Family Dollar Stores (NYSE:FDO) is trading over 6.5 percent lower today after the company missed revenue expectation in its first quarter. The company posted an 8 percent rise in net income as demand for lower priced products rose due to the uncertainty in the economy.
For the three months which ended on November 26th the discount retailer reported earnings of $80.4 million, or 68 cents per share, up from last years same quarter net income of $74.3 million, or 58 cents per share. That result topped analyst expectations by a penny.
Revenue during the period rose to $2.15 billion from $2 billion last year but failed to match the $2.17 billion that Wall Street had predicted. Revenue at stores open at least one year rose by 4.1 percent due to increased customer traffic and a higher average customer transaction.
Family Dollar Stores reiterated its outlook for the full year of profit between $3.50 to $3.75 per share. Analysts on average have predicted earnings of $3.65 per share for the full year.
Family Dollar Stores currently trades at $54.18 per share.
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