US: Family Dollar posts “strong” FY performance
“Strong” performance for year
Sales up on previous year
Net income up 25% on 2008
Family Dollar Stores, the US discount retailer, posted a "strong" annual performance today (7 October), with an increase in net income.
For the year ended 30 August, net income increased 25% to reach US$291.3m.
"Despite the challenges resulting from a rapidly-changing economic environment, our team has delivered a strong performance this year, driving improvements across most key metrics, including increased customer traffic, operating margin expansion, earnings-per-share growth, greater inventory productivity and higher employee retention," said Howard Levine, chairman and CEO.
Sales reached $7.4bn, or 6% above sales for fiscal 2008. Sales in comparable stores increased 4%.
The increase in comparable-store sales was the result of higher customer traffic and an increase in the value of the average customer transaction, Family Dollar said.
Sales in fiscal 2009 were strongest in the consumables category. During fiscal 2009, the company opened 180 new stores and closed 96 stores.
Operating profit, as a percentage of sales, was 6.1% for the year compared with 5.2% in the previous year.
Check back later for more comment from Family Dollar after the company's conference call with analysts. Click here for the full release.
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