Family Dollar Stores (NYSE:FDO) said Thursday that its fourth-quarter sales only slightly trumped expectations, as more consumers sought financial reprieve in the still downtrodden economy via discounted food products.
Revenue for the discount store was $1.96 billion, up 8% from $1.811 billion in the earlier-year period, and narrowly ahead of the Streetâ€™s view of $1.95 billion.
The Matthews, North Carolina-based company said revenues were boosted by a 6.1% improvement in comparable store sales, driven primarily by consumables.
â€śCustomers continue to respond well to the values and convenience we offer,â€ť Family Dollar CEO Howard Levine said.
The company enhanced its assortment and expanded its operating hours last quarter in an attempt to provide greater convenience to customers, Levin said.
Family Dollar, which opened 75 new stores in the fourth quarter, said it plans to release full fourth quarter earnings results on September 29.