Family Dollar Stores has reported strong growth for its second quarter, helped by increased customer traffic at its stores. For the quarter to 27 February, net profit jumped up 33.4% to $112.2m, while sales rose by 4.9% to $2.1bn, and same-store sales were up 3.6%.
For the first half, net profit was up 25.4% to $179.8m, with sales up 4.5% to $3.9bn (no same-store sales figure was provided). The company noted that consumables accounted for 60.8% of total sales in the first half, but clothing and accessory sales were essentially flat.
Family Dollar said that customer traffic continued to be the primary driver of sales, with consumables being the primary driver of traffic. It noted that customer visits are up 5% this year, on top of a 15% increase last year, adding that average ticket sales also increased.
For the third quarter, Family Dollar expects same-store sales to be up by 6-8%.
NamNews - Thursday 8th April 2010