Family Dollar sees a blue Christmas
December 18, 2003,
Matthews, NC — Mired in a softer-than-expected holiday season, Family Dollar Stores today lowered its expectations for the five-week period ending Jan. 3, 2004. The company now expects sales in existing stores to increase from 0 percent to 2 percent vs. last year’s period. It had previously predicted sales would rise from 2 percent to 4 percent.
In its first quarter financial report today, the company also noted that its low to low-middle income customers usually buy trim-a-tree, giftware and other seasonal merchandise late in the holiday season, making it difficult to estimate sales.
The retailer expects sales in existing stores to increase by 2004 to increase in the 3 percent to 5 percent in both January and February.
The slackening pace follows what had been a healthy first quarter, with sales for the period ended Nov. 29 up 12.3 percent to $1.24 billion and profit up 12.2 percent to $64.5 million.