Family Dollar plans to shut 370 stores across country
The company said overall sales had not been as high as expected in the past three months, and that the store closings were one part of an overall strategy that included corporate layoffs, price reductions of 1,000 items and a slowing down of new store growth.
Nationwide, the Charlotte, N.C., based company operates about 8,000 stores in 46 states.
In a conference call Thursday with analysts, Chief Financial Officer Mary Winston said the stores that will close were losing money, and decisions were based on performance over the last three years.
Family Dollar has about 30 locations in New Hampshire, according to a store locator map on the company website.
On Thursday, Family Dollar announced an earnings per share of 80 cents for its second quarter of fiscal year 2014, down from $1.21 for the same period in 2013.
results were significantly impacted by severe winter weather, which resulted in numerous store closings, disrupted merchandise deliveries and higher than expected utility and store maintenance
expenses,” company chief-executive Howard Levine said in prepared remarks.