Family Dollar

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Family Dollar Stores, Inc.
Type Public
Traded as (NYSEFDO)
S&P 500 Component
Industry Retail
Founded 1959
Headquarters Matthews, North Carolina, U.S.
Number of locations 8,100+[1]
Key people Leon Levine, Founder
Howard R. Levine, Chairman and CEO
Products Food, clothing, housewares
Revenue Increase $10.4 billion (2013)
Operating income Increase $688 million (2013)
Net income Increase$443.6 million (2013)
Employees 50,000[1]
Website www.familydollar.com
A Family Dollar store in Charlotte.

Family Dollar Stores, Inc. is one of the nation’s fastest growing retailers, with more than 8,000 stores in 46 states. The Company is headquartered in Matthews, North Carolina, just outside of Charlotte.

Family Dollar is a discount retailer that carries national name brands and quality private brands. While shoppers can find many items at $1 or less, approximately 90% of the products in the store cost less than $10. Family Dollar sells name-brand and quality private brand refrigerated and frozen food items, clothing, pet supplies and assorted household products. Each Family Dollar store is approximately 7,400 square feet and is conveniently laid out to allow shoppers to find what they need and get on their way.

All Family Dollar stores now accept credit cards, as well as debit cards and the cash benefit from SNAP EBT (food stamp) cards.

History[edit]

Family Dollar was founded in 1959 by Leon Levine, a 21-year-old entrepreneur. In November of that year, the company's first store was opened, in Charlotte, North Carolina. In 1961, their first store in South Carolina opened, followed by stores in Georgia and Virginia, which were opened in 1962 and 1965, respectively. During the 1960s, the store company was largely a southern United States operation. By 1969, there were fifty stores in Charlotte alone.

The 1970s were growing years for the store chain. In 1970, Family Dollar's stock went public for the first time, at $14.50 per share. In 1971, the chain's 100th store opened, followed by their 200th in 1974 and their 300th in 1978. Also in 1974, a distribution center was opened in Matthews, North Carolina. In 1979, Family Dollar stock began trading at the New York Stock Exchange.

In 1981, the chain's 400th store was opened, followed by a 500th store in 1982 and a 700th in 1983. The 1980s saw expansion at a wider scale for the company, and, by 1989, 1,500 stores were operating.

The 1990s saw the pace of expansion slow down compared to the 1980s, with 1,000 stores opened. However, the company opened distribution centers in West Memphis, Arkansas; Front Royal, Virginia and Duncan, Oklahoma. Since 2000, the pace of growth has quickened significantly, with the addition of about 3,500 new stores, and new distribution centers opening in Morehead, Kentucky; Maquoketa, Iowa; Odessa, Texas; Marianna, Florida; and Rome, New York.

In 2001, Family Dollar joined the S&P 500 stock market index. In 2002, the company joined the Fortune 500 list of largest publicly held companies.

When Leon Levine retired in 2003, his son Howard R. Levine succeeded him as Chairman and CEO, keeping this multi-billion dollar company in the family.

In March, 2005, Family Dollar restated the company's fiscal 2000 to fiscal 2004 earnings per share downward by 2 cents to 3 cents a year, to correct lease-accounting issues.[2]

As of August 2011 there were 7,000 stores in 44 states. According to their website, in 2005 Family Dollar opened 500 new stores, 350 more in 2006, and an additional 300 in 2007.

Family Dollar operates nine distribution centers to keep product stock in their stores. These warehouses feature over 900,000 square feet (84,000 m2) of room and over nine miles (14 km) of conveyor, and employ around 400 people.

In 2011, the company planned to open 300 new stores. In March 2011, Family Dollar turned down a takeover offer by Nelson Peltz’s Trian Fund Management LP that was reported between $55 to $60 a share.[3]

On October 3, 2012, Family Dollar said they will open 500 stores in 2013.[4]

The next day, Family Dollar partnered with Healthways.[5]

According to the Company's 2013 Corporate Profile, in 2010 Family Dollar opened 200 new stores, 300 more in 2011, 475 in 2012 and an additional 500 in 2013.

Family Dollar operates 11 distribution centers - the latest of which opened in St. George, Utah on October 16, 2013.

References[edit]

  1. ^ a b "Fact Sheet". Corporate.familydollar.com. Retrieved 2014-01-16. 
  2. ^ "Family Dollar's Quarterly Income Falls". 
  3. ^ Burritt, Chris (March 3, 2011). "Family Dollar Rejects Buyout Offer From Peltz's Trian, Adopts Poison Pill". Bloomberg. 
  4. ^ "Family Dollar to accelerate store growth". Drug Store News. October 3, 2012. Retrieved October 4, 2012. 
  5. ^ "Family Dollar Announces Partnership with Healthways to Improve Team Members' Health and Well-Being". DailyFinance. Retrieved October 4, 2012. 

External links[edit]