Dollar General has promoted John Garratt to President and CFO, effective September 1, 2022. He will add responsibilities for the company’s strategic healthcare initiatives and its international expansion to Mexico to his existing finance, accounting, strategy and procurement functions.
Garratt joined Dollar General in 2014 as SVP of Finance and Strategy and has served as EVP and CFO since December 2015. From 2004 to 2014 he served at Yum! Brands in various positions of increasing responsibility in corporate strategy and financial planning. He also has experience as Plant Controller for Alcoa and in various financial management roles at General Electric.
“John is an accomplished leader with exceptional business and financial acumen, as well as the strategic vision to support Dollar General’s long-term growth opportunities, and his appointment to President enhances our management structure as we continue to differentiate and distance Dollar General from the rest of the discount retail landscape.” said Jeff Owen, COO at Dollar General in a statement. “John is a trusted leader who embodies our mission of Serving Others, and I am confident his future contributions will further support our customers and communities, as well as the underlying strength of Dollar General’s business.”
Garratt’s promotion follows a strong Q2 2022 performance for the retailer, with same-store sales up 4.6% and net sales up 9% to $9.4 billion. The growth was credited to a slight increase in customer traffic and accelerated growth in the retailer’s market share of “highly consumable product sales.” Dollar General also opened 227 new stores, remodeled 533 stores and relocated 30 stores during the quarter.
Unlike other retailers that revised their guidance downward in the face of economic uncertainty and increased CPG spending, including rival Dollar Tree, Dollar General released an improved outlook for the second half of 2022. The retailer now expects net sales growth of 11%, up from 10% to 10.5%, and same-store sales growth of 4% to 4.5%, up from 3% to 3.5%.