Family Dollar

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Family Dollar Stores, Inc.
TypePublic
Traded as(NYSEFDO)
S&P 500 Component
IndustryRetail
Founded1959
HeadquartersMatthews, North Carolina, U.S.
Number of locations7,600[1]
Key peopleLeon Levine, Founder
Howard R. Levine, Chairman and CEO
ProductsFood, clothing, housewares
RevenueIncrease $10.4 billion (2013)
Operating incomeIncrease $688 million (2013)
Net incomeIncrease$443.6 million (2013)
Employees50,000[1]
Websitewww.familydollar.com
 
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Family Dollar Stores, Inc.
TypePublic
Traded as(NYSEFDO)
S&P 500 Component
IndustryRetail
Founded1959
HeadquartersMatthews, North Carolina, U.S.
Number of locations7,600[1]
Key peopleLeon Levine, Founder
Howard R. Levine, Chairman and CEO
ProductsFood, clothing, housewares
RevenueIncrease $10.4 billion (2013)
Operating incomeIncrease $688 million (2013)
Net incomeIncrease$443.6 million (2013)
Employees50,000[1]
Websitewww.familydollar.com
A Family Dollar store in Charlotte.

Family Dollar Stores, Inc. is a regional chain of variety stores in the United States. It opened in 1959 and operates approximately 7,100 stores[2] in 45 states and the District of Columbia. It is headquartered in Matthews, North Carolina.[3]

Family Dollar is not a true "dollar store" in the strict sense; while there are many items available for $1, there are other price points as well. However, approximately 90% of the products cost less than $10. With most locations set up like a typical supermarket, the chain deals in food items, clothing and assorted household products.

All Family Dollar stores now accept credit cards, as well as debit cards and the cash benefit from EBT (food stamp) cards.

History[edit]

Family Dollar was founded in 1959 by Leon Levine, a 21-year-old entrepreneur. In November of that year, the company's first store was opened, in Charlotte, North Carolina. In 1961, their first store in South Carolina opened, followed by stores in Georgia and Virginia, which were opened in 1962 and 1965, respectively. During the 1960s, the store company was largely a southern United States operation. By 1969, there were fifty stores in Charlotte alone.

The 1970s were growing years for the store chain. In 1970, Family Dollar's stock went public for the first time, at $14.50 per share. In 1971, the chain's 100th store opened, followed by their 200th in 1974 and their 300th in 1978. Also in 1974, a distribution center was opened in Matthews, North Carolina. In 1979, Family Dollar stock began trading at the New York Stock Exchange.

In 1981, the chain's 400th store was opened, followed by a 500th store in 1982 and a 700th in 1983. The 1980s saw expansion at a wider scale for the company, and, by 1989, 1,500 stores were operating.

The 1990s saw the pace of expansion slow down compared to the 1980s, with 1,000 stores opened. However, the company opened distribution centers in West Memphis, Arkansas; Front Royal, Virginia and Duncan, Oklahoma. Since 2000, the pace of growth has quickened significantly, with the addition of about 3,500 new stores, and new distribution centers opening in Morehead, Kentucky; Maquoketa, Iowa; Odessa, Texas; Marianna, Florida; and Rome, New York.

In 2001, Family Dollar joined the S&P 500 stock market index. In 2002, the company joined the Fortune 500 list of largest publicly held companies.

When Leon Levine retired in 2003, his son Howard R. Levine succeeded him as Chairman and CEO, keeping this multi-billion dollar company in the family.

In March, 2005, Family Dollar announced to restate the company's fiscal 2000 to fiscal 2004 earnings per share downward by 2 cents to 3 cents a year, to correct lease-accounting issues.[4]

As of March 2014, there were more than 8,000 stores in 46 states. According to their website, in 2010 Family Dollar opened 200 new stores, 300 more in 2011, and an additional 475 in 2012.

Family Dollar operates 11 distribution centers to keep product stock in their stores. The last distribution center opened in St. George, Utah on October 16, 2013.

In 2011, the company planned to open 300 new stores. In March 2011, Family Dollar turned down a takeover offer by Nelson Peltz’s Trian Fund Management LP that was reported between $55 to $60 a share.[5]

On October 3, 2012, Family Dollar said they will open 500 stores in 2013 including St Thomas, Pennsylvania.[6]

The next day, Family Dollar partnered with Healthways.[7]

References[edit]

  1. ^ a b "Fact Sheet". Corporate.familydollar.com. Retrieved 2014-01-16. 
  2. ^ "Dollar stores among the new retail powerhouses". News & Record. 2012-01-26. Retrieved 2012-02-02. [broken citation]
  3. ^ Family Dollar Store 2009 Stats
  4. ^ "Family Dollar's Quarterly Income Falls". 
  5. ^ Burritt, Chris (March 3, 2011). "Family Dollar Rejects Buyout Offer From Peltz's Trian, Adopts Poison Pill". Bloomberg. 
  6. ^ "Family Dollar to accelerate store growth". Drug Store News. October 3, 2012. Retrieved October 4, 2012. 
  7. ^ "Family Dollar Announces Partnership with Healthways to Improve Team Members' Health and Well-Being". DailyFinance. Retrieved October 4, 2012. 

External links[edit]