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Thursday, July 03, 2008 --- 151 days ago http://www.charlotteobserver.com/business/story/697148.html
| Shoppers are driving less. They're focusing on necessities more. Family Dollar can work with that. The Matthews-based retailer reported Wednesday that its third-quarter profit rose 7.1 percent, thanks in part to companywide belt-tightening and increased sales of household items such as food, paper products and detergent. The better-than-expected net income of $64.7 million, or 46 cents a share, in the quarter that ended May 31 compare with $60.4 million for the same period last year. Analysts had predicted earnings of 40 cents a share. Net sales also increased, to $1.7 billion, up from $1.65 billion in 2007. Though sales at stores open a year or more, an important gauge of retail health, increased only 0.1 percent, expense and inventory control helped boost the bottom line, chairman and CEO Howard Levine said Wednesday. Family Dollar also felt early, positive effects from the federal economic stimulus package, which should continue for the next few months, officials said in a conference call. “While we're not recession-proof, we are somewhat recession resistant,” Levine said in an interview. “In today's world, people are looking for value and convenience more than ever, and … those retailers that offer both value and convenience should do well in a difficult economy and actually gain share. All that being said, we'd like to see a strong economy.” Though Family Dollar and its chief competitor, Nashville-based Dollar General, both ha ... |
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