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Family Dollar to cut jobs, close about 370 stores

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MATTHEWS, NC (AP) -- Family Dollar says it will be cutting jobs and closing about 370 underperforming stores as it looks for ways to improve its financial performance. It says it will also cut prices on about 1,000 basic items.

The company's stock fell more than 3 percent in Thursday premarket trading.

The announcement came as Family Dollar reported its profit and revenue declined in the second quarter as it dealt with bad winter weather.

The discounter said the store closings and job cuts should lower annual operating expenses by $40 million to $45 million, starting with the fiscal third quarter. Family Dollar Stores Inc. currently has more than 8,100 stores in 46 states.

The Matthews-based company says it will also slow new store openings beginning in fiscal 2015 to bolster its return on investment.

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FD vs DG

Well I feel that family dollar and dollar general are competing with each other. DG is always cheaper and has a better selection. FD is way to expensive to really be considered a discount store of sorts.

I'm glad to see them cutting

I'm glad to see them cutting prices. Their prices have escalated in recent years almost putting them at a retail level rather than a discount store. Might be why some of their stores "under performed."