Family Dollar Reports Lower Earnings, Says Customers are “Severely Strapped for Cash”
January 9th, 2008
During the retailer’s fiscal second quarter, net income fell 4.1% to $51.9 million. During the earnings conference call, the company’s chairman and ceo, Howard R. Levine, said, “When we first outlined our expectations for fiscal 2008 a few months ago, we suggested that the near-term environment for the low-income consumer would be challenging. But even our forecast didn’t adequately anticipate the extent of the economic pressure on our customer.” Supermarket News (Jan. 9, 2008)