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.
SOURCE: Jennifer Thomas
Charlotte Business Journal