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MATTHEWS, N.C. -- Discount retailer Family Dollar Stores, Inc. said yesterday that it will not be able to file its fiscal first-quarter results on time due to an ongoing review of its stock-option granting practices.
The company said in a filing with the U.S. Securities and Exchange Commission that it believed an incorrect measurement date was used on some stock-option grants made to new employees and in connection with the company's annual stock option grants in one or more years. However, it has not yet determined if there are any material non-cash charges associated with the incorrect measurement dates.
Family Dollar released its preliminary first-quarter financials on Dec. 20. The retailer said its net income grew 6 percent to $54.4 million, or 36 cents per share, from $51.4 million, or 32 cents per share last year. Revenue grew 6 percent to $1.6 billion, from $1.51 billion last year.