Dive Brief:
- John Garratt, Dollar General’s president and chief financial officer, plans to retire on June 2 after less than six months in the position. Garratt became president and CFO in September 2022.
- Garratt has been with the company for nearly a decade. He first served as senior vice president of finance and strategy, then assumed the role of executive vice president and CFO in late 2015. During his time at Dollar General, he oversaw finance, accounting, investor relations and procurement.
- In an announcement, the company praised Garratt for his “focus on delivering strong and consistent financial performance.” Dollar General said it's evaluating options for its next CFO. The company isn't conducting an external search right now.
Dive Insight:
Garratt has more than 30 years of corporate, retail and financial leadership experience. Before joining Dollar General, Garratt held various roles with Yum Brands, which is the parent company of familiar fast food names like KFC and Pizza Hut. He also held financial management positions at Alcoa and General Electric.
Jeff Owen, Dollar General’s CEO, said Garratt’s “exceptional business and financial acumen coupled with his strategic vision have positioned the company for profitable growth.”
Tennessee-based Dollar General is one of America’s largest retailers. The company had $34.2 billion in retail sales in 2021. This C-suite leadership transition comes as the company celebrates a milestone.
On Saturday, Dollar General commemorated the grand opening of its 19,000th store in Joplin, Missouri, with a community celebration and a $19,000 donation to a local elementary school. Customers received complimentary Dollar General gift cards, tote bags, and product samples.
By the end of 2021, Dollar General said it was one of the largest discount retailers in the United States by store count. At 19,000 stores, it is also one of the fastest-growing retailers. The retailer opened more than 1,000 stores in 2021 and 2022, and is on track to open an estimated 1,048 stores this year, according to a report from Coresight Research. The report also said the retailer accounted for more than 55% of all U.S. discount store openings in 2022.
By comparison, Virginia-based rival Dollar Tree, which also owns Family Dollar, has about 16,000 stores. Walmart has approximately 5,300 locations and Target has nearly 2,000 U.S. stores.
The company also faces ongoing challenges. In early January, Ohio Attorney General Dave Yost asked a state court to issue a temporary restraining order against the company over recurring price discrepancies.
Dollar General was founded in 1939 by J.L. Turner and his son, Cal Turner Sr. They opened the first Dollar General store in 1955 in Springfield, Kentucky.
