Family Dollar Reports Record First Quarter Sales and Earnings
First Quarter Comparable Store Sales Increased 4.1%
Earnings Per Diluted Share Increased 17.2% To $0.68
December Comparable Store Sales Increased Approximately 4%
Family Dollar Stores, Inc. (NYSE:FDO) reported that net sales for the first quarter of fiscal 2012 ended November 26, 2011, increased 7.6% to $2.148 billion compared to $1.997 billion in the first quarter of fiscal 2011. Net income for the quarter increased 8.1% to $80.4 million compared with net income of $74.3 million for the first quarter of fiscal 2011. Net income per diluted share for the quarter increased 17.2% to $0.68 compared with $0.58 for the first quarter of fiscal 2011.
?Today, we reported another quarter of record earnings. We opened 101 stores, nearly 20% more than in the first quarter last year, and we entered an important new market, California. We delivered a 4.1% comparable store sales increase on top of a 6.9% increase last year, and we expanded first quarter operating margin to the highest rate since 2004,? said Howard Levine, Chairman and CEO. ?The environment continues to be challenging for our customers, and our experienced team remains focused on executing our long-term strategy. We have tremendous opportunity to expand our market share further and improve our store productivity, and I am confident that our investments to better meet the needs of our customers will continue to position us to deliver strong financial returns for our shareholders.?
?Comparable stores sales for December increased approximately 4% driven primarily by increased customer traffic,? said Levine. ?Consumables delivered another month of double-digit sales growth, and we expect that this momentum will continue through January and February, when customers are even more focused on basic needs.?
The Company anticipates that many of the trends that occurred in the first quarter will continue in the second quarter. The Company expects that comparable store sales will increase around 5% and that earnings per diluted share will be between $1.10 and $1.18 per share, compared with $0.98 per diluted share in the second quarter of fiscal 2011.
For more than 50 years, Family Dollar has been providing value and convenience to customers in easy-to-shop neighborhood locations. Family Dollar's mix of name brands and quality, private brand merchandise, appeals to shoppers in more than 7,100 stores in rural and urban settings across 45 states. Helping families save on the items they need with everyday low prices creates a strong bond with customers who refer to their neighborhood store as ?my Family Dollar.?
More about FDO at www.familydollar.com.
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