Family Dollar 2010 Annual Report Download - page 65

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16. Unaudited Summaries of Quarterly Results:
(in thousands, except per share amounts)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2010
Net sales ....................................... $1,822,906 $2,090,230 $1,996,989 $1,956,846
Gross profit ..................................... 658,222 740,831 730,228 678,719
Net income ..................................... 67,621 112,209 104,351 73,954
Net income per common share(1) ..................... $ 0.49 $ 0.81 $ 0.77 $ 0.56
2009
Net sales ....................................... $1,753,833 $1,992,260 $1,843,089 $1,811,424
Gross profit ..................................... 614,453 671,304 667,192 625,256
Net income ..................................... 59,289 84,140 87,721 60,116
Net income per common share(1) ..................... $ 0.42 $ 0.60 $ 0.62 $ 0.43
(1) Figures represent diluted earnings per share. The sum of the quarterly net income per common share may
not equal the annual net income per common share due to rounding.
17. Related Party Transactions:
There were no material related party transactions during fiscal 2010 or fiscal 2009. Related party transactions
totaled approximately $0.8 million during fiscal 2008. The related party transactions during fiscal 2008 were for
Company purchases of merchandise in the ordinary course of business from entities owned or represented by
non-employee family members of the Company’s Chairman of the Board and Chief Executive Officer.
18. Subsequent Events:
On September 29, 2010, the Company announced that the Board of Directors authorized the Company to
purchase up to $750 million of the Company’s outstanding common stock. The remaining amount under the
previous authorization was cancelled. On October 5, 2010, the Company entered into an accelerated share
repurchase agreement with a large financial institution for $250.0 million. See Note 12 above for more
information.
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