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As of 8:04 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

family dollar stores (FDO) Key Developments

Family Dollar Stores Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 1, 2014; Provides Earnings Guidance for the Third Quarter, Fourth Quarter, Full Year of Fiscal 2014; Plans to Open 350 to 400 New Stores in Fiscal 2015; Plans to Close 370 Underperforming Stores in the Second Half of Fiscal 2014

Family Dollar Stores Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 1, 2014. For the quarter, the company's net sales of $2,716,621,000 compared to $2,893,997,000 a year ago. Operating profit was $140,257,000 compared to $216,977,000 a year ago. Income before income taxes was $140,457,000 compared to $217,737,000 a year ago. Net income was $90,869,000 or $0.80 per diluted share compared to $140,145,000 or $1.21 per diluted share a year ago. Comparable store sales for the 13-week period ended March 1, 2014, decreased 3.8% as a result of decreased customer transactions, partially offset by an increase in the average customer transaction value. For the six months, the company's net sales were $5,216,312,000 compared to $5,315,685,000 a year ago. Operating profit was $260,576,000 compared to $343,946,000 a year ago. Income before income taxes was $261,317,000 compared to $344,021,000 a year ago. Net income was $168,896,000 or $1.47 per diluted share compared to $220,424,000 or $1.90 per diluted share a year ago. Net cash flows provided by operating activities were $111,924,000 compared to $135,372,000 a year ago. Capital expenditures were $219,691,000 compared to $409,735,000 a year ago. For the third quarter of fiscal 2014, the company expects that comparable store sales will decline in the low-single-digit range and that earnings per diluted share will be between $0.85 and $0.95 per share, excluding approximately $0.13 per share related to restructuring charges. Including the restructuring charges, the company expects earnings per diluted share will be between $0.72 and $0.82. For the fourth quarter of fiscal 2014, the company expects that comparable store sales will be flat to up slightly and that earnings per diluted share will be between $0.75 and $0.85, excluding approximately $0.37 related to restructuring charges. Including the restructuring charges, the company expects earnings per diluted share will be between $0.38 and $0.48. For the 52-week year ending August 30, 2014, the company expects that earnings per diluted share will be between $3.05 and $3.25, excluding approximately $0.50 per share related to restructuring charges. Including the restructuring charges, the company expects earnings per diluted share will be between $2.55 and $2.75. The company expects capital expenditures of between $450 million and $500 million. The company plans to open 350 to 400 new stores in fiscal 2015, down from approximately 525 new stores in fiscal 2014. The company also plans to close approximately 370 underperforming stores in the second half of fiscal 2014.

Family Dollar Stores Inc. Cuts 135 Jobs at Matthews Headquarters; Plans for 525 New Stores in Fiscal 2014

Family Dollar Stores Inc. has cut 135 jobs at its headquarters - or roughly 6% of the corporate facility's 2,400-employee work force in Matthews. Positions will be eliminated across all divisions and levels at the corporate headquarters. Family Dollar will work with affected employees during the transition. For fiscal 2014 alone, the company's growth plans call for 525 new stores, remodeling 800-plus locations and initiatives to control costs, drive sales and attract shoppers.

Family Dollar Expands Food Assortment

Family Dollar announced it is introducing more than 400 new food items in each of its more than 8,000 stores across the country. As part of the new food rollout, television personality, best-selling author and chef, Pat Neely, will participate in several special events to spread the word about the great values customers can find in-store.

Family Dollar Names Brian D. Hancock as Senior Vice President--Supply Chain

Family Dollar Stores Inc. announced that it has named Brian D. Hancock to the position of Senior Vice President--Supply Chain. Mr. Hancock will report to Howard R. Levine, Chairman and CEO. Prior to joining to Family Dollar, Mr. Hancock served as President-North American division for The Martin--Brower Company, L.L.C., where he was responsible for all strategic and operational functions in North America. Previous to that, he served as Vice President-Global Supply Chain for Whirlpool Inc. Mr. Hancock also held various positions with Schneider National, a privately held transportation and logistics leader. Mr. Hancock holds a master's degree in business from Virginia Commonwealth University.

Family Dollar Stores Inc., Q2 2014 Earnings Call, Apr 10, 2014

Family Dollar Stores Inc., Q2 2014 Earnings Call, Apr 10, 2014

 

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