Family Dollar Stores, the US discount retailer, posted a “strong” annual performance today (7 October), with an increase in net income.
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For the year ended 30 August, net income increased 25% to reach US$291.3m.
“Despite the challenges resulting from a rapidly-changing economic environment, our team has delivered a strong performance this year, driving improvements across most key metrics, including increased customer traffic, operating margin expansion, earnings-per-share growth, greater inventory productivity and higher employee retention,” said Howard Levine, chairman and CEO.
Sales reached $7.4bn, or 6% above sales for fiscal 2008. Sales in comparable stores increased 4%.
The increase in comparable-store sales was the result of higher customer traffic and an increase in the value of the average customer transaction, Family Dollar said.
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By GlobalDataSales in fiscal 2009 were strongest in the consumables category. During fiscal 2009, the company opened 180 new stores and closed 96 stores.
Operating profit, as a percentage of sales, was 6.1% for the year compared with 5.2% in the previous year.
Check back later for more comment from Family Dollar after the company’s conference call with analysts. Click here for the full release.
