Family Dollar Stores (FDO) announced that net income dropped to $80.3 million, or 69 cents per share, for the last fiscal quarter. A year ago, the company earned $80.4 million. Analysts had expected earnings of 74 cents per share, while the company had called for 69 cents to 78 cents per share. Net sales increased 12.7 percent to $2.41 billion, up from $2.15 billion in the same period last year. Same store sales increased by 6.6 percent.
Shares are lower by about 11.5 percent.
Last month, rival Dollar General (DG) announced that profits for the third quarter increased to to $207.7 million, or 62 cents per share, versus $171.2 million, or 50 cents, a year earlier. Earnings were 63 cents per share, excluding certain items, beating the analyst estimates of 60 cents.
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