As a result of our Q1 outperformance and strong start to Q2 as well as our expectations for the remainder of the year, we are increasing our sales outlook for fiscal 2022, which John will discuss in more detail shortly. As we move past the most challenging portion of the sales lap from 2021 comp sales turned positive in April, and we are pleased with our strong start to Q2, which has exceeded our initial expectations. Despite lapping a difficult quarterly sales comparison from prior year, net sales increased 4.2% to $8.8 billion and comp sales were essentially flat with a slight decrease of 0.1%.įrom a monthly cadence perspective, comp sales were positive in February before turning negative in mid-March as we began to lap the stimulus benefit from prior year. Now let me recap some of the additional financial results for the first quarter. Looking ahead, we remain focused on advancing our operating priorities and strategic initiatives as we continue to strengthen our competitive position, while further differentiating Dollar General from the rest of the retail landscape. In addition, while we continue to see ongoing product cost inflation, we feel good about our price position, as our price indexes, relative to competitors and other classes of trade, remain in line with our targeted and historical ranges.Īnd with more than 18,000 stores located within five miles of about 75% of the US population, we believe we are well positioned to continue supporting our customers through our unique combination of value and convenience, especially in a more challenging economic environment. I'm also pleased to report that we have continued to make improvements in our overall in-stock position, which we believe positions us well to drive strong top line performance through the remainder of the year.
Despite these challenges, we remain focused on controlling what we can control and the team's disciplined execution was the key to delivering solid financial results that exceeded our Q1 expectations for both sales and EPS, while also advancing our key operating priorities and strategic initiatives. In addition, we continue to experience headwinds from ongoing global supply chain pressures and rising cost inflation. This increase was offset by a decline of 15.1% in our combined non-consumable categories, which we believe reflects the challenging lap of the stimulus benefit in Q1 of 2021. Our Q1 performance was led by stronger-than-expected sales results in our consumable category, where we delivered comp sales growth of 4.6%. We are pleased with our strong start to 2022, and I want to thank our associates for their unwavering commitment to serving our customers, communities and each other. Thank you, Donny, and welcome to everyone joining our call.
FREE NEWSPAPER TEMPLATE 8.5 X 11 UPDATE
Dollar General disclaims any obligation to update or revise any information discussed in this call, unless required by law. You should not unduly rely on forward-looking statements, which speak only as of today's date. These factors include, but are not limited to, those identified in our earnings release issued this morning under Risk Factors in our 2021 Form 10-K filed on March 18, 2022, in any later filed periodic report, and in the comments that are made on this call. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Let me caution you that today's comments include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, such statements about our financial guidance, strategy, initiatives, plans, goals, priorities, opportunities, investments, expectations, or beliefs about future matters and other statements that are not limited to historical fact. Our earnings release issued today can be found on our website at under News & Events. On the call with me today are Todd Vasos, our CEO Jeff Owen, our COO and John Garratt, our CFO. Donny Lau - Vice President, Investor Relations
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