WASHINGTON (dpa-AFX) - Retail discount stores operator Family Dollar Stores, Inc. (FDO) Wednesday said net income for the fourth quarter was $79.85 million compared to $73.95 million last year. On a per share basis, profit increased 17.9 percent to $0.66 compared with $0.56 per share in 2010.
On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share in the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased 9.1 percent to $2.13 billion, compared to $1.96 billion in the previous year. Street view was for revenues of $ 2.12 billion.
Comparable stores sales in the fourth quarter increased 5.6 percent, resulting from increased customer traffic, as measured by the number of register transactions, and higher average customer transaction values.
Looking ahead to 2012, the company expects that earnings per share will be between $3.50 and $3.75, while street expectation is for earnings of $3.57 per share.
For the first quarter of fiscal 2012, the company expects that comparable store sales will increase between 4% and 6% and that earnings per share will be between $0.65 and $0.73 per share, while street expects $0.66 earnings per share for the first quarter of 2012.
Further, the company said its Board of Directors has authorized the Company to purchase an additional $250 million of its common stock. The Company intends to fund these repurchases through cash from operations.
Copyright RTT News/dpa-AFX
© 2011 AFX News
