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Family Dollar 2Q income up 33.3%

4/8/2009

MATTHEWS, N.C. Family Dollar Stores reported that net income per diluted share for the second quarter of fiscal 2009 ended Feb. 28, increased 33.3% to 60 cents per diluted share compared with 45 cents per diluted share in the second quarter of fiscal 2008 ended March 1. Net income for the second quarter increased 32.9% to $84.1 million compared with net income of $63.3 million for the second quarter of fiscal 2008.

“In today’s challenging economic environment, families of all incomes are looking for ways to save money. Our strategy of providing both value and convenience continues to resonate well with consumers, and, as a result, we continue to capture more shopping trips and gain market share,” said Howard Levine, chairman and CEO.

As previously reported, sales for the second quarter of fiscal 2009 were approximately $1.992 billion, or 8.7% above sales of approximately $1.833 billion in the second quarter of fiscal 2008. Comparable-store sales increased 6.4%. The increase in comparable-store sales was a result of increased customer traffic, as measured by the number of register transactions, and an increase in the value of the average customer transaction. Sales in the second quarter of fiscal 2009 were strongest in the consumables category.

For the fiscal year ending August 29, 2009, the company expects net sales will increase between 5% and 7% and expects comparable-store sales will increase between 3% and 5%. The company expects earnings per diluted share will be between $1.90 and $2.00 in fiscal 2009 as compared with $1.66 in fiscal 2008.

For the third quarter of fiscal 2009 ending May 30, the company expects net sales will increase between 7% and 9% and expects comparable store sales will increase 5% to 7%. The company expects earnings per diluted share will be between 54 cents and 58 cents as compared with 46 cents in the third quarter of fiscal 2008.

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