Good morning. My name is Rob, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Dollar General first quarter 2025 earnings call. Today is Tuesday, June 3rd, 2025. All lines have been placed on mute to prevent background noise. This call is being recorded. Instructions for listening to the replay of the call are available in the company's earnings press release issued this morning. Now, I'd like to turn the conference over to Mr. Kevin Walker, Vice President, Inves ...

Financial Data and Key Metrics Changes - In Q1 2025, same store sales decreased by 8.3% compared to the prior year, with a notable decline of 11.9% in February, but improved to a decline of 4.3% in April [18][19] - Revenue for the quarter was $568 million, with net income of $22 million or $0.62 per diluted share, and adjusted EBITDA of $136 million, resulting in an adjusted EBITDA margin of 24% [19][20] - Operating cash flow generated during the quarter was $96 million, ending with $12 million in cash and $411 million available under the revolving credit facility [20] Business Line Data and Key Metrics Changes - The company has seen improvements in food and beverage sales, particularly with the reintroduction of the eat and play combo, which has a double-digit opt-in rate [11][12] - Remodeled stores have outperformed the system by over 700 basis points over the last three months, indicating the effectiveness of the remodel strategy [12] - The introduction of new games and attractions, such as the Human Crane, is expected to enhance guest experience and drive traffic [13][55] Market Data and Key Metrics Changes - The company reported positive same store sales in 11 of the last 30 days, indicating a recovery trend [8] - The Memorial Day weekend showed particularly strong sales, contributing to the positive momentum observed in early June [8] Company Strategy and Development Direction - The company is focused on a "back to basics" strategy aimed at improving execution across marketing, operations, and menu offerings [6][7] - New store development remains a key part of the strategy, with plans for 10 to 12 new store openings in fiscal 2025 [21][80] - International franchising is seen as a driver of efficient growth, with expectations for at least seven more international openings over the next year [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery trajectory, emphasizing the importance of executing their current strategies to drive revenue growth and free cash flow [7][15] - The leadership team is optimistic about the potential for significant improvements in operating performance and shareholder value in the coming months [7][93] - Management acknowledged the challenges posed by the macroeconomic environment but believes their initiatives will help mitigate these impacts [62] Other Important Information - The company is in the process of finalizing the search for a permanent CEO, with the interim CEO committed to driving performance improvements [15] - A new store manager incentive program has been implemented to align managers' interests with same store sales growth [38] Q&A Session Summary Question: Predictability of same store sales trajectory - Management indicated that while they are optimistic about future growth, they are still in the early stages of recovery and expect to see outsized growth in the coming years [24][26] Question: Breakdown of capital expenditures - The CFO confirmed that capital expenditures were front-end loaded, with significant spending on new stores and remodels [28][30] Question: Improvement in same store sales trends - Management noted that improvements are driven by increased traffic and better food and beverage sales, particularly through the eat and play combo [34][35] Question: Need for reinvestment in the business - Management stated that they do not foresee the need for significant reinvestment but will focus on smarter spending to drive growth [47][50] Question: New game cabinets and future outlook - The company plans to roll out new game cabinets and attractions, maintaining a focus on guest experience and engagement [54][56] Question: Differences in performance between Dave and Buster's and Main Event - Overall performance is similar, but there are specific metrics showing stronger growth in certain areas for Dave and Buster's [90]

Core Viewpoint - Dave & Buster's Entertainment, Inc. reported a decrease in financial performance for the first quarter of fiscal 2025, but the leadership is optimistic about a recovery driven by strategic changes in operations and marketing [4][5]. Financial Summary - Total revenue for the first quarter was $567.7 million, down 3.5% from $588.1 million in the same quarter of fiscal 2024 [6][7]. - Comparable store sales decreased by 8.3% compared to the first quarter of fiscal 2024 [6][7]. - Operating income was $63.2 million, representing 11.1% of revenue, compared to $85.5 million or 14.5% of revenue in the prior year [6][9]. - Net income totaled $21.7 million, or $0.62 per diluted share, down from $41.4 million, or $0.99 per diluted share in the first quarter of fiscal 2024 [7][8]. Operational Highlights - The company opened two new stores and relocated one during the first quarter, with two additional stores opened after the quarter ended [7]. - A total of 13 stores were remodeled in the first quarter [7]. - The company repurchased $23.9 million worth of shares, representing 2.9% of outstanding shares as of the end of fiscal 2024 [11]. Cash Flow and Liquidity - Operating cash generated during the first quarter was $95.8 million, with available liquidity of $423.2 million at the end of the quarter [10]. - The company ended the quarter with a Net Total Leverage Ratio of 3.1x [10][43]. Outlook - The company reiterated its outlook for fiscal 2025, including capital expenditures on new stores, remodels, and other initiatives [13].

Core Viewpoint - Dave & Buster's Entertainment, Inc. reported a decrease in financial performance for the first quarter of fiscal 2025, but the company is optimistic about a recovery driven by strategic operational changes and improvements in comparable store sales trends [4][6][7]. Financial Summary - Total revenue for the first quarter was $567.7 million, down 3.5% from $588.1 million in the same quarter of fiscal 2024 [6][7]. - Comparable store sales decreased by 8.3% compared to the first quarter of fiscal 2024 [6][7]. - Operating income was $63.2 million, representing 11.1% of revenue, compared to $85.5 million or 14.5% of revenue in the prior year [6][9]. - Net income totaled $21.7 million, or $0.62 per diluted share, down from $41.4 million, or $0.99 per diluted share in the first quarter of fiscal 2024 [7][8]. - Adjusted EBITDA was $136.1 million, a decrease of 14.5% from $159.1 million in the first quarter of fiscal 2024 [7][9]. Operational Highlights - The company opened two new stores and relocated one during the first quarter, with two additional stores opened after the quarter ended [7]. - A total of 13 stores were remodeled in the first quarter [7]. - The company repurchased $23.9 million worth of shares, representing 1.0 million shares or 2.9% of outstanding shares as of the end of fiscal 2024 [10]. Cash Flow and Liquidity - Operating cash generated during the first quarter was $95.8 million, with available liquidity of $423.2 million [10]. - The company ended the quarter with a Net Total Leverage Ratio of 3.1x [10][11]. Outlook - The company reiterated its outlook for fiscal 2025, emphasizing a focus on revenue growth and free cash flow generation [12].

Core Insights - Dollar General has experienced a significant stock price increase of approximately 30% over the past three months, rising from around $85.00 to about $97.00 [1] - The company is implementing a "Back to Basics" strategy aimed at addressing past operational challenges and focusing on growth [2][11] - Analysts are increasingly optimistic about Dollar General's turnaround, with several firms raising their price targets for the stock [6][8] Strategy and Operational Improvements - The "Back to Basics" strategy includes smarter inventory management, enhancing the shopping experience through store remodels, and controlling shrinkage to protect profitability [3][4] - Dollar General aims to increase operating margins to 6-7% by 2028 or 2029, up from 4.2% reported in Fiscal 2024 [5] - The company plans to expand its fresh food offerings and open 575 new stores in the U.S. and up to 15 in Mexico in Fiscal 2025 [7] Financial Outlook - The current price-to-earnings (P/E) ratio is around 16, with a forward P/E of about 17, indicating potential value for investors if the turnaround is successful [9] - UBS Group and other analysts have raised their price targets for Dollar General, reflecting growing confidence in the company's future performance [8] Upcoming Events - The first-quarter Fiscal 2026 earnings report, expected around June 3, 2025, will be crucial in validating the turnaround narrative and building investor confidence [10][16]

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