UPDATE: Family Dollar Posts Downbeat FQ2 Profit

Family Dollar Stores

reported a drop in its fiscal second-quarter profit. Family Dollar's quarterly profit declined to $90.9 million, or $0.80 per share, versus a year-ago profit of $140.1 million, or $1.21 per share. Its revenue slipped to $2.72 billion versus $2.89 billion. However, analysts were estimating earnings of $0.90 per share on revenue of $2.77 billion. Family Dollar's same-store sales fell 3.8%. The company also announced its plans to close around 370 under-performing stores. Family Dollar projects current-quarter earnings of $0.85 to $0.95 per share and full-year earnings of $3.05 to $3.25 per share. Family Dollar shares closed at $59.07 yesterday.