Family Dollar to open 450 to 500 stores in new fiscal year; Q4 profit up 8%
MATTHEWS, N.C. — Family Dollar announced Wednesday that it plans to open 450 to 500 new stores in fiscal 2012, a 50% jump compared with the number of openings in fiscal 2011, and will renovate, relocate or expand more than 1,000 locations.
The discounter also reported that its fiscal fourth-quarter net income rose 8%.
“In fiscal 2012, we intend to accelerate investments to drive sales and profitability,” Family Dollar chairman and CEO Howard Levine said.
Family Dollar, which rejected a $7 billion takeover bid by Nelson Peltz's Trian Fund Management LP in March, earned $79.8 million for the period ended Aug. 27, up from $74 million in the year-ago period.
Revenue rose 9% to $2.13 billion from $1.96 billion, helped by sales of consumables, seasonal items and electronics. Same-store sales rose 5.5%.
The chain exceeded Wall Street estimates, both in sales and profit.
On Tuesday, it was announced that CVS/pharmacy executive Mike Bloom would join the company as president and COO of the company.