Family Dollar Reports Third Quarter Financial Results
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- Third Quarter Diluted EPS of $0.70 as compared to Diluted EPS of $0.71 last year
- Adjusted Third Quarter Diluted EPS of $0.74 as compared to adjusted Diluted EPS of $0.85 last year
- Third Quarter Comparable Store Sales Increased 0.7%
MATTHEWS, N.C.--(BUSINESS WIRE)-- Family Dollar Stores, Inc. (NYSE: FDO) today reported that net income per diluted share in the third quarter of fiscal 2015 ended May 30, 2015, was $0.70 compared to $0.71 in the third quarter of fiscal 2014 ended May 31, 2014. Excluding $4.7 million of expenses in the third quarter of fiscal 2015 related to the pending merger with Dollar Tree, Inc, (NASDAQ: DLTR) (“Dollar Tree”) and $24.5 million of restructuring charges in the third quarter of fiscal 2014, adjusted net income per diluted share in the third quarter of fiscal 2015 was $0.74 compared with $0.85 in the third quarter of fiscal 2014. The tables included in this press release provide a reconciliation of GAAP to non-GAAP measures.
Third Quarter Results
Total net sales in the third quarter of fiscal 2015 increased 2.6% to $2.73 billion from $2.66 billion in the third quarter of fiscal 2014. Comparable store sales for the 13-week period increased 0.7% as a result of an increase in the number of customer transactions, which was partially offset by a decrease in the average customer transaction value.
Net sales of Consumables increased 3.8% in the third quarter of fiscal 2015 and represented 74.2% of total net sales, compared to 73.3% of net sales in the third quarter of fiscal 2014. Net sales of Discretionary categories (including apparel and accessories, home products, and seasonal and electronics) decreased 0.8% in the third quarter of fiscal 2015 to 25.8% of net sales, compared to 26.7% of net sales in the third quarter of fiscal 2014.
Gross profit for the third quarter of fiscal 2015 increased 3.5% to $943.2 million, or 34.6% of net sales, compared to $910.9 million, or 34.3% of net sales, in the third quarter of fiscal 2014. Excluding $1.5 million of cost of sales restructuring charges, adjusted third quarter fiscal 2014 gross profit was $912.3 million, or 34.3% of net sales. As a percentage of net sales, the benefit of lower markdowns and higher merchandise markups was partially offset by increased sales of lower-margin consumables in the third quarter of fiscal 2015 as compared to the third quarter of fiscal 2014.
Selling, general and administrative (“SG&A”) expenses in the third quarter of fiscal 2015 were $812.2 million, or 29.8% of net sales, as compared to $767.0 million, or 28.8% of net sales, in the third quarter of fiscal 2014. Reflecting the modest increase in comparable stores sales, many expenses deleveraged in the quarter. The increase in SG&A, as a percentage of net sales, was primarily a result of higher store occupancy costs, higher insurance expense, and higher store payroll expense. The impact of these increases was partially offset by lower corporate payroll and lower advertising expense in the third quarter of fiscal 2015 as compared to the third quarter of fiscal 2014.
Operating profit for the third quarter of fiscal 2015 was $126.3 million or 4.6% of net sales, as compared to $120.8 million, or 4.5% of net sales, in the third quarter of fiscal 2014. In the third quarter of fiscal 2015, the Company incurred $4.7 million in expenses related to the Company’s pending merger with Dollar Tree. Excluding merger-related expenses in fiscal 2015 and restructuring charges in fiscal 2014, adjusted operating profit in the third quarter of fiscal 2015 was $131.0 million, or 4.8% of net sales, compared with $145.3 million, or 5.5% of net sales in the third quarter of fiscal 2014.
The effective tax rate in the third quarter of fiscal 2015 was 37.5% compared to 33.1% in the third quarter of fiscal 2014. The effective tax rate was higher primarily due to changes in foreign transfer pricing legislation impacting the Company’s global sourcing operations, non-deductible costs associated with the pending merger with Dollar Tree, and a decrease in federal jobs tax credits.
Net income in the third quarter of fiscal 2015 was $79.9 million compared with $81.1 million in the third quarter of fiscal 2014. Excluding $4.7 million in merger-related expenses in fiscal 2015 and $24.5 million in restructuring charges in fiscal 2014, adjusted net income in the third quarter of fiscal 2015 was $84.6 million, or 3.1% of net sales, compared with $96.5 million, or 3.6% of net sales in the third quarter of fiscal 2014.
Merchandise Inventories
The Company’s merchandise inventories at May 30, 2015, increased 2.5% to $1.63 billion compared with $1.59 billion at May 31, 2014. Average inventory per store at the end of the third quarter of fiscal 2015 was approximately 2% higher than the average inventory per store at the end of the third quarter of fiscal 2014. The increase in average inventory per store was primarily the result of the Company’s investment in key Consumable categories, including food and tobacco.
Capital Expenditures
Capital expenditures were $253.8 million in the first three quarters of fiscal 2015 as compared to $307.2 million in the first three quarters of fiscal 2014. The reduction in capital expenditures was primarily due to fewer new store openings and fewer store renovations. These reductions were partially offset by increased investments in security equipment and merchandise fixtures in existing stores.
During the first three quarters of fiscal 2015, the Company opened 245 new stores and closed 26 stores as compared to 355 new store openings and 25 closings in the first three quarters of fiscal 2014. The Company also renovated, relocated or expanded 433 stores in the first three quarters of fiscal 2015, as compared to 585 stores in the first three quarters of fiscal 2014.
Dollar Tree Merger Update
On June 16, 2015, Dollar Tree announced in connection with its proposed acquisition of Family Dollar that Dollar Tree and Family Dollar signed an Agreement Containing Consent Orders proposed by the staff of the U.S. Federal Trade Commission (“FTC”). The agreement includes a draft Decision and Order, which remains subject to acceptance and final approval by the FTC Commissioners and would permit Dollar Tree to acquire Family Dollar subject to an obligation to complete the divestiture of 330 Family Dollar stores within a specified period following the closing of the acquisition of Family Dollar. As previously announced, Dollar Tree has entered into a definitive agreement to divest these 330 Family Dollar stores to Sycamore Partners. Dollar Tree informed Family Dollar that Dollar Tree intends to close its acquisition of Family Dollar shortly after the FTC accepts the Decision & Order for public comment and continues to expect the closing to occur in early July 2015.
In light of the pending transaction, the Company has not provided earnings guidance for fiscal 2015 and will not hold a conference call to discuss its third quarter results.
Important Information for Investors and Stockholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the pending merger between Dollar Tree and Family Dollar, on October 28, 2014, the Securities and Exchange Commission (“SEC”) declared effective Dollar Tree’s registration statement on Form S-4 that included a definitive proxy statement of Family Dollar that also constitutes a prospectus of Dollar Tree. On October 28, 2014, Family Dollar commenced mailing the definitive proxy statement/prospectus to stockholders of Family Dollar, and on January 22, 2015, the Family Dollar stockholders adopted the Dollar Tree Merger Agreement. INVESTORS AND SECURITY HOLDERS OF FAMILY DOLLAR ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE MERGER THAT ARE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING MERGER. Investors and security holders are able to obtain free copies of the registration statement and the definitive proxy statement/prospectus and other documents filed with the SEC by Dollar Tree and Family Dollar through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Dollar Tree are available free of charge on Dollar Tree’s internet website at www.DollarTree.com under the heading “Investor Relations” and then under the heading “Download Library” or by contacting Dollar Tree’s Investor Relations Department at 757-321-5284. Copies of the documents filed with the SEC by Family Dollar are available free of charge on Family Dollar’s internet website at www.FamilyDollar.com under the heading “Investor Relations” and then under the heading “SEC Filings” or by contacting Family Dollar’s Investor Relations Department at 704-708-2858.
Forward-Looking Statements
Certain statements contained herein are “forward-looking statements” that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and information about our current and future prospects and our operations and financial results are based on currently available information. Various risks, uncertainties and other factors could cause actual future results and financial performance to vary significantly from those anticipated in such statements. The forward-looking statements contained herein include assumptions about our operations, such as cost controls and market conditions, and certain plans, activities or events which we expect will or may occur in the future and relate to, among other things, the business combination transaction involving Dollar Tree and Family Dollar, the financing of the pending transaction, the benefits, results, effects, timing and certainty of the pending transaction, future financial and operating results, expectations concerning the antitrust review process for the pending transaction and the combined company’s plans, objectives, expectations (financial or otherwise) and intentions.
Risks and uncertainties related to the pending merger include, among others: the risk that regulatory approvals required for the merger are not obtained on the proposed terms and schedule or are obtained subject to conditions that are not anticipated; the risk that the other conditions to the closing of the merger are not satisfied; the risk that the financing required to fund the merger is not obtained; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger; uncertainties as to the timing of the merger; competitive responses to the merger; response by activist stockholders to the merger; costs and difficulties related to the integration of Family Dollar’s business and operations with Dollar Tree’s business and operations; the inability to obtain, or delays in obtaining, the cost savings and synergies contemplated by the merger; uncertainty of the expected financial performance of the combined company following completion of the merger; the calculations of, and factors that may impact the calculations of, the acquisition price in connection with the merger and the allocation of such acquisition price to the net assets acquired in accordance with applicable accounting rules and methodologies; unexpected costs, charges or expenses resulting from the merger; litigation relating to the merger; the outcome of pending or potential litigation or governmental investigations; the inability to retain key personnel; and any changes in general economic and/or industry specific conditions. Consequently, all of the forward-looking statements made by Family Dollar, in this and in other documents or statements are qualified by factors, risks and uncertainties, including, but not limited to, those set forth under the headings titled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in Family Dollar’s Annual Report on Form 10-K for the fiscal year ended August 30, 2014, Family Dollar’s Quarterly Report on Form 10-Q for the quarter ended May 30, 2015, and other reports filed by Family Dollar with the SEC, which are available at the SEC’s website http://www.sec.gov.
Please read our “Risk Factors” and other cautionary statements contained in these filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Family Dollar undertakes no obligation to update or revise any 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, except as may be required by law. As a result of these risks and others, actual results could vary significantly from those anticipated herein, and our financial condition and results of operations could be materially adversely affected.
About Family Dollar Stores, Inc.
For more than 50 years, Family Dollar has been providing value and convenience to customers in easy-to-shop neighborhood locations. Family Dollar’s mix of name brands and quality, private brand merchandise, appeals to shoppers in more than 8,200 stores in rural and urban settings across 46 states. Helping families save on the items they need with everyday low prices creates a strong bond with customers who refer to their neighborhood store as “my Family Dollar.” Headquartered in Matthews, North Carolina, just outside of Charlotte, Family Dollar is a Fortune 300, publicly held company with common stock traded on the New York Stock Exchange under the symbol FDO. For more information, please visit www.familydollar.com.
FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(Unaudited) | |||||||||||||||
For the Third Quarter Ended | |||||||||||||||
(in thousands, except per share amounts) | May 30, 2015 |
% of Net Sales |
May 31, 2014 |
% of Net Sales |
|||||||||||
Net sales | $ | 2,728,176 | 100.0 | % | $ | 2,658,964 | 100.0 | % | |||||||
Cost of sales | 1,785,011 | 65.4 | % | 1,746,625 | 65.7 | % | |||||||||
Cost of sales - restructuring | — | 0.0 | % | 1,486 | 0.1 | % | |||||||||
Gross profit | 943,165 | 34.6 | % | 910,853 | 34.3 | % | |||||||||
Selling, general and administrative expenses | 812,190 | 29.8 | % | 767,049 | 28.8 | % | |||||||||
Restructuring | — | 0.0 | % | 22,996 | 0.9 | % | |||||||||
Merger fees | 4,690 | 0.2 | % | — | 0.0 | % | |||||||||
Operating profit | 126,285 | 4.6 | % | 120,808 | 4.5 | % | |||||||||
Investment income | 43 | 0.0 | % | 58 | 0.0 | % | |||||||||
Interest expense | 6,795 | 0.2 | % | 7,959 | 0.3 | % | |||||||||
Other income | 8,470 | 0.3 | % | 8,400 | 0.3 | % | |||||||||
Income before income taxes | 128,003 | 4.7 | % | 121,307 | 4.6 | % | |||||||||
Income taxes | 48,060 | 1.8 | % | 40,160 | 1.5 | % | |||||||||
Net income | $ | 79,943 | 2.9 | % | $ | 81,147 | 3.1 | % | |||||||
Net income per common share - basic | $ | 0.70 | $ | 0.71 | |||||||||||
Weighted average shares - basic | 114,511 | 113,829 | |||||||||||||
Net income per common share - diluted | $ | 0.70 | $ | 0.71 | |||||||||||
Weighted average shares - diluted | 114,755 | 114,150 | |||||||||||||
Dividends declared per common share | $ | - | $ | 0.31 |
FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the First Three Quarters Ended | ||||||||||||||||
(in thousands, except per share amounts) | May 30, 2015 |
% of Net Sales |
May 31, 2014 |
% of Net Sales |
||||||||||||
Net sales | $ | 8,082,866 | 100.0 | % | $ | 7,875,276 | 100.0 | % | ||||||||
Cost of sales | 5,355,667 | 66.3 | % | 5,203,802 | 66.1 | % | ||||||||||
Cost of sales - restructuring | — | 0.0 | % | 1,486 | 0.0 | % | ||||||||||
Gross profit | 2,727,199 | 33.7 | % | 2,669,988 | 33.9 | % | ||||||||||
Selling, general and administrative expenses | 2,390,926 | 29.6 | % | 2,265,608 | 28.8 | % | ||||||||||
Restructuring | — | 0.0 | % | 22,996 | 0.3 | % | ||||||||||
Merger fees | 21,781 | 0.3 | % | — | 0.0 | % | ||||||||||
Operating profit | 314,492 | 3.9 | % | 381,384 | 4.8 | % | ||||||||||
Investment income | 143 | 0.0 | % | 162 | 0.0 | % | ||||||||||
Interest expense | 21,812 | 0.3 | % | 22,256 | 0.3 | % | ||||||||||
Other income | 24,409 | 0.3 | % | 23,334 | 0.3 | % | ||||||||||
Income before income taxes | 317,232 | 3.9 | % | 382,624 | 4.9 | % | ||||||||||
Income taxes | 119,206 | 1.5 | % | 132,581 | 1.7 | % | ||||||||||
Net income | $ | 198,026 | 2.4 | % | $ | 250,043 | 3.2 | % | ||||||||
Net income per common share - basic | $ | 1.73 | $ | 2.19 | ||||||||||||
Weighted average shares - basic | 114,378 | 114,066 | ||||||||||||||
Net income per common share - diluted | $ | 1.73 | $ | 2.18 | ||||||||||||
Weighted average shares - diluted | 114,636 | 114,458 | ||||||||||||||
Dividends declared per common share | $ | 0.31 | $ | 0.83 |
FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
As of | |||||||||||
(in thousands, except per share and share amounts) | May 30, 2015 | May 31, 2014 | |||||||||
Assets |
|||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 215,993 | $ | 163,734 | |||||||
Short-term investment securities | 4,003 | 18,007 | |||||||||
Restricted cash and investments | 32,120 | 33,979 | |||||||||
Merchandise inventories | 1,631,925 | 1,591,562 | |||||||||
Deferred income taxes | 38,520 | 32,798 | |||||||||
Income tax refund receivable | 72,649 | 38,241 | |||||||||
Prepayments and other current assets | 176,026 | 212,338 | |||||||||
Total current assets | 2,171,236 | 2,090,659 | |||||||||
Property and equipment, net | 1,691,739 | 1,786,911 | |||||||||
Investment securities | — | 16,646 | |||||||||
Other assets | 70,142 | 68,888 | |||||||||
Total assets | $ | 3,933,117 | $ | 3,963,104 | |||||||
Liabilities and Shareholders' Equity |
|||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | — | $ | 276,000 | |||||||
Current portion of long-term debt | 185,200 | 16,200 | |||||||||
Accounts payable | 643,101 | 676,079 | |||||||||
Accrued liabilities | 330,786 | 327,999 | |||||||||
Income taxes | 4,755 | 4,997 | |||||||||
Total current liabilities | 1,163,842 | 1,301,275 | |||||||||
Long-term debt | 299,139 | 484,188 | |||||||||
Other liabilities | 305,854 | 289,128 | |||||||||
Deferred gain | 213,806 | 206,761 | |||||||||
Deferred income taxes | 96,341 | 25,169 | |||||||||
Commitments and contingencies | — | — | |||||||||
Shareholders' Equity: | |||||||||||
Preferred stock, $1 par; authorized and | |||||||||||
unissued 500,000 shares | — | — | |||||||||
Common stock, $.10 par; authorized | |||||||||||
600,000,000 shares | 12,125 | 12,062 | |||||||||
Capital in excess of par | 357,641 | 325,623 | |||||||||
Retained earnings | 1,886,721 | 1,724,871 | |||||||||
Accumulated other comprehensive loss | (334 | ) | (1,515 | ) | |||||||
Common stock held in treasury, at cost | (402,018 | ) | (404,458 | ) | |||||||
Total shareholders' equity | 1,854,135 | 1,656,583 | |||||||||
Total liabilities and shareholders' equity | $ | 3,933,117 | $ | 3,963,104 |
FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited) | |||||||||||
For the First Three Quarters Ended | |||||||||||
(in thousands) | May 30, 2015 | May 31, 2014 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 198,026 | $ | 250,043 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 214,198 | 195,671 | |||||||||
Amortization of deferred gain | (14,244 | ) | (12,642 | ) | |||||||
Impairment on property and equipment - restructuring | — | 19,041 | |||||||||
Lease obligations on closed stores due to restructuring | (13,613 | ) | — | ||||||||
Merger fees | (15,249 | ) | — | ||||||||
Deferred income taxes | 92,673 | 9,190 | |||||||||
Excess tax benefits from stock-based compensation | (3,722 | ) | (5,510 | ) | |||||||
Stock-based compensation | 8,165 | 12,639 | |||||||||
Loss on disposition of property and equipment | 4,593 | 8,335 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Merchandise inventories | (21,993 | ) | (124,546 | ) | |||||||
Prepayments and other current assets | 5,809 | (50,768 | ) | ||||||||
Other assets | (2,508 | ) | 9,385 | ||||||||
Accounts payable and accrued liabilities | (102,855 | ) | (33,042 | ) | |||||||
Income taxes | (8,191 | ) | (24,728 | ) | |||||||
Other liabilities | 1,549 | (67 | ) | ||||||||
Net cash provided by operating activities | 342,638 | 253,001 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of investment securities | (15,015 | ) | (50,422 | ) | |||||||
Sales of investment securities | 18,347 | 63,715 | |||||||||
Net change in restricted cash | 27 | 390 | |||||||||
Capital expenditures | (253,778 | ) | (307,183 | ) | |||||||
Net proceeds from sale-leaseback | 27,111 | 32,538 | |||||||||
Proceeds from dispositions of property and equipment | 2,402 | 563 | |||||||||
Net cash used in investing activities | (220,906 | ) | (260,399 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Short-term borrowings | 1,120,000 | 1,916,000 | |||||||||
Repayment of short-term borrowings | (1,120,000 | ) | (1,640,000 | ) | |||||||
Repayment of long-term debt | (16,200 | ) | (16,200 | ) | |||||||
Repurchases of common stock | — | (125,038 | ) | ||||||||
Changes in cash overdrafts | (16,950 | ) | (29,138 | ) | |||||||
Proceeds from exercise of employee stock options | 19,185 | 13,794 | |||||||||
Excess tax benefits from stock-based compensation | 3,722 | 5,510 | |||||||||
Payment of dividends | (35,336 | ) | (94,795 | ) | |||||||
Net cash provided by/ (used in) financing activities | (45,579 | ) | 30,133 | ||||||||
Net change in cash and cash equivalents | 76,153 | 22,735 | |||||||||
Cash and cash equivalents at beginning of period | 139,840 | 140,999 | |||||||||
Cash and cash equivalents at end of period | $ | 215,993 | $ | 163,734 |
FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | ||||||||
RECONCILIATION OF NON-GAAP DISCLOSURES: | ||||||||
For the Third Quarter Ended | ||||||||
(in thousands, except per share amounts) |
May 30, 2015 | May 31, 2014 | ||||||
Gross profit | $ | 943,165 | $ | 910,853 | ||||
Restructuring charges - cost of sales | — | 1,486 | ||||||
Adjusted gross profit | $ | 943,165 | $ | 912,339 | ||||
Operating profit | $ | 126,285 | $ | 120,808 | ||||
Restructuring charges - cost of sales | — | 1,486 | ||||||
Restructuring charges - SG&A | — | 22,996 | ||||||
Merger fees | 4,690 | — | ||||||
Adjusted operating profit | $ | 130,975 | $ | 145,290 | ||||
Net income | $ | 79,943 | $ | 81,147 | ||||
After-tax impact of restructuring charges - cost of sales | — | 932 | ||||||
After-tax impact of restructuring charges - SG&A | — | 14,423 | ||||||
After-tax impact of merger fees | 4,690 | — | ||||||
Adjusted net income | $ | 84,633 | $ | 96,502 | ||||
Diluted net income per common share | $ | 0.70 | $ | 0.71 | ||||
Per share impact of restructuring charges - cost of sales | — | 0.01 | ||||||
Per share impact of restructuring charges - SG&A | — | 0.13 | ||||||
Per share impact of merger fees | 0.04 | — | ||||||
Adjusted diluted net income per common share | $ | 0.74 | $ | 0.85 | ||||
For the Three Quarters Ended | ||||||||
(in thousands, except per share amounts) |
May 30, 2015 | May 31, 2014 | ||||||
Gross profit | $ | 2,727,199 | $ | 2,669,988 | ||||
Restructuring charges - cost of sales | — | 1,486 | ||||||
Adjusted gross profit | $ | 2,727,199 | $ | 2,671,474 | ||||
Operating profit | $ | 314,492 | $ | 381,384 | ||||
Restructuring charges - cost of sales | — | 1,486 | ||||||
Restructuring charges - SG&A | — | 22,996 | ||||||
Merger fees | 21,781 | — | ||||||
Adjusted operating profit | $ | 336,273 | $ | 405,866 | ||||
Net income | $ | 198,026 | $ | 250,043 | ||||
After-tax impact of restructuring charges - cost of sales | — | 932 | ||||||
After-tax impact of restructuring charges - SG&A | — | 14,423 | ||||||
After-tax impact of merger fees | 21,781 | — | ||||||
Adjusted net income | $ | 219,807 | $ | 265,398 | ||||
Diluted net income per common share | $ | 1.73 | $ | 2.18 | ||||
Per share impact of restructuring charges - cost of sales | — | 0.01 | ||||||
Per share impact of restructuring charges - SG&A | — | 0.13 | ||||||
Per share impact of merger fees | 0.19 | — | ||||||
Adjusted diluted net income per common share | $ | 1.92 | $ | 2.32 |
FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES | ||||||||||||||
Selected Additional Information | ||||||||||||||
NET SALES BY CATEGORY: | ||||||||||||||
For the Third Quarter Ended | ||||||||||||||
(in thousands) |
|
May 30, 2015 | May 31, 2014 | % Change | ||||||||||
Consumables | $ | 2,022,992 | $ | 1,948,174 | 3.8 | % | ||||||||
Discretionary | ||||||||||||||
Home products | 251,379 | 260,129 | -3.4 | % | ||||||||||
Apparel and accessories | 214,981 | 210,860 | 2.0 | % | ||||||||||
Seasonal and electronics | 238,824 | 239,801 | -0.4 | % | ||||||||||
705,184 | 710,790 | -0.8 | % | |||||||||||
TOTAL SALES | $ | 2,728,176 | $ | 2,658,964 | 2.6 | % | ||||||||
For the First Three Quarters Ended | ||||||||||||||
(in thousands) |
May 30, 2015 | May 31, 2014 | % Change | |||||||||||
Consumables | $ | 5,982,901 | $ | 5,753,716 | 4.0 | % | ||||||||
Discretionary | ||||||||||||||
Home products | 754,642 | 782,404 | -3.5 | % | ||||||||||
Apparel and accessories | 564,810 | 565,992 | -0.2 | % | ||||||||||
Seasonal and electronics | 780,513 | 773,164 | 1.0 | % | ||||||||||
2,099,965 | 2,121,560 | -1.0 | % | |||||||||||
TOTAL SALES | $ | 8,082,866 | $ | 7,875,276 | 2.6 | % | ||||||||
STORES IN OPERATION: | ||||||||||||||
For the First Three Quarters Ended | ||||||||||||||
May 30, 2015 | May 31, 2014 | % Change | ||||||||||||
Beginning Store Count | 8,042 | 7,916 | ||||||||||||
New Store Openings | 245 | 355 | ||||||||||||
Store Closings | (26 | ) | (25 | ) | ||||||||||
Ending Store Count | 8,261 | 8,246 | 0.2 | % | ||||||||||
Renovations, relocations and expansions | 433 | 585 | ||||||||||||
Total Selling Square Footage (000s) | 59,782 | 59,488 | 0.5 | % |
View source version on businesswire.com: http://www.businesswire.com/news/home/20150701006616/en/
FAMILY DOLLAR CONTACTS:
INVESTOR CONTACT:
Kiley
F. Rawlins, CFA
704-708-2858
[email protected]
or
MEDIA
CONTACT:
Bryn Winburn
704-708-1653
[email protected]
Source: Family Dollar Stores, Inc.
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- Clean Energy Fuels (CLNE) Appoints Patrick J. Ford to its Board
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