Family Dollar to cut job, shut 370 stores to boost performance

April 10 Thu Apr 10, 2014 7:28am EDT

April 10 (Reuters) - Family Dollar Stores Inc, a convenience store operator, said it would cut jobs, shut about 370 underperforming stores and lower prices on about 1,000 basic items.

The job cuts and store closures are expected to reduce annual operating costs by $40 million to $45 million beginning third quarter of fiscal 2014, the company said.

The retailer also said second-quarter net sales fell 6.1 percent to $2.7 billion. (Reporting by Shailaja Sharma in Bangalore; Editing by Savio D'Souza)