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FAMILY DOLLAR REPORTS RECORD SALES AND EARNINGS FOR FIRST QUARTER ENDED NOVEMBER 30, 1992; DECEMBER SALES ALSO AT RECORD LEVELS

 MATTHEWS, N.C., Jan. 7 /PRNewswire/ -- Family Dollar Stores, Inc. (NYSE: FDO), a discount store chain operating 1,911 stores in a 31-state area ranging as far northwest as Wisconsin, northeast to Massachusetts, southeast to Florida and southwest to Texas, reported the highest first quarter sales and earnings in the Company's history. For the first quarter ended November 30, 1992, sales were $304,607,987 or 15.4 percent above sales of $263,898,887 for the first quarter of the prior fiscal year. Net income was $13,786,661 or 18.8 percent above net income of $11,605,764 for the comparable quarter last year, and earnings per share, adjusted to reflect the two-for-one stock split effective February 10, 1992, increased to $.25 from $.21.
 The Company also announced that sales in December 1992 established a new one month sales record for Family Dollar. In that month, sales increased to approximately $192,800,000 or 24.5 percent above the then record one month sales of $154,594,487 in December 1991.
 Leon Levine, Chairman of the Company, attributed the record sales results for the first quarter ended November 30, 1992, and December 1992, 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 7.3 percent in the first quarter ended November 30, 1992, and approximately 15.5 percent in December 1992. During the first quarter ended November 30, 1992, and in December 1992, 28 and 10 new stores were opened, respectively, compared to 32 and 19 new stores opened in the first quarter ended November 30, 1991, and in December 1991, respectively. Two stores were closed during the first quarter ended November 30, 1992, and ten stores closed in December 1992, compared to 30 store closings in the first quarter ended November 30, 1991, and two store closings in December 1991. As previously announced, the Company plans to open approximately 175 stores and close approximately 25 stores during the current fiscal year.
 The Company's continued emphasis on sales growth in higher margin softline and hardline departments, improved and expanded merchandise assortments and opportunistic purchasing of merchandise offering good values to consumers contributed to the record sales in the first quarter ended November 30, 1992, and in December 1992. Sales in the first quarter also were aided by an advertising circular which was moved from the last week in August to the first week in September due to a later Labor Day this year.
 The Company was particularly pleased to begin the second quarter with the 15.5 percent increase in existing store sales in December 1992, which follows a 10.7 percent increase in existing store sales in December 1991. The sales comparison becomes more difficult in the balance of the second quarter as existing store sales increased 24 percent in January and February last year.
 Comparable operating results (unaudited) are as follows:
 For the First Quarter Ended
 November 30
 1992 1991
 Net Sales $304,607,987 $263,898,887
 Income Before Income Taxes 22,016,661 18,483,764
 Income Taxes 8,230,000 6,878,000
 Net Income 13,786,661 11,605,764
 Net Income Per Common Share $.25 $.21(A)
 Dividends Declared Per Common Share $.065 $.055(A)
 Weighted Average Number Of Shares 56,106,053 55,782,242(A)
 (A) Adjusted to reflect the two-for-one stock split effective
 February 10, 1992.
 -0- 1/7/93
 /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

SB -- CH002 -- 2498 01/07/93 08:55 EST
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Date:Jan 7, 1993
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