Family Dollar bags net income of $74M in 1Q
Published: January 5, 2011
Time posted: 10:15 am
Tags: Family Dollar Stores
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.