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Family Dollar reports Feb sales
08 Mar '07
3 min read
Family Dollar Stores Inc reported that net sales for the four weeks ended March 3, 2007, increased 3.1% to approximately $511.4 million from $496.1 million for the comparable four-week period ended March 4, 2006. Sales increases for the four-week period were the strongest in sales of apparel and home products were soft.
Comparable store sales for the four-week period ended March 3, 2007, decreased 0.5% when compared with sales for the similar four-week period last year. The Company had 6,319 stores as of March 3, 2007, including 29 new stores opened in the fiscal February period.
The National Retail Federation (NRF) monthly sales reporting calendar followed by the Company and widely used in the retail industry included a non-comparative fifth week in the January period this year. Consequently, total sales for the second quarter ended March 3, 2007, include fourteen weeks in the period compared to thirteen weeks in the second quarter of last fiscal year.
For comparability purposes, the Company has compared similar calendar periods in both this year and last year in its monthly sales results. Consequently, the Company's reported sales for its fiscal 2006 quarterly periods will differ from the sum of the months reported in monthly sales releases.
Outlook:
As previously announced, the Company expects to record approximately $12 million during the second quarter for legal, accounting and related expenses incurred in connection with the review of the Company's stock option grant practices. As a result of such previously unplanned expense, the Company currently expects earnings for the fiscal 2007 second quarter will be at or near the low end of the Company's previously provided guidance of $0.58 to $0.64 per share.
Comparable store sales for the four-week period ended March 3, 2007, decreased 0.5% when compared with sales for the similar four-week period last year. The Company had 6,319 stores as of March 3, 2007, including 29 new stores opened in the fiscal February period.
The National Retail Federation (NRF) monthly sales reporting calendar followed by the Company and widely used in the retail industry included a non-comparative fifth week in the January period this year. Consequently, total sales for the second quarter ended March 3, 2007, include fourteen weeks in the period compared to thirteen weeks in the second quarter of last fiscal year.
For comparability purposes, the Company has compared similar calendar periods in both this year and last year in its monthly sales results. Consequently, the Company's reported sales for its fiscal 2006 quarterly periods will differ from the sum of the months reported in monthly sales releases.
Outlook:
As previously announced, the Company expects to record approximately $12 million during the second quarter for legal, accounting and related expenses incurred in connection with the review of the Company's stock option grant practices. As a result of such previously unplanned expense, the Company currently expects earnings for the fiscal 2007 second quarter will be at or near the low end of the Company's previously provided guidance of $0.58 to $0.64 per share.
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