US discount retailer Family Dollar Stores has lowered its full-year earnings forecast despite booking an increase in first-half profits.
In the six months ended 2 March, net profit increased 1.7% to US$220.4m, the retailer reported today (10 April). Operating profit, however, was down 0.4% to $343.9m.
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Sales in the period amounted to $5.31bn, a 15.4% increase on the prior year.
Family Dollar said it is now expecting earnings of $3.73 to $3.93 per share for 2013. It had previously predicted earnings of $3.95 to $4.20.
“As we move into the second half of fiscal 2013, our discretionary sales continue to be challenged by both the financial pressures facing our customers as well as unseasonably cold spring weather,” said chief executive Howard Levine.
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