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FAMILY DOLLAR REPORTS RECORD SALES AND EARNINGS FOR FIRST QUARTER ENDED NOVEMBER 30, 1991; DECEMBER SALES ALSO AT RECORD LEVELS

 FAMILY DOLLAR REPORTS RECORD SALES AND EARNINGS FOR FIRST QUARTER
 ENDED NOVEMBER 30, 1991; DECEMBER SALES ALSO AT RECORD LEVELS
 MATTHEWS, N.C., Jan. 9 /PRNewswire/ -- Family Dollar Stores, Inc. (NYSE: FDO), a discount store chain operating 1,778 stores in a 29-state area ranging as far north as Wisconsin, east to Massachusetts, south to Florida and west to Texas, reported the highest first quarter sales and earnings in the Company's history. For the first quarter ended November 30, 1991, sales were $263,898,887 or approximately 17.5 percent above sales of $224,714,923 for the first quarter of the prior fiscal year. Net income was $11,605,764 or approximately 49 percent above net income of $7,780,406 for the comparable quarter last year, and earnings per share increased to $.42 from $.28.
 The Company also announced that sales in December 1991 established a new one month sales record for Family Dollar. In that month, sales increased to approximately $154,590,000 or 17 percent above the then record one month sales of $132,218,232 in December 1990.
 Leon Levine, Chairman of the Company, attributed the record sales results for the first quarter ended November 30, 1991, and December 1991, to increased sales in existing stores and to sales recorded in new stores opened in the Company's store expansion program. Sales in existing stores increased approximately 11.3 percent in the first quarter ended November 30, 1991, and approximately 10.7 percent in December 1991. At the beginning of the current fiscal year, the Company was operating 1,759 stores, compared to 1,680 stores in operation at the beginning of the prior fiscal year. During the first quarter ended November 30, 1991, and in December 1991, 32 and 19 new stores were opened, respectively, compared to 23 and 8 new stores opened in the first quarter ended November 30, 1990, and in December 1990, respectively. Thirty stores were closed during the first quarter ended November 30, 1991, and two stores closed in December 1991, compared to 18 store closings in the first quarter ended November 30, 1990, and one store closing in December 1990. As previously announced, the Company plans to open approximately 160 stores and close approximately 40 stores during the current fiscal year.
 Mr. Levine stated that the 49 percent increase in earnings for the first quarter ended November 30, 1991, reflects the Company's ability to achieve impressive sales gains in existing stores in a difficult economic environment, while at the same time continuing to improve its gross profit margin. Sales were aided by the Company's strong in-stock position in basic and seasonal merchandise. The gross profit margin has been favorably impacted by adjustments to the merchandise mix to emphasize sales in higher margin departments, opportunistic purchases of merchandise from suppliers at closeout prices and expansion of multi- zone pricing in which different prices are used in selected locations based on competition and other market factors. The achievement of the highest first quarter sales and earnings in the Company's 32-year history and the record sales in December are further evidence of the appeal of Family Dollar's unique merchandising concept to today's value conscious consumers.
 Comparable operating results (unaudited) are as follows:
 For the First Quarter Ended
 November 30
 1991 1990
 Net Sales $263,898,887 $224,714,923
 Income Before Income Taxes 18,483,764 12,755,406
 Income Taxes 6,878,000 4,975,000
 Net Income 11,605,764 7,780,406
 Net Income per common share $.42 $.28
 Dividends declared per
 common share $.11 $.10
 Weighted average number
 of shares 27,891,121 27,747,333
 -0- 1/9/92
 /CONTACT: George R. Mahoney, Jr., Executive Vice President, Family Dollar Stores, Inc., 704-847-6961/
 (FDO) CO: Family Dollar Stores, Inc. ST: North Carolina IN: REA SU: ERN


DF -- CH002 -- 8078 01/09/92 09:06 EST
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Date:Jan 9, 1992
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