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Family Dollar profit slumps

Matthews, N.C. – Family Dollar’s net income tumbled 33% to $81.1 million during its recent fiscal third quarter.

Sales for the quarter ended May 31 rose 3.3% to $2.66 billion, but slower traffic took a bite out of same-store sales, which slipped 1.8%.

Chairman and ceo Howard Levine said the company’s low-income shoppers remain under pressure. Restructuring costs – including a plan to shutter roughly 370 underperforming stores by the end of the fiscal year – also impacted results.

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