Family Dollar Q1 profit up 8%, revenue misses Street
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.
Best Buy posts disappointing December
Minneapolis — Best Buy Co. reported Friday that December sales were less than the company anticipated, as fewer-than-expected shoppers filled the retailer’s stores over the holiday selling month.
Same-store sales fell 1.2% in December, an improvement from the 4% drop in the same period last year. Total revenue was flat at $8.4 billion. Its online division shone, recording a 26% rise in revenue for the month.
Despite the lackluster showing in December, Best Buy reaffirmed its annual guidance.
“Based on our performance in December we continue to expect to achieve our annual guidance, despite customer traffic that was lower than expected until the last week before Christmas, which resulted in December revenue that was slightly lower than our expectations," said CEO Brian Dunn
PriceSmart profit dips in Q1
San Diego — Warehouse club operator PriceSmart said Friday that net income for the quarter ended Nov. 30 edged down to $14 million, compared with $14.9 million in the year-ago period.
Net warehouse sales increased 24.1% to $468.3 million from $377.3 million, and total revenue rose to $478.7 million from $386.1 million.