| Family Dollar Stores, Inc.
is one of the fastest growing discount store chains in the United States. During
the last ten fiscal years, 1,744 new stores have been added to the chain, including
1,109 in the last five fiscal years. The merchandising concept responsible for
this growth provides consumers with good values in low cost, basic merchandise
for family and home needs. The merchandise is sold at everyday low prices in a
no frills, low overhead, self-service environment. Most merchandise is priced
under $10.00. Stores are located in a contiguous 39-state area ranging northeast
to Maine, southeast to Florida, as far northwest as South Dakota and southwest
to Arizona. They generally range in size from 6,000 to 8,000 square feet and most
are operated under leases. The relatively small store size permits the Company
to open new stores in rural areas and small towns as well as in large urban centers.
Within these markets, the stores are located in shopping centers or as freestanding
buildings convenient to the Company’s low and low-middle income customer
base. During the fiscal year ended August 28, 1999, 366 new stores were opened
and 59 closed to bring the number of stores in operation at fiscal year-end to
3,324. Family Dollar presently plans to open approximately 400 to 425 new stores
and close approximately 50 stores by the end of the current fiscal year on August
26, 2000. Since the opening of the first Family Dollar store in 1959, the
store expansion program has been financed entirely with internally generated funds,
and the Company has no long-term indebtedness. Family Dollar is headquartered
in Matthews, North Carolina, just outside of Charlotte, and operates automated
full-service distribution centers in Matthews, West Memphis, Arkansas; Warren
County, Virginia; and Duncan, Oklahoma. The Company has been a publicly held corporation
since 1970, and its Common Stock is listed on the New York Stock Exchange under
the ticker symbol FDO. |
