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Family Dollar plans stock buyback

Matthews, N.C. -- Family Dollar Stores said it will buy back an additional five million shares of its common stock, extending an earlier repurchase program designed to boost the retailer's stock price.

The retailer said it will finance the stock repurchase with a combination of cash from operations and borrowings.

The new move augments an earlier program begun in October 2002 in which the company repurchased 15.4 million shares of its stock at a cost of $367.3 million.

Family Dollar also declared a quarterly dividend of 10.5 cents per share, payable Oct. 13 to shareholders of record as of Sept. 1 5.

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