$达乐(DG)$ 2025-1-1 Semper Augustus letters

Dollar General has an ongoing runway to open new stores. While the cadence of new store openings is
lower today as the company focuses capital on the installed base, square footage should grow at least
5.0% to 6.5% as the company opens not only new stores but remodels and opens larger stores.

Management indicates the store count can grow at least to 30,000. W