Family Dollar Q3 profit up 12%; on track for 450-500 stores in 2012

Matthews, N.C. -- Family Dollar Stores Inc. reported Thursday that profit for the quarter ended May 26 rose 12.1% to $124.5 million, compared with $111.1 million in the year-ago period.

Sales increased 9.6% to $2.36 billion, just missing Wall Street’s forecasts of $2.37 billion in sales. Same-store sales climbed 5%.
   
During the first three quarters of fiscal 2012, the company said it opened 287 new stores, closed 43 stores and renovated, relocated, or expanded 583 stores. It confirmed that it is on track to open 450 to 500 new stores this fiscal year and to close 60-80 stores. Family Dollar is projecting capital expenditures of between $650 million and $675 million in fiscal 2012 to support new store openings, store renovations, purchases of stores, merchandising initiatives, and supply chain expansion.