Family Dollar Profit Jumps
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.
KB slashes toy prices in time for holidays
PITTSFIELD, Mass. KB Toys reported that will reduce more than 200 popular toys to $10 or less as part of an initiative to help customers save money during the holiday gift buying season.
KB Toys recently expanded its Super Value Program to include video games priced as low as $9.98 and DVD family movies and entertainment starting at 2 for $9.98.
To help consumer dollars go even further, this week KB Toys also added twenty-five items to the Extreme Value! Lineup. The Extreme Value! selection offers even lower prices on select, guest favorite, Super Values from famous names like Fisher-Price, Mattel, Hasbro, Disney and more.
“Our guests have come to know they can always find exceptional bargains with our Super Value Program,” said Andy Bailen, ceo of KB Toys. “Clearly, more consumers are looking for affordably priced gifts and that is why we also just took over two hundred great toys and lowered their prices to $10 or less.”
Rite Aid Sept. comps up 1.7%
CAMP HILL, Pa. Rite Aid announced that for the four weeks ended Sept. 27, same-store sales increased 1.7% over the prior-year period.
For the September period, same-stores sales excluding the acquired Brooks Eckerd stores increased 3.2% over the prior-year period.
“Once again our core stores delivered solid gains, and our acquired stores posted a significant increase in the front end and good improvement in the pharmacy. The turnaround of the former Brooks Eckerd stores continues,” said Mary Sammons, Rite Aid chairman and ceo.
Total drug store sales for the four-week period decreased 0.8% to $1.971 billion compared to $1.986 billion for the same period last year.