July 10 Discount retailer Family Dollar Stores
Inc's quarterly profit fell by a third as the company
resorted to discounts to clear inventory and competition
The company, which is under pressure from activist investor
Carl Icahn to put itself up for sale, said net income fell to
$81.1 million, or 71 cents per share, from $120.9 million, or
$1.05 per share, a year earlier.
Net sales rose 3.3 percent to $2.66 billion in the third
quarter ended May 31, from $2.57 billion a year earlier.
Same-store sales fell 1.8 percent, the third straight
(Reporting by Shailaja Sharma in Bangalore; Editing by Sriraj