Spending Slowdown Hurts Family Dollar 2Q
Matthews, N.C. Family Dollar Stores Inc. on Friday said fiscal second-quarter profit fell 30%, as consumers cut back on discretionary spending.
Profit for the quarter ended March 1 fell to $63.3 million from $90.5 million.
Revenue fell 6% to $1.83 billion from $1.95 billion last year. Analysts expected revenue of $1.84 billion.
The company said results were hurt as consumers cut back on discretionary spending, particularly during the holiday season.
Results were also hurt by one less week of holiday sales and one less week of sales compared with the year-ago quarter.
Same-store sales were flat during the quarter as an increase in average customer transaction offset lower traffic.
Charming Shoppes: Directors should be re-elected
BENSALEM, Pa. Charming Shoppes announced that it has mailed proxy materials to its shareholders calling for the re-election of its chairman, president and ceo, Dorrit Bern, Alan Rosskamm and Jeannine Strandjord.
Charming Shoppes’ annual meeting of shareholders will take place on Thursday, May 8.
Charming Shoppes also urged shareholders to reject the three individuals nominated by a dissident shareholder group led by the Crescendo Partners and Myca Partners hedge funds in opposition to Charming Shoppes’ incumbent directors.
Rite Aid March comps up 2.6%
CAMP HILL, Pa. Rite Aid reported that total drug store sales for the four weeks ended March 29 increased 50.7% to $2.04 billion as compared to $1.3 billion for the same period last year. Prescription revenue accounted for 67.6% of drug store sales, and third party prescription revenue represented 96.2% of pharmacy sales.
Same-store sales for the month of March increased 2.6 % over the prior-year period. Pharmacy same-store sales increased 1%, which included an approximate 493 basis points negative impact from new generic introductions. Front-end same-store sales were up 5.7%. March same-store sales were positively affected by a shift to a March Easter this year from an April Easter last year, the company reported.