Family Dollar Announces Second Quarter Earnings Per Share of $0.45
Family Dollar Announces Second Quarter Earnings Per Share of $0.45 Friday April 4, 7:00 am ET Updates Fiscal 2008 Guidance
MATTHEWS, N.C.--(BUSINESS WIRE)--Family Dollar Stores, Inc. (NYSE: FDO - News), today reported net income of $63.3 million for the second quarter of fiscal 2008 ended March 1, 2008, a 13-week period, compared with $90.5 million for the second quarter of fiscal 2007 ended March 3, 2007, a 14-week period. Net income per diluted share in the second quarter of fiscal 2008 was $0.45 compared with $0.60 per diluted share in the second quarter of fiscal 2007.
“Our customers continue to react to the current economic environment by limiting their discretionary spending. This was particularly apparent in our stores during this past holiday season. In addition, our second quarter performance was pressured by both the loss of one week of holiday sales and one less week of sales as compared with the second quarter of fiscal 2007. Despite these challenges, I am pleased with our expense control and inventory management this quarter, especially within such a volatile economic environment,” said Howard R. Levine, Chairman and Chief Executive Officer.
“While we continue to expect that our customers will be financially challenged near-term, we believe that the impending government stimulus package will bring some much needed relief later this year. Continued growth in our consumable business, along with our intense focus on controlling expenses and mitigating inventory risk are expected to result in better performance in the second half of fiscal 2008.”
Second Quarter Results
As previously reported, net sales for the second quarter of fiscal 2008 were $1.833 billion, or 5.9% below sales of $1.947 billion for the second quarter of fiscal 2007. As a reminder, the second quarter of fiscal 2008 included one less week of holiday sales and one less week of sales compared with the second quarter of fiscal 2007. Comparing results for