"We have increased our relevancy across our diverse customer base and are positioned to accelerate top-line growth," Howard Levine, Family Dollar chairman and CEO, stated in Wednesday's earnings announcement. "I am confident that our efforts to broaden the appeal of our assortment, strengthen our customer communications and improve the in-store shopping experience will result in continued market share growth and strong financial returns.
Family Dollar, which turned 50 last year, has developed a niche for opening small discount stores in low- and middle-income neighborhoods. Levine noted that cash-strapped customers responded particularly well to toy and gift offerings during last month's holiday shopping season.
Family Dollar opened 43 new stores and closed 33 during the first quarter. Levine said the company is taking advantage of favorable retail rents in negotiating new leases and anticipates comparable store sales growth of 3% to 5% this fiscal year.
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