Family Dollar Posts Another Strong Quarter

Home Textiles Today Staff -- Home Textiles Today, 4/2/2012 2:00:00 AM

MATTHEWS, N.C. - Family Dollar reported its 16th consecutive quarter of double-digit growth in earnings per share, but as it emphasized consumables, sales in the home category slipped.
     Executives said Family Dollar will be more cautious in the way it buys for the home category, but is focused on improving the quality of its basic offerings. By way of example, president and coo Mike Bloom pointed to the introduction an enhanced solid color towel program this season.
     During the second quarter ended Feb. 25, net income climbed 10.7% to $136.4 million, or $1.15 per share. Sales increased 8.6% to $2.46 billion, with comps up 4.5%. Sales of home merchandise fell 0.5%.
     For the first half, net income rose 9.8% to $216.8 million, or $1.84 per share. Sales rose 8.1% to $4.6 billion.
     The company is looking to drive more frequent visits by adding 1,000 new consumables during the second half, including cigarettes and tobacco, Pepsi products, L'Oreal and Maybelline cosmetic lines and Gerber baby food.