Discount retailer Family Dollar Stores Inc, under pressure from activist investor Carl Icahn to sell itself, said its profit fell by a third as the company cleared inventory ahead of planned store closures and competition intensified.Shares of the company, which also reported its third straight quarterly decline in same-store sales, were up slightly in late morning trading after falling as much as 2.6 percent.Icahn, Family Dollar's largest shareholder with a 9.4 percent stake, wants the company to sell itself to rival Dollar General Corp to help them cope with stiff competition from big-box retailers such as Wal-Mart Stores Inc.Icahn's proposal was thrown into doubt last month, however, after Dollar General said Chief Executive Rick Dreiling had decided to retire next year.
Dollar General Corporation is a discount retailer in the United States by number of stores, with 9,961 stores located in 39 states as of March 2, 2012, primarily in the southern, southwestern, midwestern and eastern United States. Shares of DG traded higher by 0.05% or $0.03/share to $57.56. In the past year, the shares have traded as low as $52.40 and as high as $65.99. On average, 4966870 shares of DG exchange hands on a given day and today's volume is recorded at 2807838.
Family Dollar Stores, Inc. (Family Dollar) operates a chain of more than 7,900 general merchandise retail discount stores in 46 states, providing consumers with a selection of merchandise in neighborhood stores. Shares of FDO traded higher by 1.01% or $0.65/share to $64.89. In the past year, the shares have traded as low as $55.64 and as high as $75.29. On average, 1803490 shares of FDO exchange hands on a given day and today's volume is recorded at 2058432.
Wal-Mart Stores, Inc. (Walmart), operates retail stores in various formats globally. Shares of WMT fell by 0.25% or $-0.19/share to $77.02. In the past year, the shares have traded as low as $71.51 and as high as $81.37. On average, 5941670 shares of WMT exchange hands on a given day and today's volume is recorded at 2712750.
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