Family Dollar Stores, Inc. (NYSE: FDO) today reported record sales and earnings results for the fourth quarter and year ended August 25, 2012.
Net sales for the fourth quarter of fiscal 2012 increased 10.8% to $2.36 billion, and net income per diluted share in the fourth quarter of fiscal 2012 increased 4.5% to $0.69. Included in the results for the fourth quarter of fiscal 2012 was a litigation charge of $0.06 per diluted share. Excluding this litigation charge, earnings per diluted share in the fourth quarter of fiscal 2012 would have increased 13.6% to $0.75.
Net sales for fiscal 2012 increased 9.2% to $9.33 billion, and net income per diluted share in fiscal 2012 increased 14.7% to $3.58. Excluding the litigation charge, earnings per diluted share would have increased 16.7% to $3.64 in fiscal 2012.
“Fiscal 2012 was a year of great progress for Family Dollar. We expanded our merchandise assortment to increase our relevancy to our customers; we continued to improve the shoppability of our stores; and we repositioned our leadership team to better support our growth,” said Howard R. Levine, Chairman and CEO. “As a result of these efforts, we delivered another strong year for our shareholders. In fiscal 2012:
- We opened 475 new stores, including 41 stores in California;
- We renovated, relocated or expanded 854 stores;
- We substantially expanded our assortment in key consumable businesses like food and health and beauty aids;
- We introduced new categories like tobacco, magazines and gift cards;
- We expanded coolers in 1,375 stores;
- We enhanced our communications to customers through improvements in our marketing capabilities;
- We opened our 10 th distribution center and began construction of our 11 th distribution center;
- We delivered another year of double-digit earnings per share growth;
- We increased the annual dividend paid to shareholders by 16.4%; and
- We increased return on shareholders’ equity and return on invested capital.
"These accomplishments position us well for continued growth in fiscal 2013 and beyond. This year, as we work to drive further benefit from the investments we made in fiscal 2012, we will focus on enhancing the shopping experience in our stores, increasing inventory productivity, improving store-level processes, and driving greater profitability. I remain confident that these efforts, combined with our strategy of providing customers with great value and convenience, will continue to deliver strong shareholder returns in fiscal 2013 and beyond.”