MATTHEWS, N.C. — Dollar stores continue to thrive in this consumer-conscious economy, and Family Dollar is no exception.
The dollar store chain reported a total sales increase of 9.6% to $2.36 billion for the third quarter, compared with $2.15 billion for the same period last year. Same-store sales rose 5%, helped by increased customer traffic and strong performances in the seasonal, electronics and consumables categories.
The company reported net income for the third quarter increased 12.1% to $124.5 million, compared with net income of $111.1 million for the third quarter of fiscal 2011. Net income per diluted share for the quarter increased 16.5% to $1.06 compared with 91 cents for the third quarter of fiscal 2011.
“Today, we reported another quarter of strong double-digit earnings growth. I am especially pleased that we delivered these record results even as we launched multiple initiatives late in the quarter to increase our relevancy to the customer and drive greater store productivity,” said Howard Levine, Family Dollar chairman and CEO.
During the first three quarters of fiscal 2012, the company opened 287 new stores, closed 43 stores and renovated, relocated or expanded 583 stores.
For the fourth quarter, Family Dollar expects that comparable-store sales will increase between 5% and 7% and that earnings per diluted share will be between 71 cents and 81 cents, compared with 66 cents in the fourth quarter of fiscal 2011.
For the full year, the company expects that earnings per diluted share will be between $3.60 and $3.70, compared with $3.12 in fiscal 2011.