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FAMILY DOLLAR REPORTS RECORD SECOND QUARTER AND SIX-MONTH SALES AND EARNINGS

 MATTHEWS, N.C., April 1 /PRNewswire/ -- Family Dollar Stores, Inc. (NYSE: FDO), a discount store chain operating 1,933 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 sales and net income for any second quarter and first six-month period in the Company's history. For the second quarter ended Feb. 28, 1993, sales were $356,461,124, or approximately 12 percent above sales of $317,802,348 for the second quarter of the prior fiscal year. Net income was $20,788,749, or approximately 15.5 percent above net income of $18,013,796 for the comparable quarter last year, and earnings per share increased to $.37 from $.32.
 For the six months ended Feb. 28, 1993, sales were $661,069,111, or approximately 13.5 percent above sales of $581,701,235 for the first six months of the prior fiscal year. Net income was $34,575,410, or approximately 16.5 percent above net income of $29,619,560 for the comparable six-month period, and earnings per share increased to $.62 from $.53.
 In commenting on the record operating results, Leon Levine, Chairman of the Company, attributed the sales gains to increased sales in existing stores and to sales from new stores opened as part of the Company's store expansion program. Sales in existing stores increased approximately 4.1 percent in the quarter ended Feb. 28, 1993, and approximately 5.5 percent in the six months ended Feb. 28, 1993. There were 28 days in February 1993 compared to 29 days in Feb. 1992, and the extra day was a Saturday. If you exclude this extra day from the comparison, in the second quarter ended Feb. 28, 1993, total store sales increased approximately 14 percent and existing store sales increased approximately 6 percent.
 Special values offered to customers through opportunistic buying of merchandise, seasonal clearance programs and Family Dollar private label goods contributed to the 12 percent sales gain in the second quarter. This sales increase, coupled with effective control of expenses, produced the 15.5 percent increase in net income in the second quarter.
 Sales in the month of March 1993 are estimated to be approximately $95.3 million, or 11.5 percent above sales of $85.5 million for the month of March 1992. Sales in existing stores for the month of March 1993 are estimated to have increased approximately 3 percent above existing store sales for the month of March 1992. Sales in March 1993 were affected by a severe winter storm in the middle of the month which closed many of the Company's stores for several days. If the Company had achieved its planned sales during the week of the storm it is estimated that sales in existing stores for the month of March 1993 would have increased approximately 5.5 percent.
 Peter J. Hayes, President of the Company, reported that Family Dollar's store expansion program is continuing. At the beginning of the first and second quarters of the current fiscal year, the Company was operating 1,885 and 1,911 stores, respectively, compared to 1,759 and 1,761 stores in operation at the beginning of the first and second quarters of the prior fiscal year. Thirty new stores were opened and 19 stores were closed during the second quarter this year, compared to the opening of 33 stores and closing of 4 stores during the second quarter last year. The Company expects to have a net addition of approximately 150 stores in the current fiscal year, which would bring the number of stores in operation by Aug. 31, 1993, to approximately 2,035.


Comparable operating results (unaudited) are as follows:
 Three Months Ended
 Feb. 28, 1993 Feb. 29, 1992
 Net Sales $356,461,124 $317,802,348
 Income Before Income Taxes 33,320,649 28,689,696
 Income Taxes 12,531,900 10,675,900
 Net Income 20,788,749 18,013,796
 Net Income Per Common Share 37 cents 32 cents
 Dividends Declared
 Per Common Share 7.5 cents 6.5 cents
 Weighted Average
 Number of Shares 56,243,578 55,867,135
 Six Months Ended
 Feb. 28, 1993 Feb. 29, 1992
 Net Sales $661,069,111 $581,701,235
 Income Before Income Taxes 55,337,310 47,173,460
 Income Taxes 20,761,900 17,553,900
 Net Income 34,575,410 29,619,560
 Net Income Per Common Share 62 cents 53 cents
 Dividends Declared
 Per Common Share 14 cents 12 cents
 Weighted Average
 Number of Shares 56,174,435 55,824,688
 -0- 4/1/93
 /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

MM -- CH004 -- 1880 04/01/93 09:07 EST
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Date:Apr 1, 1993
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