UPDATE: Family Dollar FQ3 Profit Rises 12%

Family Dollar Stores

reported a 12% rise in its fiscal third-quarter earnings. Family Dollar narrowed its full-year earnings forecast. It now expects earnings of $3.60 to $3.70 per share, versus its earlier forecast of $3.55 to $3.75 per share. Family Dollar's quarterly profit surged to $124.5 million, or $1.06 per share, versus a year-ago profit of $111.1 million, or $0.91 per share. In March, Family Dollar had expected earnings of $1.01 to $1.11 per share. Its sales gained 10% to $2.36 billion, versus analysts' estimates of $2.37 billion. Same-store sales climbed 5%. Family Dollar's gross margin declined to 35.8% from 36.2%. Family Dollar shares dropped 4.72% to $65.87 in pre-market trading.