Updated to reflect price changes and information about Family Dollar store hours.
NEW YORK (
) -- A generous flow of good news from
has bumped up its shares in morning trading.
This morning Family Dollar posted material improvement in both its first-quarter earnings and same-store sales, bringing its shares up 12.8% to $31 on heavy trading volume. Family Dollar plans to extend its store hours at almost all of its stores by the end of the current quarter after a successful test in about 15% of its outlets, according to the
Wall Street Journal.
Family Dollar had seen a trading volume of about 9 million shares by 11:30 in the morning, compared to its three-month daily average volume of about 3.7 million.
Family Dollar Wednesday reported earnings of $67.6 million, or 49 cents a share, compared with $59.3 million, or 42 cents a share, a year earlier. Total sales for the quarter rose 3.9% to $1.82 billion. It said its December comp sales rose by about 4%, helped by heavier customer traffic.
Analysts surveyed by Thomson Reuters estimated Family Dollar would earn 47 cents a share.
Retail discount-store competitors
99 Cents Only Store
( NDN), meanwhile, are also up big -- by 5.9% to $50.34 for Dollar Tree, and by 4.6% to $14 for 99 Cents Only.
has inched up 1.3% to $29.30.
-- Reported by Andrea Tse in New York
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