Dollar General 2014 Annual Report Download - page 161

10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
11. Segment reporting
The Company manages its business on the basis of one operating segment. See Note 1 for a brief
description of the Company’s business. As of January 30, 2015, all of the Company’s operations were
located within the United States with the exception of a Hong Kong subsidiary, and a liaison office in
India, which collectively are not material to the consolidated financial statements. The following net
sales data is presented in accordance with accounting standards related to disclosures about segments
of an enterprise.
(In thousands) 2014 2013 2012
Classes of similar products:
Consumables .................... $14,321,080 $13,161,825 $11,844,846
Seasonal ........................ 2,344,993 2,259,516 2,172,399
Home products ................... 1,205,373 1,115,648 1,061,573
Apparel ........................ 1,038,142 967,178 943,310
Net sales ...................... $18,909,588 $17,504,167 $16,022,128
12. Common stock transactions
On August 29, 2012, the Company’s Board of Directors authorized a common stock repurchase
program, which was increased on March 19, 2013 and again on December 4, 2013. As of January 30,
2015, a total of $2.0 billion had been authorized under the program and $223.4 million remained
available for repurchase. The share repurchase program was further increased on March 10, 2015 as
discussed in Note 13. The repurchase authorization has no expiration date and allows repurchases from
time to time in the open market or in privately negotiated transactions. The timing and number of
shares purchased depends on a variety of factors, such as price, market conditions, compliance with the
covenants and restrictions under our debt agreements and other factors. Repurchases under the
program may be funded from available cash or borrowings under the Company’s credit facilities
discussed in further detail in Note 5.
During the years ended January 30, 2015, January 31, 2014, and February 1, 2013, the Company
repurchased approximately 14.1 million shares of its common stock at a total cost of $800.1 million,
approximately 11.0 million shares at a total cost of $620.1 million, and approximately 14.4 million
shares of its common stock at a total cost of $671.4 million, respectively, pursuant to its common stock
repurchase programs.
13. Subsequent events
On March 10, 2015, the Company’s Board of Directors authorized a $1.0 billion increase in the
common stock repurchase program discussed in Note 12, increasing the total remaining share
repurchase authorization to approximately $1.2 billion. The repurchase authorization has no expiration
date and has terms and conditions consistent with those discussed in Note 12.
Also on March 10, 2015, the Company’s Board of Directors approved a quarterly cash dividend to
shareholders. A cash dividend of $0.22 per share will be paid on April 22, 2015 to shareholders of
record on April 8, 2015. The payment of future cash dividends is subject to the Board’s discretion and
will depend upon, among other things, the Company’s results of operations, cash requirements,
financial condition, contractual restrictions and other factors that the Board may deem relevant.
87