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Family Dollar’s Q3 net income drops 3%; announces merchandising changes
Matthews, N.C. -- Family Dollar reported lower net income in the third quarter of 2013 as its shoppers continue to hold off on discretionary spending. The discounter also named Jason Reiser to the position of senior VP merchandising.
Family Dollar posted net income of $120.9 million, down 3% from $124.5 million in the year-ago period. Its results, however, topped expectations.
Sales rose 9% to $2.57 billion. Same-store sales increased 2.9% as a result of higher customer transaction totals and traffic volumes.
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Chipotle opens in Orange Plaza in Middletown, N.Y.
Purchase, N.Y. -- Chipotle Mexican Grill has opened at Orange Plaza, an 815,000-sq.-ft. Middletown, N.Y. power-center owned by National Realty & Development Corp.
Orange Plaza’s anchors include a Wal-Mart Supercenter, The Home Depot, Kohl’s Department Store, Burlington Coat Factory, Marshalls, Bed Bath & Beyond and Staples.
The center draws shoppers from a 12-mile radius with a population of more than 157,000. Approximately 20,000 of the 46,000 vehicles passing the center every day are shopping center destination trips.