Family Dollar Q2 profit climbs 10%
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Matthews, N.C. -- Family Dollar Stores reported Wednesday that net income for the quarter ended Feb. 26 rose 10% to $123.2 million, compared with $112.2 million a year earlier. Results were helped in part by improved traffic and higher transaction value. Revenue increased 8% to $2.26 billion, from $2.09 billion. Same-store sales rose 5.1%. Earlier in March, Family Dollar turned down an approximately $7 billion buyout offer from minority shareholder Nelson Peltz's Trian Fund. The company said it expects to open approximately 300 new stores in fiscal 2011 and close 80-100 existing locations.