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Family Dollar Q1 profit up 8%, revenue misses Street

Matthews, N.C. -- Family Dollar Stores Inc. reported Thursday that its first quarter profit rose 8% to $80.4 million, compared with $74.3 million in the year-ago period.

Sales for the period ended Nov. 26, 2011, rose to $2.15 billion from $2 billion in the year-ago period, missing Wall Street’s expected $2.17 billion in revenue. Same-store sales rose 4.1%.

"The environment continues to be challenging for our customers, and our experienced team remains focused on executing our long-term strategy," said Howard Levine, chairman and CEO.  The company opened 101 stores in the quarter, about 20% more than in the year-ago quarter.

Family Dollar plans to open approximately 450-500 stores openings in its current fiscal year.

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