Family Dollar posts strong Q3 results driven by efforts

22 Jun '06
4 min read

Family Dollar Stores Inc reported that net income per diluted share for the third quarter of fiscal 2006 ended May 27, 2006, increased 15.6 Percent to $0.37 compared with $0.32 for the third quarter of fiscal 2005 ended May 28, 2005. Net income for the third quarter increased 5.8 Percent to $56.9 million compared with net income of $53.8 million for the third quarter of fiscal 2005.

"We are pleased to report a 16 Percent increase in earnings per share this quarter, especially in light of a challenging macro-economic environment. These strong results reflect the continued hard work of all our Associates to make Family Dollar a more compelling place to shop, work and invest," said Howard R. Levine, Chairman and Chief Executive Officer.

"We have made significant progress this year, but we still have a lot of work to do. Continued execution of our key initiatives will enable us to better meet the needs of our customers and drive stronger returns to our shareholders."
As previously reported, sales for the third quarter of fiscal 2006 were approximately $1.570 billion, or 9.9 Percent above sales of approximately $1.428 billion for the third quarter of fiscal 2005. Sales in comparable stores increased approximately 3.7 Percent.

The customer count, as measured by the number of register transactions in comparable stores, decreased approximately 1.2 Percent, and the average transaction increased approximately 4.8 Percent to $9.54. The Company believesthat customers continue to consolidate shopping trips in response to higher energy costs. During the third quarter of fiscal 2006, the Company opened 82 new stores and closed 11 stores.

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