Dollar General Corporation Revenue in 2024

Dollar General Corporation reported $40.6B in revenue for fiscal year 2024. This represents a growth of 5% compared to the 2023 figure of $38.7B.

Dollar General's revenue peaked at $40.6 billion in FY2024 (fiscal year ending January 2025), up from $37.8 billion in FY2022 and $38.7 billion in FY2023. The net income of $1.66 billion on $38.7 billion represents a 4.3% margin that is under pressure from two structural forces: inventory shrink — theft and administrative errors — that has become an industry-wide crisis, and labor costs that are rising faster than the pricing power that a dollar-store format typically commands. The DG Fresh cold-chain initiative is the margin expansion story that doesn't get enough attention. By self-distributing refrigerated and frozen foods directly to stores rather than using third-party distributors, Dollar General captures the distribution margin previously paid to intermediaries. Fresh and frozen categories also drive higher-frequency store visits — a customer who needs milk weekly makes different trip patterns than one buying cleaning supplies monthly. The $17.5 billion market capitalization against $38.7 billion in revenue — a 0.45x price-to-sales ratio — reflects investor skepticism about near-term margin recovery. The OSHA liability, the shrink problem, and the labor cost pressures create a scenario where the high-store-count growth strategy that powered the last two decades of value creation may require operational reinvestment that compresses margins before expanding them. Private-label penetration remains the most reliable margin lever. Dollar General's store brands carry gross margins 10 to 15 points higher than equivalent national brands while priced lower. Expanding private-label share in consumables — the highest-frequency category — simultaneously improves margins and reduces customer sensitivity to national brand price increases.