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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Retail
Thursday, July 10, 2008
Family Dollar June Comparable Store Sales Increase 8.0%
Comtex
MATTHEWS, N.C., Jul 10, 2008 (BUSINESS WIRE) ----Family Dollar Stores, Inc. (NYSE: FDO) reported that net sales for the five weeks ended July 5, 2008, increased 10.7% to $715.0 million compared with $645.8 million for the five-week period ended July 7, 2007. Comparable store sales for the June period increased 8.0%. The Company had 6,562 stores as of July 5, 2008, including 24 new stores which opened in the June period.
Commenting on the sales results, Howard R. Levine, Chairman and Chief Executive Officer said, "June sales were favorably impacted by several factors, including the arrival of consistently warmer weather, stimulus checks, advertising and robust sales related to the July 4th Holiday. Although sales of consumables continue to drive our overall results, this month we saw an improvement in sales trends in more discretionary categories, including apparel and seasonal items."
Comparable Store FY08 Sales Sales (millions) Change ---------- ---------- June 2008 $ 715.0 8.0% Year-to-date $5,932.9 0.7%
July Sales Outlook
The Company expects that comparable store sales in the July period will increase 3% to 5%.
Cautionary Statements
Certain statements contained in this report are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company's plans, activities or events which the Company expects will or may occur in the future. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statement. Such risks, uncertainties and other factors include, but are not limited to:
-- general economic conditions that could adversely impact consumer spending;
-- economic conditions, including inflation and energy prices, that could affect our profitability;
-- competitive factors that could limit our sales, growth or profitability;
-- fluctuations in comparable store sales and the success of our new store opening program;
-- failure of existing or new technology to provide anticipated benefits;
-- unusual weather, natural disaster, pandemic outbreaks, political events, war or acts of terrorism;
-- our ability to select, obtain and market merchandise attractive to our customers at prices that allow us to profitably sell such merchandise;
-- operational difficulties;
-- our ability to operate distribution facilities;
-- changes in regulations;
-- changes in legal, regulatory or accounting guidance that could adversely affect our financial performance;
-- higher costs or failure to achieve targeted results associated with the implementation of new programs or initiatives;
-- adverse impacts associated with legal proceedings;
-- our ability to attract and retain employees; and
-- the impact of the federal economic stimulus package.
Consequently, all of the forward-looking statements made by the Company in this and other documents or statements are qualified by these and other factors, risks and uncertainties, including those set forth under "Cautionary Statement Regarding Forward-Looking Statements" or "Risk Factors" in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed or to be filed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not undertake to publicly update or revise these 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.
About Family Dollar
Operating small store locations, Family Dollar is one of the fastest growing discount retail chains in the United States. Beginning with one store in 1959 in Charlotte, North Carolina, the Company currently operates more than 6,500 stores in 44 states. Family Dollar Stores, Inc., a Fortune 500 company, is based in Matthews, North Carolina, and is a 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.
SOURCE: Family Dollar Stores, Inc.
Family Dollar Stores, Inc. INVESTOR CONTACT: Kiley F. Rawlins, CFA, 704-849-7496 krawlins@familydollar.com or MEDIA CONTACT: Josh Braverman, 704-814-3447 jbraverman@familydollar.com
Copyright Business Wire 2008 ********************************************************************** As of Sunday, 07-06-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 07-02-2008 for FDO @ $22.20. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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