Family Dollar misses by $0.01, reports revs in-line; guides Q2 EPS below consensus; lowers FY14 sales/EPS guidance below consensus; COO Bloom departs; promotes Reiser to Chief Merchandising Officer
Reports Q1 (Nov) earnings of $0.68 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.69; revenues rose 3.2% year/year to $2.5 bln vs the $2.51 bln consensus.
Co issues downside guidance for Q2, sees EPS of $0.85-0.95 vs. $1.21 Capital IQ Consensus Estimate, with a low single digit decline in comps.
Co issues downside guidance for FY14, lowers EPS to $3.25-3.55 from $3.80-4.15 vs. $3.98 Capital IQ Consensus Estimate;
Co lowers FY14 net sales guidance to a low-to-mid single digit increase from a mid-single-digit increase, excluding the impact of the extra week in fiscal 2013; lowers comp guidance to a low-single digit decline from a low single digit increase (consensus +1.4%)
Co announced that Michael Bloom, President and Chief Operating Officer, has left the Company to pursue other interests. The co will conduct a search for a new President and Chief Operating Officer.
Co has promoted Jason Reiser to the position of Executive Vice President - Chief Merchandising Officer.
- Sales were strongest in the Consumables category, which increased 4.7% during the quarter, driven primarily by strong growth in refrigerated and frozen food, health aids, and tobacco.
- Comparable store sales for the comparable 13-week period ended November 30, 2013 decreased 2.8% as a result of decreased customer transactions and a slight decrease in the average customer transaction value.
- Gross profit for the quarter increased 3.6% to $856.8 million, or 34.3% of net sales, compared to $826.8 million, or 34.1% of net sales, in the first quarter of fiscal 2013. As a percentage of sales, higher markups and lower freight expense were partially offset by the impact of stronger sales of lower-margin consumables, increased inventory shrinkage, and higher markdowns.
Co issues downside guidance for Q2, sees EPS of $0.85-0.95 vs. $1.21 Capital IQ Consensus Estimate, with a low single digit decline in comps.
Co issues downside guidance for FY14, lowers EPS to $3.25-3.55 from $3.80-4.15 vs. $3.98 Capital IQ Consensus Estimate;
Co lowers FY14 net sales guidance to a low-to-mid single digit increase from a mid-single-digit increase, excluding the impact of the extra week in fiscal 2013; lowers comp guidance to a low-single digit decline from a low single digit increase (consensus +1.4%)
Co announced that Michael Bloom, President and Chief Operating Officer, has left the Company to pursue other interests. The co will conduct a search for a new President and Chief Operating Officer.
Co has promoted Jason Reiser to the position of Executive Vice President - Chief Merchandising Officer.