Family Dollar FY net income of 26.6%

MATTHEWS, N.C. Family Dollar Stores reported that net income per diluted share for the year ended Aug. 28, increased 26.6% to $2.62 compared with $2.07 for the year ended August 29, 2009. Net income for the year increased 23% to $358.1 million compared with net income of $291.3 million in fiscal 2009.

“Our efforts to broaden the appeal of our assortment, improve the in-store shopping experience, enhance our customer communications, and strengthen our employee teams, resulted in strong improvements across most key metrics,” said Howard Levine, chairman and CEO. “I am very proud of this performance, and I appreciate the hard work and dedication of all our 50,000 Family Dollar team members.”

Levine said, “In fiscal 2010, we made a number of investments to increase the appeal of our stores. We expect that many of these investments, including expanding operating hours, enhancing our assortment, and creating better merchandise presentations through our space realignment efforts and the utilization of more efficient fixtures, will continue to deliver results in fiscal 2011.”

“Although the operating environment continues to be uncertain, I believe that our commitment to providing customers with greater value and convenience, combined with our on-going efforts to improve the shopping experience in our stores, will enable us to continue to deliver double-digit earnings growth of between $2.95 and $3.15 per diluted share in fiscal 2011,” concluded Levine.