Family Dollar Q2 profit climbs 10%
Matthews, N.C. — Family Dollar Stores reported Wednesday that net income for the quarter ended Feb. 26 rose 10% to $123.2 million, compared with $112.2 million a year earlier. Results were helped in part by improved traffic and higher transaction value.
Revenue increased 8% to $2.26 billion, from $2.09 billion. Same-store sales rose 5.1%.
Earlier in March, Family Dollar turned down an approximately $7 billion buyout offer from minority shareholder Nelson Peltz’s Trian Fund.
The company said it expects to open approximately 300 new stores in fiscal 2011 and close 80-100 existing locations.
JoS. A. Bank posts record profit in fiscal 2010
Hampstead, Md. — JoS. A. Bank Clothiers reported Wednesday that net income for fiscal year 2010 leaped 21% to a record $85.8 million, compared with $71.2 million in the year-ago period.
Net sales surged 11.4% to a record of $858.1 million in fiscal year 2010, compared with $770.3 million in fiscal year 2009.
Same-store sales increased 7%.
Asia CEO: Wal-Mart makes $16 billion sales annually in Japan, China, India
Bentonville, Ark. — Wal-Mart Stores’ Scott Price, CEO for Asia, said Wednesday that the retailer makes $16 billion in annual sales in Japan, China and India.
In a report broadcast on Wal-Mart’s website and covered by Bloomberg, Price said that operations in Japan have $8 billion annual sales from 414 stores with 36,000 workers.
Annual revenue is $7.5 billion in China, generated by 329 stores, and sales in India are less than $1 billion a year, according to Price.