Family Dollar updates guidance for fiscal 2007

30 Mar '07

3 min read

Family Dollar Stores Inc reported net income of $90.5 million for the second quarter of fiscal 2007 ended March 3, 2007, a 14-week period, compared with $54.5 million for the second quarter of fiscal 2006 ended February 25, 2006, a 13-week period.

Net income per diluted share in the second quarter of fiscal 2007 increased 71.4% to $0.60 compared with $0.35 per diluted share in the second quarter of fiscal 2006. Results for the second quarter of fiscal 2006 included a litigation charge of $45.0 million, or approximately $0.18 per diluted share.

"We continue to focus on improving our profitability and financial returns. Excluding the litigation charge in the second quarter of last fiscal year, diluted earnings per share increased approximately 13%," said Howard R. Levine, Chairman and Chief Executive Officer.

"We are committed to improving our business and serving our customers better. We are driving improvements in key metrics, including better inventory productivity, higher store manager retention, and lower inventory shrinkage, and we are making strategic investments in our merchandise supply chain to deliver more value and convenience to our customers. All of our dedicated Associates are working hard to make Family Dollar a more compelling place to shop, work and invest."

As previously reported, sales for the second quarter of fiscal 2007 were approximately $1.947 billion, or 12.2% above sales of approximately $1.736 billion for the second quarter of fiscal 2006. Sales in comparable stores (for the comparable 13-week period in both years) increased approximately 0.4%.

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