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Family Dollar bags net income of $74M in 1Q

Family Dollar Stores said Wednesday it had net income of $74.3 million, or 58 cents per diluted share, in the first quarter of fiscal 2011, an increase of 9.9 percent from net income of $67.6 million, or 49 cents per diluted share, for the first quarter of fiscal 2010.

The Matthews-based company’s first quarter for fiscal 2011 ended Nov. 27.

Net sales for the quarter rose 9.5 percent to $1.99 billion from $1.82 billion in the first quarter of fiscal 2010.

CEO Howard Levine said the quarter’s 6.9 percent increase in comparable-store sales — those that have been open for a year or more — was the best first-quarter result the company’s seen in more than 12 years.

For the second quarter, the company expects comparable-store sales to rise 5 to 6 percent and earnings per diluted share of 92 to 97 cents compared with 81 cents in the second quarter of fiscal 2010.

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