Matthews, N.C. -- Family Dollar Stores Inc.'s second-quarter earnings rose 10.7% as increased customer traffic fueled higher sales. Its results topped analysts’ expectations.
The discounter said its net profit rose to $136.4 million for its fiscal second quarter ended Feb. 25, 2012, from $123.2 million a year earlier.
“I’m very pleased to report that we delivered our 16th consecutive quarter of double-digit earnings per share growth. Our investments to improve the shopping experience and broaden our customer appeal are gaining momentum and continue to drive higher returns for our shareholders,” said Howard Levine, chairman and CEO.
Sales rose 8.6% to $2.46 billion, in line with analyst estimates. Same-store sales rose 4.5%.
During the first half of fiscal 2012, Family Dollar opened 184 stores, closed 36 stores, and renovated, relocated or expanded 342 stores. The chain anticipates opening 450-500 stores for the full fiscal year.