(Filed Under Financial and General Interest News). Keeping prices low seems to be serving Family Dollar Stores, Inc. well in the shaky economic climate. The chain of over 6,600 stores nationwide, which carries a variety of bargain merchandise including intimate apparel, cited a 16.7 percent increase in net income per diluted share for the first quarter of fiscal 2010 ended November 28, 2009; to 49 cents from 42 cents. Net income grew 14 percent, to $67.6 million compared to $59.3 million. As previously reported, sales for the quarter grew 3.9 percent, to $1.823 billion from $1.754 billion, while comparable store sales increased 2.4 percent, which the company attributed to increased customer traffic, as measured by the number of cash register transactions.
“We have increased our relevancy across our diverse customer base and are positioned to accelerate top line growth,” said Howard R. Levine, chairman and chief executive officer of the company. “I am confident that our efforts to broaden the appeal of our assortment, strengthen our customer communications and improve the in-store shopping experience will result in continued market share growth and strong financial returns.”
For the second quarter of this year, the company expects comparable store sales to increase between 2 and 4 percent, and earnings per share to total between 65 and 70 cents compared with 60 cents during last year’s second quarter. For fiscal 2010, the company expects earnings per share to be between $2.15 and $2.35.
Family Dollar Stores, Inc. was founded in 1959 in Charlotte, NC. The Fortune 500 company is now based in Matthews, NC. For further information, contact Kiley F. Rawlins, chief financial officer at KRawlins@FamilyDollar.com.
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