Family Dollar reports Q1 sales increase

MATTHEWS, N.C. Family Dollar Stores reported that net sales for the first quarter ended Nov. 28, increased 3.9% to $1.823 billion from $1.754 billion in the first quarter ended Nov. 29, 2008. Comparable-store sales for the quarter increased 2.4%.

“Customers are responding well to the investments we are making to improve the shopping experience in our stores. We are pleased that customer traffic increased again this quarter. Reflecting continued economic pressures, average transaction value was flat,” said Howard Levine, chairman and CEO. “Although sales in the first quarter were slightly below our plan, we remain confident that earnings per diluted share for the first quarter will be within the range of our original earnings expectations of 45 cents to 50 cents per diluted share.”