After posting lower-than-expected earnings in the second quarter, Family Dollar Stores (FDO) plans to close 370 stores, cut jobs and slash prices on nearly 1,000 basic items to boost results.
The discount retailer said Thursday its quarterly profit fell 35% to $90.9 million, or 80 cents a share, from $140.1 million, or $1.21 a share, in the same period a year earlier. Revenue slipped 6.1% to $2.72 billion.
Family Dollar said a winter of snow and frigid temperatures dragged down earnings by at least five cents a share, and the year-ago period included an extra week. Selling, general and administrative expenses climbed 1.6%.
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7 comments:
The consumers help Family Dollars owners make millions of dollars. Ask soon as these greedy owners see a boo boo in their earnings, they want to close 370 stores and cut jobs. Once again, the consumers suffers with low or no income. While these millionaire owner goes off in the sunset without a care in the world. Just like walmart. Here's another store I will stop shopping at.
233-Wally World and Family Dollar sell junk. They're not bettering the world by peddling their junk. I wish all would close down, it'd make the "developed" world a lot less ugly.
Dollar General is growing by leaps and bounds. We are seeing new DG stores popping up everywhere. They must be doing something right!
I hope all those now unemployed Family Dollar folks did not vote for Obama...because his policies are doing this...
Look, 2:33, the people who own Family dollar *own* Family Dollar. If they want to open, close, demolish, burn or sell their stores that's their business. Until you have some skin in the game you can bitch all you want but have no right to tell the owners what to do with *their* business.
Wow 4:51....In this economy, a company should be happy with any profit whether it's 2% or 30%. It's not an employee's fault business is down unless they are stealing. That includes merchandise, supplies, and time.
Nice to have the Stores but in
this day & time people are looking
for the cheapest items & Wal Mart
beats them out on most everything!
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