Dollar General President and Chief Financial Officer (CFO) John Garratt is to retire June 2.
The discount variety store chain said in a Monday (Jan. 30) press release that it is not conducting an external search for a new CFO because it has “robust succession plans.”
“On behalf of the entire DG family, I want to thank John for his many years of service to the company, its employees, customers and shareholders,” Dollar General CEO Jeff Owen said in the release. “His exceptional business and financial acumen coupled with his strategic vision have positioned the company for profitable growth.”
Garratt’s retirement comes at a time when discount retailers are boosting their square footage and consumers are looking to make their dollars go further.
Both Dollar General and competitor Dollar Tree have been adding, remodeling and relocating stores to better serve budget-oriented customers.
Dollar General executed nearly 800 real estate projects in the United States during the quarter ended Oct. 28 and plans to do another 3,170 in fiscal year 2023 as well as opening new stores in Mexico.
This real estate activity came during a quarter in which Dollar General’s same-store sales increased 6.8% year over year, driven by consumers looking for value and convenience. The firm also reported during a Dec. 1 earnings call that it expected that growth to continue at 6% to 7% during the fourth quarter.
Similarly, Dollar Tree said at the time that its store traffic had increased due to its value spread against grocery and drugstores.
Garratt joined Dollar General as senior vice president of finance and strategy in 2014, was named executive vice president and CFO in 2015 and became president and CFO in September 2022, according to the press release.
As CFO, he led a disciplined approach to managing expenses and capital and partnered in developing many of the firm’s strategic initiatives, the release said.
“While I look forward to spending more time with family, this was a difficult personal decision as this is truly a special company,” Garratt said in the release. “I am excited to watch all that the team accomplishes in the future and believe that Dollar General is well-positioned for continued growth in the years ahead.”
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