Family Dollar Stores has posted a 36% increase in net income for the third quarter and raised its full-year profit forecast.
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For the quarter ended 30 May, net income at the US discount retailer reached US$87.7m – up from $64.7m a year earlier. Sales climbed 8.3% to reach $1.84bn.
Family Dollar said that, for the fiscal year ending 29 August, it expects earnings per share to reach between $2.03 and $2.07 compared to its previous forecast of between $1.90 and $2.00.
For the fourth quarter, the company said it expects that net sales will increase between 4% and 6% and expects comparable-store sales to increase between 2% and 4%.
“While we continue to believe that the underlying sales trends remain strong, we expect that the sales increase for the quarter will be affected by the cycling of last year’s stimulus checks,“ said Howard Levine, chairman and CEO. “The quarter is off to a good start, with sales in comparable stores increasing an estimated 2% in June.”
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