Family Dollar’s profits dip in third quarter

CHARLOTTE, NC (Sarah Chaney/The Charlotte Observer) - Nearing the completion of its sale to Dollar Tree, Matthews-based Family Dollar Stores said Wednesday that its third-quarter profits fell about 1 percent from a year ago.

The discount retailer reported net income of $79.9 million in the three months ended May 30, compared with $81.1 million in the prior-year period. Earnings per share were 70 cents versus 71 cents a year ago.

Total net sales in the third quarter increased 2.6 percent to $2.73 billion from $2.66 billion in the third quarter of 2014.

The company released its earnings after the market closed on Wednesday. Its shares fell less than 1 percent to $79 in after-hours trading.

Chesapeake, Va.-based Dollar Tree has said it intends to close its $8.5 billion acquisition of Family Dollar early this month after receiving final regulatory approval.

In May, Dollar Tree said it reached an agreement with federal regulators to sell 330 Family Dollar locations to a private equity firm, which will operate the stores under the name Dollar Express.