Shares of Family Dollar (FDO) are down $2.04, or 5%, at $37.40, after the company this morning met Street estimates for it’s fiscal Q3 but forecast profit for the full year below expectations.
Q3 sales rose 8.4% to $1.98 billion, yielding profit per share of 77 cents. Analysts had been expecting revenue of $2 billion and earnings per share of 76 cents.
Revenue was not a surprise in this case, as the company had pre-announced it on June 3rd.
But the forecast is certainly a disappointment, with earnings per share expected at 46 cents to 51 cents, compared to expectations for 53 cents.
CEO Howard Levine said the customers were continuing to be “challenged” and buying “close to need.”
