Family Dollar posts 8.7% increase in 2Q sales

MATTHEWS, N.C. Family Dollar Stores reported that net sales for the second quarter ended Feb. 28 increased 8.7% to approximately $1.992 billion compared with $1.833 billion for the second quarter ended March 1, 2008.

Sales in the quarter were driven by double-digit sales growth of consumable merchandise; sales of apparel were soft. Comparable-store sales for the quarter increased 6.4%. The company had 6,643 stores as of Feb. 28 including 57 new stores opened during the second quarter.

Reflecting sales results for the second quarter, the company now expects earnings for the second quarter of fiscal 2009 will be between 59 cents and 61 cents per diluted share.