MATTHEWS, N.C., Sept. 2 /PRNewswire-FirstCall/ -- Family Dollar Stores,
Inc. (NYSE: FDO), a discount store chain operating 5,468 stores in 44 states,
reported sales for the four week period ended August 28, 2004, of
approximately $406.1 million, or 8.6% above sales of $374.0 million for the
similar period in the prior fiscal year. Sales in existing stores for the
four week period ended August 28, 2004, decreased approximately 0.1% below
existing store sales for the similar period in the prior fiscal year,
including an increase of approximately 2.5% in sales of hardlines and a
decrease of approximately 8.9% in sales of softlines.
For the thirteen week period ended August 28, 2004, sales were
approximately $1,324.2 million, or 9.6% above sales of $1,208.5 million for
the similar period in the prior fiscal year. Sales in existing stores for the
thirteen week period ended August 28, 2004, increased approximately 0.7% above
existing store sales for the similar period in the prior fiscal year,
including an increase of approximately 2.9% in sales of hardlines and a
decrease of approximately 7.2% in sales of softlines. Sales of basic
consumable merchandise continued to be satisfactory. However, sales of more
discretionary merchandise, such as hanging apparel and domestics, were below
the Company's plan. As a result, the gross profit margin for the thirteen
week period ended August 28, 2004, will be adversely impacted by additional
markdowns and lower sales of higher margin merchandise. The Company currently
expects that net income per diluted share of Common Stock will be in the range
of $.25 to $.26 in the thirteen week period ended August 28, 2004, compared to
$.28 in the similar period in the prior fiscal year.
For the fifty-two week period ended August 28, 2004, sales were
approximately $5,281.9 million, or 11.2% above sales of $4,750.2 million for
the similar period in the prior fiscal year. Sales in existing stores for
comparable fifty-two week periods increased approximately 1.9%, including an
increase of approximately 3.2% in sales of hardlines and a decrease of
approximately 2.5% in sales of softlines.
The Company's plan is for sales in existing stores in the five week period
ending October 2, 2004, to be in a range from approximately the same level to
up 2% from the similar period in the prior fiscal year.
The Company also reported the opening of 203 stores and the closing of 6
stores in the thirteen week period ended August 28, 2004. For the fiscal year
ended August 28, 2004, Family Dollar opened 500 stores and closed 61 stores.
As previously announced, the Company's plan is to open about 500 to 560 stores
and close 60 to 70 stores during the fiscal year ending August 27, 2005.
Family Dollar will host a conference call on Thursday, September 30, 2004,
at 10:00 A.M. ET to discuss the financial results for the fourth quarter and
fiscal year ended August 28, 2004, and certain plans for the fiscal year
ending August 27, 2005. If you wish to listen, please call 888-791-5525 for
domestic USA calls and 773-756-4619 for international calls at least 10
minutes before the call is scheduled to begin. A replay of the call will be
available from about 1:00 P.M. ET, September 30, 2004, through October 7,
2004, by calling 800-234-2685 for domestic USA calls and 402-220-9688 for
international calls. There also will be a live webcast of the conference call
that can be accessed at http://www.familydollar.com/investors.asp or by
clicking on the webcast icon on the "Investors" page
at http://www.familydollar.com . A replay of the webcast will be available at
the same address after 2:00 P.M. ET, September 30, 2004.
Certain statements contained in this press release which are not
historical facts are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements address the Company's plans and activities or
events which the Company expects will or may occur in the future. A number of
important factors could cause actual results to differ materially from those
expressed in any forward-looking statements. Such factors include, but are
not limited to, competitive factors and pricing pressures, general economic
conditions, the impact of acts of war or terrorism, changes in consumer demand
and product mix, unusual weather that may temporarily impact sales, inflation,
merchandise supply constraints, general transportation or distribution delays
or interruptions, dependence on imports, changes in currency exchange rates,
trade restrictions, tariffs, quotas, and freight rates, availability of real
estate, costs and delays associated with building, opening and operating new
distribution facilities and stores, costs and potential problems associated
with the implementation of new systems and technology, including supply chain
systems and electronic commerce, changes in energy prices and their impact on
consumer spending and the Company's costs, legal proceedings and claims,
changes in health care and other insurance costs, and the effects of
legislation and regulations on wage levels and entitlement programs.
Consequently, all of the forward-looking statements made are qualified by
these and other factors, risks and uncertainties. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as
of the date of this release. The Company does not undertake to publicly update
or revise its forward-looking statements even if experience or future changes
make it clear that projected results expressed or implied in such statements
will not be realized.
SOURCE Family Dollar Stores, Inc.
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Related links:
http://www.familydollar.com
http://www.familydollar.com/investors.asp
Company News On-Call:
http://www.prnewswire.com/comp/300875.html
CONTACT:
George R. Mahoney, Jr., Executive Vice
President of Family Dollar Stores, Inc., +1-704-814-3252
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