Home / Knowledge / News / Apparel/Garments / Family Dollar Q3'FY14 comparable store sales slip 1.8%
Family Dollar Q3'FY14 comparable store sales slip 1.8%
10
Jul '14
Family Dollar Stores, Inc. reported that for the third quarter of fiscal 2014 ended May 31, 2014, net sales increased 3.3% to $2.66 billion. Net income per diluted share for the third quarter of fiscal 2014 was $0.71. Adjusted third quarter fiscal 2014 net income per diluted share was $0.85 as compared to $1.05 in the third quarter of fiscal 2013. 
 
This year’s adjusted fiscal third quarter results exclude the negative impact on diluted net income per common share of $0.14 related to the Company’s restructuring initiatives as part of its previously announced strategic actions to strengthen its value proposition, increase operational efficiencies and improve financial performance. 
 
Highlights: 
-Earnings Per Diluted Share of $0.71; Adjusted Diluted EPS of $0.85
-Comparable Store Sales Decreased 1.8%
-June Comparable Store Sales Approximately Flat
-Management Reaffirms Guidance for Fourth Quarter of Fiscal 2014
 
“We are executing our previously announced restructuring initiatives to improve our performance,” said Howard R. Levine , Chairman and CEO. “Our recent investment to permanently lower prices is resonating with customers; we are seeing savings from our workforce optimization efforts; and we are on track to close approximately 370 underperforming stores by the end of the fiscal year. We remain confident that these steps will position the Company to improve our financial performance and deliver higher long-term shareholder returns.”
 
Third Quarter Results
“Our results continue to reflect the economic challenges facing our core customer and an intense competitive environment,” continued Levine. “We are pleased that our comparable store sales results in the third quarter in all four merchandise categories improved relative to our second quarter results. Although our sales results remain below our expectations, we are encouraged by the improving trends.”
 
Net sales for the third quarter ended May 31, 2014, increased 3.3% to $2.66 billion from $2.57 billion in the third quarter of fiscal 2013 ended June 1, 2013. Comparable store sales for the 13-week period decreased 1.8% as a result of fewer customer transactions, partially offset by an increase in the average customer transaction value. Sales in the third quarter of fiscal 2014 were strongest in the Consumables category, driven primarily by strong growth in refrigerated/frozen food and tobacco.
 
Gross profit for the third quarter of fiscal 2014 was $910.9 million or 34.3% of net sales. During the quarter, the Company implemented a series of restructuring initiatives, including plans to close approximately 370 underperforming stores across the chain by the end of fiscal 2014. As a result, the Company incurred a $1.5 million inventory write-down in an effort to sell through merchandise at stores scheduled to close.
 
Click here to view full results.
 

Family Dollar


Must ReadView All

Apparel/Garments | On 26th May 2016

Tirupur garment makers demand govt-run training centre

With the Tamil Nadu Chief Minister J Jayalalithaa assuming charge of...

Fashion | On 26th May 2016

Fashion majors tie up with Canopy for sustainability

International not-for-profit environmental organisation Canopy...

Textiles | On 25th May 2016

Vietnam’s fabric & garment exports up 6.7% in Jan-April

Fabric and garment exports from the Southeast Asian nation of Vietnam ...

Interviews View All

Rahuul Jashnani
Jashn

What is the size of the ethnicwear vertical in India? How are Indian...

Anvita Mehra
Confidential Couture

At what rate is the luxury products market growing in India? How are...

Smita Murarka
Amanté

Which fabrics will be in trend for lingerie in 2017? What aspects are...

Silke Brand-Kirsch
Schlegel und Partner

<b><i>Silke Brand-Kirsch, executive partner of Schlegel und Partner, a...

Larry L Kinn
Suominen Corporation

<b><i>Larry L Kinn, Senior Vice President - Operations Americas of...

Eric Scholler
Groz-Beckert

<b><i>The Indian market has huge potential in technical textiles, and by...

Yash P. Kotak
Bombay Hemp Company

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Ritu Kumar
Label Ritu Kumar

"There are a lot of people wearing western clothes in India as well. But...

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
May 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search