Family Dollar projects modest 2008
By Staff -- Home & Textiles Today, 1/8/2008 11:02:00 AM
Matthews, N.C. – Neighborhood discounter Family Dollar Stores projected flat year-to-year earnings results for the year ahead, as it reported net earnings up 2.8% to $0.37 per diluted share for the first quarter (ended Dec. 1, 2007) of fiscal 2008 – but net income was down 4.1% to $51.9 million; the discrepancy reflects stock buybacks that have reduced the number of share outstanding.
Sales rose 5.2% to $1.68 billion in the quarter; comps fell 1.0%.
“While categories meeting every day consumable needs continued to perform well, our customers were more restrained with their discretionary spending this quarter,” said chairman and ceo Howard Levine.
Family Dollar expects sales to rise 2% to 3% in fiscal 2008 (ending Aug. 30, 2008) and projects flat to slightly higher comp store sales. Earnings per diluted share are planned between $1.56 and $1.64. For fiscal 2007, net income came in at $1.62 per diluted share.
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