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Family Dollar Stores Reports Weaker Q3

Family Dollar Stores said third-quarter sales and gross margins were weaker than it had expected. For the quarter ending May 28, net income was up 6.5%, to $111.1 million. Sales rose 7.8%, to $2.15 billion. Comparable-store sales were up 4.7%, driven by both increased traffic and a higher average ticket.

"Softer-than-expected sales, particularly in seasonally sensitive categories and greater-than-expected gross margin pressure resulted in earnings per share that was a penny below our original guidance," said Kenneth T. Smith, senior vice president and chief financial officer.

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