MATTHEWS, N.C.--(Business Wire)--
Family Dollar Stores, Inc. (NYSE:FDO) announced today that the Company`s Board
of Directors has increased the amount of the regular quarterly dividend payment
to $0.26 per share, an increase of 23.8% from the preceding quarterly cash
dividend of $0.21 per share. The increase will be effective with the declaration
of the next quarterly dividend.
"Our Board`s decision to maintain our remarkable record of 37 consecutive years
of dividend increases shows their unwavering commitment to shareholders, and the
increase of 23.8% reflects our confidence in the Company`s long-term growth
potential," said Howard Levine, Chairman and CEO.
In addition, the Company`s Board of Directors has authorized the Company to
purchase an additional $300 million of its common stock through its existing
share-repurchase program. The Company intends to fund these repurchases through
cash from operations. The share-repurchase program does not have an expiration
date, and share repurchases may be effected through trading plans, open-market
repurchases, privately negotiated transactions, accelerated share-repurchase
transactions, and/or other transactions. The timing and amount of repurchase
transactions under this program will depend upon market conditions, corporate
considerations and regulatory requirements.
This new authorization is in addition to the Company`s current share-repurchase
authorization. Prior to the new authorization, the Company had existing
authorization to repurchase approximately $94 million of its common stock.
About Family Dollar
For more than 50 years, Family Dollar has been providing value and convenience
to customers in easy-to-shop neighborhood locations. Family Dollar`s mix of name
brands and quality, private brand merchandise appeals to shoppers in more than
7,500 stores in rural and urban settings across 45 states. Helping families save
on the items they need with everyday low prices creates a strong bond with
customers, who often refer to their neighborhood store as "my Family Dollar."
Headquartered in Matthews, North Carolina, just outside of Charlotte, Family
Dollar is a Fortune 300, publicly held company with common stock traded on the
New York Stock Exchange under the symbol FDO. For more information, please visit
Family Dollar Stores, Inc.
Kiley F. Rawlins, CFA, 704-708-2858
Josh Braverman, 704-814-3447
Copyright Business Wire 2013