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 (NYSE: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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