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FAMILY DOLLAR REPORTS RECORD THIRD QUARTER AND FIRST NINE-MONTH SALES AND EARNINGS; 2000th STORE TO OPEN IN JULY

 MATTHEWS, N.C., July 1 /PRNewswire/ -- Family Dollar Stores, Inc. (NYSE: FDO), a discount store chain operating 1,983 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 third quarter and first nine-month period in the Company's history. For the third quarter ended May 31, 1993, sales were $310,080,526, or approximately 11 percent above sales of $279,812,134 for the third quarter of the prior fiscal year. Net income was $17,454,806, or approximately 15.5 percent above net income of $15,115,792 for the comparable quarter last year, and earnings per share increased to $.31 from $.27.
 For the nine months ended May 31, 1993, sales were $971,149,637, or approximately 12.5 percent above sales of $861,513,369 for the first nine months of the prior fiscal year. Net income was $52,030,216, or approximately 16.5 percent above net income of $44,735,352 for the comparable nine-month period, and earnings per share increased to $.93 from $.80.
 The sales gains were attributable 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 3.1 percent in the third quarter ended May 31, 1993, and 4.7 percent in the nine months ended May 31, 1993. Sales in hardlines departments generally have been stronger than sales in apparel and other softlines departments.
 Sales for the month of June 1993 are estimated to be approximately $106.4 million, or 12 percent above sales of $95 million for the month of June 1992. Sales in existing stores for the month of June 1993 are estimated to have increased approximately 4 percent above existing store sales for the month of June 1992.
 Leon Levine, Chairman of the Company, stated that the 15.5 percent increase in net income in the third quarter ended May 31, 1993, on a sales gain of 11 percent, reflects the Company's ability to effectively control expenses. The record operating results in the third quarter also demonstrate that the Company has been able to maintain its gross profit margins in a competitive retail sales environment.
 Peter J. Hayes, President of the Company, announced that Family Dollar will celebrate the opening of its 2000th store in July. He also noted that as part of the Company's continuing aggressive store expansion program, the first Family Dollar stores will open during the current fourth quarter in New Hampshire and Minnesota. At the beginning of the third quarter, the Company was operating 1,922 stores compared to 1,790 stores in operation at the beginning of the third quarter of the prior fiscal year. Forty-two new stores were opened and 3 stores were closed during the third quarter this year, compared to the opening of 37 stores and no store closings during the third 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 August 31, 1993, to 2,035.
 Comparable operating results (unaudited) are as follows:
 Three Months Ended
 May 31, 1993 May 31, 1992
 Net Sales $310,080,526 $279,812,134
 Income Before Income Taxes 27,544,806 24,076,792
 Income Taxes 10,090,000 8,961,000
 Net Income 17,454,806 15,115,792
 Net Income Per Common Share $.31 $.27
 Dividends Declared
 Per Common Share $.075 $.065
 Weighted Average
 Number Of Shares 56,299,939 55,964,295
 Nine Months Ended
 May 31, 1993 May 31, 1992
 Net Sales $971,149,637 $861,513,369
 Income Before Income Taxes 82,882,116 71,250,252
 Income Taxes 30,851,900 26,514,900
 Net Income 52,030,216 44,735,352
 Net Income Per Common Share $.93 $.80
 Dividends Declared
 Per Common Share $.215 $.185
 Weighted Average
 Number Of Shares 56,216,935 55,871,513
 -0- 7/1/93
 /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 -- CH005 -- 7561 07/01/93 09:13 EDT
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Date:Jul 1, 1993
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