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Family Dollar Profits Fell By A Third, Restructuring To Come

7/10/14 12:13 PM EDT
Family Dollar Stores' third quarter profits were down one third from a year ago after fewer customers shopped at the discount stores. Earnings per share were only 71 cents, much worse than the expected 89 cents per share. Revenue was more than $2.6 billion. It was 3% better than a year ago and better than expected. The company had trouble attracting customers to its stores, but once the customers were in, they spent more on per transaction basis, making same store sales only down by 1.8% over last year. Restructuring is underway for the retail chain, which means additional costs. The management said it's closing 370 under performing stores in the second half of fiscal year 2014. It's also studying which locations might be good for new stores and it plans to open between 350 and 400 more in fiscal year 2015.
Stocks in this video: FDO
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