Thursday, October 4, 2012

Food sales boost Family Dollar earnings

Family Dollar reported fiscal fourth quarter earnings yesterday and announced that expanded selections of food played a large part in their sales gains. Overall consumables sales increased by 16% compared to the same period one year ago, with food experiencing double-digit comp-store sales growth.

Net income for the quarter increased 1.4% to $80.9 million, with total sales of $2.4 billion. Total sales increased 10.8% and overall comp-store sales increased 5.4%.

For the full fiscal year ended August 25, the company posted $422.2 million in earnings on $9.3 billion in sales. Compared to the previous year, earnings were up 8.7% and sales increased 9.2%. 

Family Dollar opened 475 stores in fiscal 2012 and expects to open 500 new stores in the current fiscal year.

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