US-based discount retailer Family Dollar Stores has reported 10.8% growth in total net sales to $2.36bn in the fourth quarter of fiscal 2012, compared with $2.13bn in the same quarter last fiscal.
Comparable store sales rose 5.4%, resulting from increased customer traffic and average customer transaction value. Sales were strongest in the consumables, home products, seasonal and electronics categories.
Gross profit grew 10.2% to $ 799.7m in the quarter ended 25 August 2012, compared with $725.6m in the same period a year ago.
Net income in the fourth quarter of fiscal 2012 was $80.9 million compared with $79.8 million in the fourth quarter of fiscal 2011
During the first three quarters of fiscal 2012, Family Dollar opened 475 new stores, and renovated, relocated or expanded 854 stores.
Total net sales for fiscal 2012 increased 9.2% to $9.33bn, compared to $8.55 billion in fiscal 2011.
Comparable store sales increased 4.7% which is due to increased customer traffic and an increase in the average customer transaction value.
Gross profit in fiscal 2012 increased 7.5% to $3.26bn, or 34.9% of net sales, compared with $3.03bn, or 35.5% of net sales, in fiscal 2011.
During the period, operating profit was $688.1m, compared with $638.1m in fiscal 2011.
Net income in fiscal 2012 was $422.2 million compared with $388.4 million in fiscal 2011
Family Dollar Stores chairman and CEO Levine said, "Our financial goals over the next three to five years are to consistently deliver: five to seven percent net new store growth; mid-single-digit comp sales growth; operating margin expansion, and double-digit earnings per share growth."
Family Dollar Stores, currently, operates more than 7,400 stores in rural and urban settings across 45 US states.