correction [1][2] Company Analysis Alphabet - Alphabet is part of the "Magnificent Seven" and is currently the cheapest among them, trading at less than 19 times its forward earnings estimates, compared to the S&P 500 average of over 26 times [3] - The company has strong financial results, with its advertising business growing 11% year-over-year to $72 billion and its cloud-computing business growing 30% to $12 billion [4] - Alphabet is well-positioned for future growth in sectors like artificial intelligence, quantum computing, and self-driving cars, suggesting robust long-term prospects [5] - The stock is considered a valuable investment opportunity as it is down 20% from its high [6] Vistra - Vistra's stock has dropped 32% from its high earlier this year, but the demand for electricity is expected to grow 3% annually through 2029, driven by trends such as AI and electric vehicles [7][8] - The company is well-positioned as the second-largest competitive nuclear power company in the U.S., which is expected to become increasingly important [9] - Vistra anticipates adjusted EBITDA of $5.5 billion to $6.1 billion this year, trading at just 10 to 11 times this year's EBITDA, indicating it is undervalued [10] Dollar General - Dollar General's stock has decreased by 68% from its highs in late 2022, but net sales grew by 5% to a record high of $40.6 billion in 2024, showing the business remains healthy [11][12] - The stock trades at 16 times earnings, which is considered cheap relative to its current earnings, with management indicating potential earnings growth in 2025 and beyond [13] - The company may perform well in economic downturns as consumers often turn to discount retailers like Dollar General [14] Airbnb - Airbnb's stock is down 21% from its highs in 2025, despite record bookings and increased average daily rates, indicating strong business performance [15][16] - The company is generating record free cash flow and is trading at a low valuation from a free-cash-flow perspective [17] - Airbnb is launching new business ideas starting in 2025, which could provide additional upside potential for investors [18]

Core Viewpoint - Dollar General has experienced a significant decline in stock price, down approximately 70% over the last 2.5 years, despite achieving record net sales of over $40 billion in fiscal 2024. The company is facing profit challenges, particularly with its earnings per share (EPS) being halved in recent years, but there are signs of recovery and potential for future growth [2][4][7]. Group 1: Profit Challenges - Dollar General's gross margin has decreased due to inventory issues, including excess stock leading to damage, theft, and markdowns, resulting in a current gross margin below its long-term average [6]. - The company's EPS for 2024 was $5.11, with management projecting a range of $5.10 to $5.80 for 2025, indicating potential year-over-year growth of nearly 14% if the high end is achieved [10]. - Long-term guidance suggests annual EPS growth of at least 10% starting in 2026, with the possibility of doubling EPS over the next five to seven years, although this would still not surpass previous all-time highs [11][12]. Group 2: Recovery and Growth Potential - Dollar General is beginning to see improvements in theft and inventory management, with management expecting this positive trend to continue into 2025 [8][9]. - The stock is currently considered cheap, with a projected EPS of $6.80 by 2027 based on a 10% annual growth rate, translating to a price-to-earnings ratio of only 12 times future earnings [14]. - The company offers a dividend yield of nearly 3%, providing investors with returns while waiting for profit improvements [15]. Group 3: Economic Resilience - Despite current economic uncertainties affecting the S&P 500, Dollar General has historically performed well during economic downturns, suggesting it may continue to be a resilient investment [16].

Core Viewpoint - Dollar General has faced significant challenges in recent years, losing market share to Walmart and experiencing a decline in stock value, but there are signs of potential recovery as the company implements a turnaround plan and provides optimistic long-term guidance [1][2][10] Financial Performance - In 2024, Dollar General's operating income fell by 30% to $1.7 billion due to economic challenges, increased markdowns, and an unfavorable sales mix [2] - The company's fourth-quarter earnings report showed a significant miss on bottom-line estimates, with EPS guidance below consensus, yet the stock rose by 7% following the report due to growth expectations [2][3] Turnaround Strategy - Dollar General has initiated a "Back to Basics" plan focusing on improving stock availability, staffing checkout areas, and streamlining the supply chain by closing temporary storage facilities [4] - The company plans to close 96 Dollar General stores and 45 Popshelf stores, incurring a charge of $232 million, but aims to enhance profitability by closing underperforming locations while aggressively opening new stores [5][6] Future Growth Projections - Dollar General intends to open 575 new stores in the U.S. and 15 in Mexico in 2025, alongside remodeling 4,250 stores, including 2,250 under the Project Elevate program [6][7] - The company projects same-store sales growth of 2% to 3% annually over the next five years and aims for a 10% annual increase in EPS starting next year, with a target adjusted operating margin of 6% to 7% by 2028 to 2029 [7] Market Position - Dollar General is currently trading at a price-to-earnings ratio of 16, which is a substantial discount compared to the S&P 500, indicating potential for stock appreciation if growth targets are met [8] - The company remains the largest retail banner in the U.S. with over 20,000 stores, demonstrating its dominance in the small-footprint discount retail sector [9] Investor Sentiment - Despite the challenges in the macroeconomic environment, Dollar General's long-term growth track record and focus on essential goods position it as a potential market leader over the next five years [9][10]

Financial Performance - Net sales for the year ended January 31, 2025, increased to $40,612,308, up 4.8% from $38,691,609 in 2024[266]. - Gross profit rose to $12,017,497, representing a gross margin of 29.6%, compared to $11,719,024 in 2024[266]. - Operating profit decreased to $1,714,074, down 30% from $2,446,300 in the previous year[266]. - Net income for the year was $1,125,253, a decline of 32.2% from $1,661,274 in 2024[266]. - Earnings per share (EPS) for diluted shares was $5.11, down from $7.55 in 2024[266]. - The company reported a comprehensive income of $1,127,747 for the year, down from $1,661,724 in 2024[269]. - Consolidated net income for 2024 was $1,125,253, a decrease of 32.2% compared to $1,661,274 in 2023[392]. Assets and Liabilities - Total current assets increased to $8,163,925, compared to $8,010,724 in the previous year[264]. - Total assets grew to $31,132,733, up from $30,795,591 in 2024[264]. - Total shareholders' equity increased to $7,413,707, compared to $6,749,119 in 2024[264]. - The total carrying amount of accrued expenses and other liabilities was $1,045.9 million as of January 31, 2025, compared to $971.9 million in 2024, representing a 7.6% increase[300]. - As of January 31, 2025, the company's total long-term obligations amounted to $5,719,025, a decrease from $6,231,539 in the previous year[348]. Cash Flow and Liquidity - The increase in cash and cash equivalents was primarily driven by cash from operations as of January 31, 2025[252]. - Net cash provided by operating activities increased to $2,996,064 in 2025 from $2,391,798 in 2024, representing a growth of 25.3%[274]. - Cash and cash equivalents at the end of the period increased to $932,576 in 2025 from $537,283 in 2024, marking a rise of 73.5%[274]. - The company had no consolidated commercial paper borrowings and no borrowings outstanding under its Revolving Facility as of January 31, 2025[250]. Expenses and Costs - Depreciation and amortization expense for 2024 was approximately $963.8 million, up from $839.9 million in 2023[287]. - Operating lease costs for 2024 amounted to $1.89 billion, an increase from $1.75 billion in 2023, with variable lease costs of $0.39 billion[344]. - Interest expense for 2024 was $274,320, a decrease from $326,781 in 2023[392]. - Advertising costs were $122.9 million in 2024, a decrease from $130.6 million in 2023, indicating a 5.2% reduction[315]. Shareholder Information - Dividends per share remained stable at $2.36, consistent with the previous year[266]. - The quarterly cash dividend declared in March 2025 is $0.59 per share, consistent with the amount paid in 2024[398]. - The company repurchased 11.6 million shares of common stock at a total cost of $2.7 billion during the year ended February 3, 2023[397]. Legal and Regulatory Matters - The company is currently involved in shareholder securities litigation, which could materially affect its consolidated financial statements[370]. - The company believes that its pending legal matters will be resolved without a material adverse effect on its consolidated financial statements[375]. Strategic Initiatives - The company is focused on strategic initiatives including digital initiatives and international expansion plans[14]. - The company adopted new required disclosures for supplier finance programs in fiscal 2023, enhancing transparency for investors[324]. Market and Economic Conditions - The company anticipates ongoing inflationary and labor pressures impacting its financial condition and liquidity[14]. - The annualized effect of a one percentage point increase in variable interest rates would have resulted in a pretax reduction of approximately $3.5 million in earnings and cash flows for the year 2023[253]. Inventory and Store Operations - Total merchandise inventories increased by $230,208 in 2025, compared to a decrease of $299,066 in 2024[274]. - The Company operated 20,594 stores as of January 31, 2025, with a significant concentration in the southern and midwestern United States[276]. - A total of 141 stores will be permanently closed in the first quarter of fiscal 2025, comprising 96 Dollar General and 45 pOpshelf stores[399].

Group 1: Dollar General - Dollar General is a leading discount retail store with over 20,000 locations in the U.S. and Mexico, facing weak traffic trends due to high grocery prices [3] - Same-store sales grew 1.4% in fiscal 2024, but full-year earnings per share fell 32% year over year due to declining store traffic and higher costs [4] - Management aims to improve margins through supply chain enhancements and automation, targeting an operating margin of at least 6% by 2028 [5] - The company supports a quarterly dividend of $0.59, with a forward yield of 2.96%, which is more than double the S&P 500 average [6] Group 2: Hershey - Hershey is a dominant confectionery company facing uncertainty due to record-high cocoa prices, which have affected profitability and driven the stock down [7] - The company reported a slight sales increase of 0.3% in 2024, with adjusted earnings expected to decline by about 35% in 2025 due to high cocoa prices [8] - Management is focused on cost management to improve margins, and cocoa prices are expected to decline, which could positively impact stock performance [9] - Hershey's quarterly dividend is $1.37, with a forward yield of 3.20%, and the stock has rebounded 15% since cocoa prices peaked [12]

Core Viewpoint - Dollar General reported earnings that slightly beat revenue expectations but significantly missed on earnings per share, indicating mixed performance amid ongoing inflation pressures on consumers [1][2]. Financial Performance - The company achieved $10.30 billion in revenue, surpassing the $10.26 billion forecast by analysts, reflecting a 1.4% year-over-year increase in same-store sales [1][2]. - Earnings per share (EPS) were reported at 95 cents, which was a 42% miss compared to the $1.51 EPS forecast by analysts [2]. Consumer Behavior - Sales growth was primarily driven by staple items as consumers focus on essentials due to persistent inflation [3]. - The trend of consumers prioritizing essential purchases is not unique to Dollar General, as similar patterns have been observed at Walmart [4]. Market Context - Despite a 46.9% loss over the past 12 months, Dollar General's stock has shown resilience in 2025, outperforming competitors like Dollar Tree and Five Below [5]. - The stock is currently trading at around 13 times earnings, which is considered a reasonable value compared to the historical mean P/E ratio of approximately 19 times [8][9]. Strategic Adjustments - Rising interest rates have prompted Dollar General to reassess its expansion strategy, focusing on making new stores profitable quickly and considering closures of underperforming locations [6][7]. - The company is forecasting EPS growth of over 10% starting in 2026, which may be influenced by the impact of store closures [11]. Technical Analysis - Dollar General's stock has been trading within a defined range, with support found at its 100-day simple moving average since the earnings report [12].