Family Dollar Stores Inc. (FDO) is losing ground in pre-market trading on Thursday. The drop follows the release of quarterly results.
The stock is down $5.43, or 7.9 percent, to $63.70 in pre-market action.
The company reported an improvement in its third-quarter net income to $124.5 million or $1.06 per share from $111.1 million or $0.91 per share last year. On average, 26 analysts polled by Thomson Reuters expected earnings per share of $1.07 for the quarter.
Quarterly total net sales for the third quarter of fiscal 2012 went up 9.6% to $2.36 billion from $2.15 billion a year before. Analysts estimated revenues of $2.37 billion for the quarter.
Looking ahead to the fourth quarter, Family Dollar expects earnings per share between $0.71 and $0.81, and comparable-store sales to increase between 5% and 7%. Twenty-six analysts anticipate fourth-quarter earnings of $0.77 per share.
For the full year, the company now expects earnings per share of $3.60 - $3.70 and confirmed its net sales growth of between 9% and 10%, whereas analysts project fiscal 2012 earnings per share of $3.67.
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