Family Dollar profit up nearly 10%, 300 stores on tap for 2011
Matthews, N.C. — Family Dollar Stores said Wednesday that its fiscal first-quarter profit climbed 9.9% on strong candy and food sales and higher customer traffic. The discounter said it will open approximately 300 new stores in fiscal 2011.
Family Dollar reported net income of $74.3 million for the period ended Nov. 27, up from $67.6 million a year ago. Its results, however, were short of analysts expectations, with the disappointing profit attributed primarily due to lower gross margins and higher freight costs.
Revenue increased 9.5% to $2 billion, with double-digit sales increases in candy and food. Same-store sales rose 6.9%.
"Our comparable store sales increase of 6.9% is the best first quarter result we’ve delivered in more than twelve years," said Howard R. Levine, chairman and CEO.
Family Dollar said first-quarter traffic improved but average transaction value was essentially flat.
Walgreens December sales up 7.5%
Deerfield, Ill. — Walgreens reported on Wednesday that its December sales rose 7.5% to $6.8 billion. The chain said that Duane Reade stores, which Walgreens acquired in April 2010, contributed 2.5 percentage points.
Walgreens’ same-store sales for the month rose 2.8%
The company said front-end sales were up 9.5%. Pharmacy sales, which accounted for 58.6% of total sales for the month, saw a 6% boost.
During the month of December, Walgreens opened three stores, including one relocation, and acquired three stores.
Walmart taps Datacert’s Passport platform for legal department management
Houston — Datacert, a global provider of enterprise legal management solutions, announced that Walmart has selected Datacert’s Passport technology platform, to help strategically manage the chain’s domestic legal processes and systems. In addition, Walmart will implement Datacert’s matter management and spend management systems, which are built on Passport.
According to Datacert, Passport is the only enterprise legal management platform available that allows even the most expansive law departments to integrate all legal technology solutions in one space, including complementary software that supports other business processes, e.g., e-discovery, litigation holds, document management, etc. Consolidating systems on Passport will provide Walmart with enhanced visibility into its legal-related business. Among other benefits, this will provide collaboration internally and with outside firms the legal team currently manages.
“A detailed review of key legal department management systems helped us determine that it was time to upgrade our existing spend and matter management systems to embrace more current technologies and features, and to implement a platform that simplifies the integration of other best-in-class legal department management systems," said Ken Vermilion, senior director, Walmart. "Following an extensive RFP process, we selected Passport because it proved to be the only platform with the comprehensive capabilities to meet our current requirements and easily evolve to support our future needs. The ease of configuration and integration that Passport offers, combined with user-friendly features in Datacert’s matter management system, will help us greatly enhance legal process efficiency."