Home / Knowledge / News / Apparel/Garments / Family Dollar Q4 FY'13 sales up 5.8 %
Family Dollar Q4 FY'13 sales up 5.8 %
09
Oct '13
Family Dollar Stores, Inc. reported record earnings results for the fourth quarter and year ended August 31, 2013.

Net income per diluted share in the fourth quarter of fiscal 2013 increased 27.5% to $0.88. Included in the results for the fourth quarter of fiscal 2013 was a one-time $5.0 million favorable adjustment related to a change in accounting for certain vendor allowances.

Excluding this adjustment and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012, earnings per diluted share in the fourth quarter of fiscal 2013 would have increased 14.7% to $0.86 as compared to $0.75 in fiscal 2012.

Net income per diluted share in fiscal 2013 increased 7.0% to $3.83. Excluding the accounting adjustment in fiscal 2013 and the litigation charge in fiscal 2012, earnings per diluted share would have increased 4.4% to $3.80 as compared to $3.64 in fiscal 2012.

Consistent with the National Retail Federation Calendar, the Company’s fiscal 2013 included 53 weeks as compared to 52 weeks in fiscal 2012. The Company estimates this extra week contributed approximately $189 million in sales and $0.07 of earnings per diluted share.

“This morning we reported record sales and earnings results for the fourth quarter and fiscal 2013,” said Howard R. Levine, Chairman and CEO. “While the environment was more challenging than expected, I am pleased with our progress. We have increased our market share, we have stabilized margins and we are increasing profitability. Our strategy is working, and we remain on course with our long-term goal to drive continued profitable growth and increase shareholder returns.”

Fourth Quarter Results

Total net sales for the fourth quarter of fiscal 2013 increased 5.8% to $2.5 billion compared with total net sales of $2.4 billion in the fourth quarter of fiscal 2012. Comparable store sales in the quarter were flat. Customer traffic and the average customer transaction value were flat during the quarter. Sales were strongest in the Consumables category, which increased 8.3% during the quarter, driven primarily by strong growth in refrigerated and frozen food, health aids, and tobacco.

Gross profit in the fourth quarter of fiscal 2013 increased 8.6% to $868.4 million, or 34.7% of net sales, compared with $799.7 million, or 33.8% of net sales, in the fourth quarter of fiscal 2012. Included in gross profit for the fourth quarter of fiscal 2013 was a one-time $5.0 million favorable adjustment related to a change in accounting for certain vendor allowances.

Excluding this adjustment, gross profit for the fourth quarter of fiscal 2013 increased 8.0% to $863.5 million, or 34.5%. As a percentage of net sales, higher markups and lower freight expense were partially offset by the impact of stronger sales of lower-margin consumables, higher markdowns and increased inventory shrinkage.

Selling, general and administrative (SG&A) expenses in the fourth quarter of fiscal 2013 increased 7.6% to $712.9 million as compared to $662.6 million in the fourth quarter of fiscal 2012. SG&A expense was approximately flat on an average per-square-foot basis.

As a percentage of net sales, SG&A expenses were 28.5% in the fourth quarter of fiscal 2013 compared with 28.0% in the fourth quarter of fiscal 2012. The expense de-leverage during the quarter was primarily driven by the flat comparable store sales. As a percentage of net sales, higher store occupancy costs and store payroll were partially offset by lower advertising and insurance costs.

Operating profit in the fourth quarter of fiscal 2013 increased 23.9% to $155.6 million, or 6.2% of net sales, compared with $125.6 million, or 5.3% of net sales, in the fourth quarter of fiscal 2012.

Family Dollar


Must ReadView All

Textiles | On 29th Jun 2017

Nan Ya files trade petition in US against Korea & Taiwan

Nan Ya Plastics Corporation, America, a US synthetic fibre producer,...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X