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New York City Family Dollar Stores reported strong fourth-quarter results, helped by shoppers who spent tax-rebate checks at the company and by closely controlling costs.
Net income rose to $53.2 million for its fiscal fourth quarter, ended Aug 30, from $37.8 million a year ago.
Sales rose 8.2% to $1.77 billion. Same-store sales rose 5.6%.
“Fourth-quarter sales benefited from the effect of the government stimulus checks distributed this summer," chairman and chief executive Howard R. Levine said in a statement. "Strong sales of consumables and effective management of inventory risk, combined with disciplined expense control resulted in robust earnings growth."
For fiscal 2009, which will end Aug. 29, the company expects sales to increase 3% to 5%. Same-store sales are expected to rise 1% to 3%.
The company, which operates more than 6,500 stores, expects to open around 200 new stores in fiscal 2009.