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Family Dollar Reports Record Sales And Earnings Results

Selling, general and administrative expenses increased 10.9% to $2.9 billion. As a percentage of net sales, SG&A expenses were 27.6% in fiscal 2013 compared with 27.7% in fiscal 2012. As a percentage of net sales, lower incentive-compensation expense was partially offset by higher store occupancy costs.

Operating profit in fiscal 2013 was $688.0 million compared with $664.2 million in fiscal 2012. As a percentage of net sales, operating profit was 6.6% in fiscal 2013 as compared to 7.1% in fiscal 2012. Adjusted operating profit in fiscal 2013 was $683.0 million compared with $675.7 million in fiscal 2012, excluding the favorable $5.0 million accounting adjustment in the fourth quarter of fiscal 2013 and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012. As a percentage of net sales, adjusted operating profit was 6.6% in fiscal 2013 as compared to adjusted operating profit of 7.2% in fiscal 2012.

The effective income tax rate in fiscal 2013 was 35.8% as compared to 36.4% in fiscal 2012. The decrease in the effective tax rate in fiscal 2013, as compared to fiscal 2012, was due primarily to a decrease in the reserve for state taxes and an increase in the benefit of federal tax credits partially offset by an increase in the reserves for uncertain tax positions.

Net income in fiscal 2013 increased 5.1% to $443.6 million compared with $422.2 million in fiscal 2012. Adjusted net income in fiscal 2013 increased 2.6% to $440.4 million as compared to adjusted net income of $429.4 million in fiscal 2012, excluding the favorable $5.0 million accounting adjustment in the fourth quarter of fiscal 2013 and the litigation charge of $11.5 million in the fourth quarter of fiscal 2012.

The Company’s merchandise inventories at August 31, 2013, increased 2.9% to $1.5 billion compared with $1.4 billion at August 25, 2012. Average inventory per store at the end of fiscal 2013 was approximately 3.3% lower than the average inventory per store at the end of fiscal 2012.

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