Family Dollar raises Q2 earnings forecast

Family Dollar Stores Inc , which recently rejected a buyout offer from billionaire investor Nelson Peltz, raised its second-quarter earnings forecast as it saw sales rise.

Family Dollar, which sells most of items for $10 or less, caters to consumers with household incomes of $40,000 and below.

In February, Peltz's Trian Group had offered to buy Family Dollar for $55-$60 per share in cash. .

The company rejected the offer saying it "substantially undervalues" the retailer.

Family Dollar saw a 5.1 percent rise in December-February comparable sales and expects to earn 97-98 cents in the period. Total sales rose 8.3 percent to $2.26 billion.

Read Full Article from Reuters

- Posted: 2011-03-14 09:40:39

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