(Filed Under Financial and General Interest News). Family Dollar Stores Inc, a bargain retailer carrying a variety of products including basic intimate apparel, cited a net sales increase of 8.3 percent during the second quarter ended February 26: to $2.26 billion from $2.09 billion. Comparable store sales increased 5.1 percent.
Family Dollar reported that it achieved these results despite the fact that January sales were negatively impacted by winter storms, since February sales benefited from warmer weather. The strongest sales categories were in the consumables and seasonal categories.
“Family Dollar continues to execute well against our strategic plan to accelerate revenue growth, expand operating margins and optimize our capital structure,” said Howard Levine, chairman and C.E.O of the company. “Our investments to improve the shopping experience for our customers while enhancing our operational capabilities continue to deliver strong returns.”
Year-to-date through the second quarter, Family Dollar has achieved a 6 percent increase in comparable store sales, opened 146 new stores compared with 86 new stores during the first half of fiscal 2010 and renovated 313 stores with the goal of renovating 800 during fiscal 2011. The company has also completed an initial public debt offering of $300 million in 10-year notes, repurchased 8.9 million shares a total cost of about $408 million and increased the quarterly cash dividend by 16.1 percent.
Based on these results, Family Dollar expects earnings per diluted share during the second quarter to be between 97 and 98 cents per diluted share. The company expects to report these results on March 30.
Family Dollar ended the quarter with 6,888 stores in 44 states.
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