As Family Dollar Cuts 2013 Earnings Estimate, Will Olivette Store Open?
Shares in the discount retailer fell on Thursday after the company cuts its earnings estimate for fiscal 2013. City officials have permits for its anticipate store, but they have not been picked up.
Last week was a tough one for Family Dollar, the discount retail chain that has applied for a permit to renovate the former Fashion 21 Trading store at 9435 Olive Blvd. and open in Olivette.
On Thursday, the retailer said the holiday sales period had been "disappointing" and it cut its earnings estimate for 2013. According to Fox Business, Family Dollar "now sees full-year earnings in the range of $3.95 to $4.20 from an earlier forecast of $4.10 to $4.40. Analysts on average are looking for full-year EPS of $4.24."
A Family Dollar spokesman said the news had not affected its plans to open the store in the Olivette Plaza shopping area. Family Dollar public relations manager Bryn R. Winburn told Patch in an email that the store "is slated to open in the first half of 2013."
Bloomberg, in its report on the company on Thursday, quoted CEO Howard Levine from a statement, who said the holiday-selling season “proved to be more challenging than we expected as customers faced increasing financial uncertainty,” and that customers are focusing “even more on basic needs."
The city of Olivette received an application from the company to renovate space in the Olivette Plaza shopping area, but "they haven't picked up their permit yet. It's ready for issue," said Carlos Trejo, Olivette planning and zoning administrator. "I don't know what the holdup is."
According to its website, the chain is planning to open 11 new stores around the country on Thursday.