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RETAIL CRE - Family Dollar to cut jobs, shut 370 stores as sales fall
Family Dollar to cut jobs, shut 370 stores as sales fall 04-12-14 Reuters
Family Dollar Stores, seeking to reverse declining sales and profit, said on Thursday it would it would cut jobs, shut hundreds of underperforming stores and slash prices.
The discount retailer, which caters to lower income shoppers, many of whom live paycheck to paycheck, reported
35 percent decline in profit in the quarter that ended March 1,
Sales at stores open at least a year fell 3.8 percent.
It expects same-store sales to decline this quarter, too.
Will cut prices on 1,000 basic items,
8,100 stores across the United States,
Would close 370 weak performing stores,
Slow its expansion of new stores.
The company will open between 350 and 400 new stores next fiscal year, rather than the 500 initially planned.
Two bright spots for Family Dollar were strong sales of frozen food and tobacco products.
Job cuts and store closures are expected to reduce annual operating costs by $40 million to $45 million beginning third quarter of fiscal 2014
Overall sales in the second quarter fell 6.1 percent to $2.72 billion, below the $2.77 billion analysts were expecting,
Net income was $168.9 million, or $1.47 per share, down from $220.4 million, or $1.90 per share.
Family Dollar, which has struggled to compete with rivals Dollar General and Dollar Tree, earlier this year found customers balk at higher prices, especially as rivals were lowering theirs.
Read More
Family Dollar hurt by internal problems; COO resigns -
Play Video Credit Suisse analyst Michael Exstein has a note out suggesting Wal-Mart buys Family Dollar to accelerate its growing small store efforts, reports CNBC's Courtney Reagan.
Family Dollar shares were down 3.4 percent in premarket trading. (Click here for the latest quote.)
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04-14-14
US-GROUP-RETAIL-CRE
20 - Slowing Retail & Consumer Sales
TO TOP
MACRO News Items of Importance - This Week
GLOBAL MACRO REPORTS & ANALYSIS
US ECONOMIC REPORTS & ANALYSIS
CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES
Market Analytics
TECHNICALS & MARKET ANALYTICS
SENTIMENT - US Macro Driver$ / Bia$
LONG TERM PERSPECTIVE
SHORT TERM PERSPECTIVE
UNDERLYING DRIVER$ - SHIFTING SENTIMENT
TOPPING PROCESS - Flattening MAs
What is important below is the recognition of the process of "Banding". That is the flattening of the 50 DMA and its narrowing with the 100 DMA.
Additionally, the closing of the 50 DMA and 100 DMA with a rising 200 DMA.
PROCESS OF "BANDING" - Setting Up for the "Crosses"
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