Family Dollar 3Q Profit Up 7%

Matthews, N.C. Family Dollar Stores Inc. said Wednesday its fiscal third-quarter profit rose 7% as more consumers flocked to its stores looking for bargains on food and other items.

Profit for the quarter ended May 31 rose to $64.7 million from $60.4 million a year ago.

As reported in June, total revenue rose 2.9% to $1.7 billion from $1.65 billion, while same-store sales rose 0.1%.

The company said an increase in average amount customers spent for each transaction offset lower store traffic, and results were helped by cost and inventory controls.