US discount retailer Family Dollar Stores announced that its net income increased 23% for its 2010 fiscal year and that it plans to accelerate its expansion and store renovation programmes.
The company announced today (29 September) that net income reached US$356.1m for the year, up on the US$291.3m it posted for the same period in 2009.
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Family Dollar chairman and CEO Howard Levine said the company plans to open some 300 new stores in 2011, a 50% increase over 2010 openings, as well as renovating 600-800 stores.
“In fiscal 2011 we intend to build on the momentum we achieved in fiscal 2010 and continue to increase our focus on driving stronger revenue growth. We intend to make additional investments that strengthen our value and convenience proposition. Key areas of focus include the acceleration of new store growth and the launch of an aggressive store renovation program,” he said.
Sales reached US$7.87bn, up 6.3% on the last year, with comparable-store sales growing 4.8%.
Gross profit for the year increased to 35.7% of sales compared to 34.8% in fiscal 2009 due to lower inventory shrinkage, higher purchase mark-ups, lower freight expense and lower markdowns.
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By GlobalDataFor Family Dollar’s full results click here and check back later for insight into the company’s results.
