(Filed Under Financial and General Interest News). It looks like Family Dollar’s low prices are attracting consumers during tough times. The retail chain, which offers a variety of merchandise including intimates and other apparel, all at discounted prices, posted a net income jump of 25 percent during the fiscal year ended August 29th, 2009; to $291.1 million from $233.1 million for fiscal 2008. Net income per diluted share grew 24.7 percent: to $2.07 from $1.66.
Fiscal 2009 sales totaled at $7.401 billion, a 6 percent increase from sales of $6.984 last year. Comparable store sales increased 4 percent as a result of higher consumer traffic and an increase in value of individual customers transactions, the company reported.
“As I reflect on these results, I am especially proud of how quickly our team worked to position Family Dollar to serve an expanding customer base,” Howard R. Levine, chairman and chief executive officer of the company, commented. “Understanding the increased pressures facing consumers, we accelerated key investments to enhance the convenience and shopability of our stores.”
Although Levine called the fourth quarter ended August 29th “our most challenging quarter this year,” the company still managed to eek out a 2.6 percent sales growth, to $1.811 billion from $1.766 billion. Comparable store sales grew 1 percent. During the quarter, the company opened 32 stores and closed 31.
The company expects net sales for fiscal 2010 to increase 5 to 7 percent from fiscal 2009, and comparable store sales to increase 3 to 5 percent. It expects to open approximately 200 stores.
Founded in 1959 in Charlotte, NC, Family Dollar currently operates 6,600 stores in 44 states. It is headquartered in Matthews, NC.
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