Surry Business

Family Dollar earned $242.9 million, or $1.62 per diluted share, in fiscal 2007, the year that ended Sept. 1, 2007. That is up 24.5 percent from $195.1 million, or $1.26 per diluted share, in fiscal 2006, but the results for 2006 include a $45-million litigation charge and a $10.5-million charge related to stock-option grants.

Sales increased 6.9 percent to $6.83 billion from $6.39 billion in fiscal 2006.

The discount chain also announced fourth-quarter net income of $37.8 million, or 26 cents per diluted share, up from $32.3 million, or 21 cents per diluted share, in the year-ago period. Results for the fourth quarter of fiscal 2006 include a $10.5-million pre-tax charge for the adjustment of noncash stock-based compensation.

Fourth-quarter sales rose 3.4 percent to $1.63 billion. Revenue from food and certain seasonal categories, primarily toys, were the primary drivers for the increase. Same-store sales grew 1 percent from a year ago.

Family Dollar has four stores in Surry County: 911D E. Atkins St. in Dobson, 1116 W. Pine and 1462 U.S. Highway 52 South in Mount Airy and on South Key Street (U.S. Highway 268) in Pilot Mountain.

Family Dollar is headquartered in Charlotte, N.C. The first Family Dollar store was opened in Charlotte in 1959. It was a relatively small, self-service operation located in a neighborhood convenient to low- and middle-income consumers. The merchandise assortment featured basic goods for family and home needs, and the no-frills, low-overhead, cash-and-carry environment provided good value at the lowest price points.

Family Dollar now operates more than 6,400 stores in a contiguous 44-state area ranging northeast to Maine, southeast to Florida, as far northwest as Idaho and southwest to Arizona. A typical store has 7,500 to 9,500 square feet. Most are operated under leases. The relatively small store size permits Family Dollar to open new stores in rural areas and small towns, as well as in large urban neighborhoods. Within these markets, stores are located in shopping centers or as free-standing buildings or in urban storefronts.