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

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Unipar Carbocloro plant in the city of Cubatão, São Paulo state. Courtesy: Wikipedia

Textiles | On 10th Dec 2016

Brazil’s CADE clears Solvay’s 70.59% stake sale in Indupa

Brazil’s administrative council for economic defence (CADE) has...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eamonn Tighe
Nature Works LLC

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search