Dollar General Corp.

Strong Q2 operating performance (value + convenience working): - Net sales: +0.2% YoY to $11.3B (vs. $10.7B prior-year quarter). - Same-store sales (comp): +3.5%, driven by traffic +2.0% and average basket +1.5%. - 6 straight quarters of positive comps across all 4 merchandising categories; non-consumables outpacing consumables (supports gross margin mix). - Market share: management said it accelerated share gains in both dollars and units and is gaining in rural markets.

Tariff refunds helped results, but momentum is broader than refunds: - Gross margin: 32.6%, +127 bps YoY. Reported drivers included tariff refunds (approx. +81 bps net of reinvestment), lower LIFO provision, and lower distribution cost, partially offset by markdowns and higher transportation costs. - Operating profit: $769M (+29.2% YoY); operating margin 6.8% (+126 bps) with tariff-related benefit (~66 bps after reinvestment). - EPS: $2.48 (+33% YoY) with ~$0.25 benefit from tariff refunds after reinvestment. - Execution wins beyond tariffs: continued improvement in shrink and damages (team highlighted improvement and lapping prior-year progress).

Outlook raised for FY2026 (with share repurchases added): - Management raised full-year guidance to: - Net sales growth: 4.0% to 4.3% - Same-store sales: 2.5% to 2.9% - EPS: $7.80 to $8.00 (now including the approx. $0.25 Q2 tariff benefit in the total). - Tariff timing expectation: “majority” of anticipated refunds received in Q2; they do not expect a material impact from tariff refunds after related reinvestments in 2H. - Fuel costs remain a headwind, but company expects gross margin expansion in 2H supported by progress on initiatives (shrink/damages, DG Media Network, non-consumables, supply chain productivity, category management, Value Valley/private label, etc.).