Family Dollar profit edges up in Q4; to open 500 stores in 2013
Matthews, N.C. -- Family Dollar Stores reported Wednesday that net income for the quarter ended Aug. 25 inched up to $80.9 million, from $79.8 million in the same period last year. Results were impacted by an $11.5 million litigation charge stemming from the preliminary settlement of a lawsuit in New York.
Sales for the quarter rose 10.8% to $2.36 billion, a record for the company, and same-store sales increased 5.4%.
The discounter told investors that it plans to open 500 new stores in fiscal 2013, and will close between 70 and 90 units. CapEx of $600 million to $650 million will support the store openings, renovations, merchandising initiatives and expansion of the supply chain in 2013.
For the full year 2012, Family Dollar recorded a profit of $422.2 million, up from $388.4 million, sales increased 9.2% to $9.33 billion and same-store sales rose 4.7%.