Family Dollar to Shut Down 370 Stores

Family Dollar Stores Inc. (NYSE: FDO) will close 370 stores, slow new-store growth and take other strategic actions as its earnings continue to falter. (Nancy Pierce)
Family Dollar Stores Inc. (NYSE: FDO) will close 370 stores, slow new-store growth and take other strategic actions as its earnings continue to falter. (Nancy Pierce)

Family Dollar Stores Inc. will close 370 stores, slow new-store growth and take other strategic actions as its earnings continue to falter.

On Thursday morning, the Matthews, N.C.-based discount retailer (NYSE: FDO) said its net income fell 35 percent to $90.9 million, or 80 cents per diluted share, for the second fiscal quarter ended March 1.

In the same period last year, the company earned $140.1 million, or $1.21 per diluted share.

Family Dollar intends to take what it describes as “immediate, strategic actions,” said CEO Howard Levine.

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SOURCE:  
Charlotte Business Journal

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