Family Dollar Stores Posts Annual Earnings of $2.62 Per Share
For the fourth quarter of fiscal 2010, the company posted net sales of $1.957 billion, an 8% increase from a year earlier, the company said in a statement. Net income rose 23% or $74 million, compared with $60.1 million from a year earlier. For the year, Family Dollar reported earnings of $2.62 per share for fiscal 2010, compared with $2.07 per share in fiscal 2009.
For the year ended Aug. 28, sales were $7.867 billion, 6.3% higher than a year earlier. Comparable store sales rose 4.8%, driven by a greater volume of transactions.
Looking ahead, Family Dollar forecast earnings between $2.95 and $3.15 per share for fiscal 2011, with net sales rising as much as 10%. The company also announced plans to purchase $750 million of its common stock.