US: Family Dollar reiterates guidance on profit rise
US retailer Family Dollar Stores has reported an increase in first-quarter net income and reiterated its full-year earnings per share guidance for fiscal 2010.
Net income for the quarter ended 28 November increased 14% to reach US$67.6m.
As previously reported, sales for the first quarter were around $1.82bn, or 3.9% above sales in the comparable period of 2009.
"We have increased our relevancy across our diverse customer base and are positioned to accelerate top line growth," said Howard Levine, chairman and CEO.
"I am confident that our efforts to broaden the appeal of our assortment, strengthen our customer communications and improve the in-store shopping experience will result in continued market share growth and strong financial returns."
Comparable-store sales increased 2.4% as a result of an increase in customer traffic.
Levine added: "We are investing to drive stronger top-line growth and expect to build sales momentum through the second half of the year."
For the full year, the company said it expects net sales for fiscal 2010 to increase 4% to 6% as compared with fiscal 2009. Earnings per share are expected to be between $2.15 and $2.35 in fiscal 2010.
US retailer Family Dollar Stores has seen its same-store sales accelerate in its fiscal third quarter....
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