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Family Dollar Stores Inc., which posted a 23% rise in fiscal fourth-quarter profit Wednesday, said low-income shoppers are being joined by middle-class consumers in the discount chain's aisles.
Family Dollar said it plans to open about 300 stores during the new fiscal year, up 50% from the prior year, and close 80 to 100 locations. Family Dollar, which operates 6,785 stores, added a net 61 in the latest quarter.
The company also plans to renovate 600 to 800 stores, which JMP Securities analyst Peter Keith said would be "quite an undertaking" for a single year. The move is expected to boost sales because the new store designs likely will have additional room for food products that have helped buoy results.
Family Dollar expects the renovations to cost $100,000 to $130,000 per store, or a total of $60 million to $104 million, and will include exterior touch-ups as well as changes to the sales floor. The company said it is likely to complete 200 renovations by the holiday season. Early feedback about renovations that began in August has been "very encouraging," said Mr. Levine, the CEO. http://blogs.wsj.com/marketbeat/2011/03/30/family-dollar-up-after-solid-earnings/?mod=wsjcrmain
Family Dollar Stores Inc., which posted a 23% rise in fiscal fourth-quarter profit Wednesday, said low-income shoppers are being joined by middle-class consumers in the discount chain's aisles.
Family Dollar said it plans to open about 300 stores during the new fiscal year, up 50% from the prior year, and close 80 to 100 locations. Family Dollar, which operates 6,785 stores, added a net 61 in the latest quarter.
The company also plans to renovate 600 to 800 stores, which JMP Securities analyst Peter Keith said would be "quite an undertaking" for a single year. The move is expected to boost sales because the new store designs likely will have additional room for food products that have helped buoy results.
Family Dollar expects the renovations to cost $100,000 to $130,000 per store, or a total of $60 million to $104 million, and will include exterior touch-ups as well as changes to the sales floor. The company said it is likely to complete 200 renovations by the holiday season. Early feedback about renovations that began in August has been "very encouraging," said Mr. Levine, the CEO. http://blogs.wsj.com/marketbeat/2011/03/30/family-dollar-up-after-solid-earnings/?mod=wsjcrmain
In 1958, a 21-year-old entrepreneur with an interest in merchandising became intrigued with the idea of operating a low-overhead, self-service retail store. Leon Levine believed he could offer his customers a variety of high-quality, good value merchandise for under $2. Because he had grown up in his family’s retail store, he understood value, quality and customer satisfaction.
In November 1959, Leon Levine opened the first Family Dollar store in Charlotte, North Carolina, and was on his way to becoming a retailing legend. Right from the start, he had a well-developed philosophy of what Family Dollar would be and how it would operate, a philosophy from which he and his management team have never strayed. The concept is a simple one, “the customers are the boss, and you need to keep them happy.”
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