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Dollar General narrows FY'17 EPS range after seeing hurricane impact in Q3

Discount retailer Dollar General Corp. has narrowed its fiscal full-year 2017 EPS outlook after two hurricanes in the United States dented its third-quarter profit, the company said Dec. 7.

Dollar General said it now expects GAAP diluted EPS for the year ending Feb. 2, 2018, to come in between $4.37 and $4.47, compared to its previous range of $4.35 to $4.50. It also lifted its forecast for net sales growth. It said it now expects sales to grow by about 7% during the year, compared with its previous estimate for 5% to 7% growth.

The company also raised its full-year outlook for same-store sales growth to 2.5%. Previously it forecast its same-store growth to come in at the "upper end" of a range from "slightly positive" to 2%.

Tennessee-based Dollar General said it aims to develop about 2,000 real estate projects in 2018, including 900 new store openings, 1,000 store remodels and 100 store relocations.

The company said hurricanes Harvey and Irma hurt the company's third-quarter net profit by $13 million. For the quarter ending Nov. 3, net income rose to $253 million, or 93 cents per diluted share, from $235 million, or 84 cents per share, for the same period in 2016. The third-quarter EPS missed analysts' consensus estimate of 94 cents per share, according to S&P Capital IQ.

Quarterly net sales grew 11% to $5.90 billion from $5.32 billion a year earlier.