Discount retailer Family Dollar Stores Inc, which is trying to ward of a hostile bid from rival Dollar General Corp, said its fourth-quarter profit slid 66 percent hurt by inventory markdowns, restructuring charges and merger fees.Family Dollar, which has agreed to sell itself to smaller rival Dollar Tree for a lower cash-and-stock deal of $8.5 billion, rejected Dollar General's $9.1 billion all-cash bid saying the offer did not address anti-trust concerns.After being spurned twice, Dollar General, which offered to sell up to 1,500 stores and pay $500 million as a break-up fee if the deal failed to clear antitrust reviews, took its bid hostile and approached Family Dollar shareholders directly.The battle in the discount retail industry comes at a time when Dollar stores are desperate to scale up as they try to keep lower-income shoppers from being lured by Wal-Mart Stores Inc and Target Corp.
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 fell by 1.59% or $-0.98/share to $60.63. In the past year, the shares have traded as low as $53.00 and as high as $65.99. On average, 5620240 shares of DG exchange hands on a given day and today's volume is recorded at 3511251.
Dollar Tree, Inc. (Dollar Tree) is an operator of discount variety stores offering merchandise at the fixed price. Shares of DLTR fell by 0.91% or $-0.52/share to $56.70. In the past year, the shares have traded as low as $49.59 and as high as $60.19. On average, 3301660 shares of DLTR exchange hands on a given day and today's volume is recorded at 2540099.
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 0.05% or $0.04/share to $77.75. In the past year, the shares have traded as low as $55.64 and as high as $80.97. On average, 2869870 shares of FDO exchange hands on a given day and today's volume is recorded at 718309.
Target Corporation sells a range of assortment of general merchandise and food in its stores. Shares of TGT fell by 1.93% or $-1.21/share to $61.60. In the past year, the shares have traded as low as $54.66 and as high as $67.25. On average, 4424950 shares of TGT exchange hands on a given day and today's volume is recorded at 4348956.
Wal-Mart Stores, Inc. (Walmart), operates retail stores in various formats globally. Shares of WMT fell by 0.49% or $-0.38/share to $77.86. In the past year, the shares have traded as low as $71.69 and as high as $81.37. On average, 5634450 shares of WMT exchange hands on a given day and today's volume is recorded at 7072709.
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