Family Dollar announces accelerated buyback

Matthews, N.C. Family Dollar Stores said Wednesday that it entered an accelerated share-repurchase agreement with Wells Fargo Bank under which the retailer will buy back shares of its common stock as part of its previously announced $750 million repurchase authorization.

The company said it expects the buyback to be accretive to earnings and updated its fiscal 2011 profit forecast from $3.04 to $3.24 a share.