Matthews, N.C. -- Family Dollar Stores Inc. reported Thursday that its first quarter profit rose 8% to $80.4 million, compared with $74.3 million in the year-ago period.
Sales for the period ended Nov. 26, 2011, rose to $2.15 billion from $2 billion in the year-ago period, missing Wall Street’s expected $2.17 billion in revenue. Same-store sales rose 4.1%.
"The environment continues to be challenging for our customers, and our experienced team remains focused on executing our long-term strategy," said Howard Levine, chairman and CEO. The company opened 101 stores in the quarter, about 20% more than in the year-ago quarter.
Family Dollar plans to open approximately 450-500 stores openings in its current fiscal year.