Dollar General Chairman and CEO Rick Dreiling said: "The strength of our balance sheet coupled with our strong cash flow generation makes this an opportune time to return cash to our shareholders. We are committed to optimizing our capital structure, while increasing shareholder value."
So far in 2013, Dollar General has repurchased $220 million worth of shares and has approximately $424 million remaining on the authorization. Since the buyback plan began, the discount store chain has repurchased approximately $1.1 billion, or 23.6 million shares.
Headquartered in Goodlettsville, Tenn., Dollar General operates more than 10,700 stores in 40 states, giving it more retail locations in the U.S. than any other retailer. It generated revenues of $16 billion last year.