Family Dollar 2003 Annual Report Download - page 7

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3
.37* .34 .35
.44
.60
.81
1.00
1.10
1.25
1.43
’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03
Net Income Per Diluted
Common Share
(dollars)
370
408 445
500
578
691
798
959
1,155
1,311
’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03
Shareholders’ Equity
(millions of dollars)
*After cumulative effect of accounting change
each of the succeeding 27 years. In fiscal 2003, cash divi-
dends declared per share of Common Stock increased
13.7% from $.251⁄2to $.29.
Repurchase of Common Stock
In October 2002, the Company’s Board of Directors
authorized the purchase from time to time, as market con-
ditions warrant, of up to 5 million shares of the Company’s
Common Stock. The Board took such action in the belief
that the Common Stock is a good investment and the
repurchase program builds value for shareholders. In
fiscal 2003, we purchased 2.2 million shares at a cost of
$65.9 million.
Fiscal 2004 Outlook
Building on the remarkable legacy left by Founder and
Chairman Emeritus Leon Levine upon his retirement in
January 2003, Family Dollar continues its consistent
record of performance. Our financial strength permits us
to make substantial investments in our Company’s future.
In fiscal 2004, we plan to open approximately 565 new
stores, expand or relocate about 125 stores, close about
60 stores, begin construction of an eighth distribution
center, and continue investing in our Associates and in
technology. Initiatives in fiscal 2004, as discussed above,
include store focused technology infrastructure investments
to bring more value and convenience to our customers.
We do, indeed, still have a long way to grow, and through
sound investments and the dedicated efforts of all Associ-
ates, our Company will continue to gain market share
and build upon its record of profitable growth.
Howard R. Levine
Chairman of the Board and Chief Executive Officer
November 2003
“Our Company’s performance in fiscal 2003, coupling the highest sales and
earnings in our history with record levels of reinvestment in our business,
positions Family Dollar for continued profitable growth.”