Family Dollar Stores is set to accelerate its store openings in the next 12 months after reporting an increase in annual profits.
The US discount retailer said today (28 September) that it would open 450 to 500 new stores in the next year. Family Dollar plans to close 80-100 stores but in the previous 12 months it opened 300 outlets.
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Chairman and CEO Howard Levine said the company also planned to “renovate, relocate or expand” over 1,000 stores.
“I remain confident that these investments, combined with our strategy of providing customers with great value and convenience, will continue to deliver strong shareholder returns in fiscal 2012 and beyond,” Levine said.
Family Dollar reported an 8.5% increase in net income to $388.4m for the year to 27 August. Operating profit jumped 10.9% to $638.1m.
Net sales were up 8.7% at $8.55bn on the back of a 5.5% increase in comparable-store sales.
