UPDATE: Family Dollar Posts Q1 Profit, Issues Downbeat Forecast

Family Dollar Stores

reported first-quarter profit and issued downbeat profit forecast. Family Dollar projects Q2 profit of $1.18 to $1.28 per share, versus analysts' estimates of $1.39 per share. It expects 2013 earnings of $3.95 to $4.20 per share, versus estimates of $4.25 per share. Family Dollar's quarterly profit came in at $80.3 million, or $0.69 per share, from $80.4 million, or $0.68 per share, in the year-earlier period. Its revenue rose to $2.42 billion from $2.15 billion. However, analysts were expecting a profit of $0.75 per share on revenue of $2.38 billion. Family Dollar shares dropped 4.86% to $60.90 in pre-market trading.