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Family Dollar to cut jobs, close about 370 stores as it tries to improve financial performance

MATTHEWS, N.C. - Family Dollar plans to cut some jobs and close about 370 underperforming stores as it tries to reverse sagging sales and earnings. The discount store operator will also lower prices on about 1,000 basic items. Family Dollar did not provide details on how many jobs were expected to be eliminated. The chain said the store closings and job cuts should reduce 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.

Family Dollar to cut jobs, shut 370 stores as sales fall

(Reuters) - Family Dollar Stores Inc <FDO.N>, seeking to reverse declining sales and profit, said on Thursday it would it would cut jobs, shut hundreds of underperforming stores and slash prices. The discount retailer, which caters to lower income shoppers, many of whom live paycheck to paycheck, reported a 35 percent decline in profit in the quarter that ended March 1, while sales at stores open at least a year fell 3.8 percent. It expects same-store sales to decline this quarter, too.

Cheap and cheerful: Poundland hits London exchange

Discount retailer Poundland's remarkable rise in Britain was capped on Wednesday as it debuted on the London stock market -- largely unnoticed by customers browsing the piles of chocolate and bottles of detergent in its shops. As its name suggests, Poundland prices most items at £1 ($1.65, 1.20 euros), a formula that in tough times has seen it grow to a network of more than 500 stores across Britain and Ireland.

Analysts see value in Dollar Tree despite weak forecast

By Siddharth Cavale (Reuters) - Dollar Tree Inc <DLTR.O> forecast current-quarter results below estimates after reporting disappointing quarterly same-store sales, but analysts said it was too early to write off the discount store chain that is fighting weak consumer spending. The company's shares fell as much as 6.4 percent on Thursday to a two-month low. "We remain bullish on the dollar store sector," Guggenheim Securities analyst John Heinbockel wrote in a note.

Dollarama clarifies poppy position, says vets can sell poppies at B.C. store

KAMLOOPS, B.C. - A dollar store in B.C.'s Interior that drew the ire of veterans' groups for refusing to sell poppies in advance of Remembrance Day says vets are welcome to sell poppies at its stores. Dollarama is clarifying its company's position after veterans in Kamloops complained that the local Dollarama store, along with Dollar Tree, declined to sell poppies on behalf of the Legion. The Legion later said Dollar Tree had reversed its position.

B.C. vets say some dollar stores refuse to sell Remembrance poppies

KAMLOOPS, B.C. - One of two dollar stores in Kamloops, B.C., that at first refused to sell poppies on behalf of the Royal Canadian Legion has reversed its position. The president of the Army, Navy Gord Marsh called the move inexcusable and an insult to veterans whose sacrifice has made Canada a great place to live and do business. He points out the poppy campaign raises badly needed funds for veterans' rehabilitation and other programs.

Dollar General beats in quarter but holds onto forecast

By Jessica Wohl (Reuters) - Dollar General Corp <DG.N> posted better-than-expected second-quarter results on Wednesday as efforts such as selling cigarettes and more brand-name products attracted customers. The discount retailer's shares rose about 4.1 percent, or $2.33, to $56.21 in early trading. Dollar General stood by the lowered full-year profit forecast it gave in June, even though its second-quarter earnings per share was 3 cents better than Wall Street expected.

Discount store revenue comparisons for June

NEW YORK, N.Y. - Summary of revenue at stores open at least a year in June for discount chains, with percentage increase or decrease over the same month last year. These figures are a key indicator of a retailer's health because they exclude revenue at newly opened stores. Costco Wholesale Corp. 6 pct Fred's Inc. 4.5 pct

Dollarama CEO says discount chain aiming to grow in Ontario, Western Canada

MONTREAL - Dollarama Inc. (TSX:DOL) is aiming to grow its retail network to about 1,000 stores over the next few years, with most of the growth in Ontario and Western Canada, chief executive Larry Rossy told company shareholders Wednesday. "Growth in Canada, of course, is our top priority," Rossy told Dollarama's annual meeting in Montreal. He also said Dollarama has no plans at this time to offer items priced above $3 each and noted a majority of its merchandise remains priced at $1 despite the introduction of higher-ticket items some time ago.

British unpaid work scheme breached law: court

England's Court of Appeal ruled Monday that a government scheme requiring unemployed people to work without pay was unlawful, following a claim that it breached laws on forced labour. Three top judges at the London court ruled that the regulations under which most of the British government's so-called "back-to-work" schemes were created were unlawful and quashed them. University graduate Cait Reilly took her case to the court, claiming the requirement on her to work for free breached laws on forced labour.
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