Financial Astrology of Family Dollar Stores, Inc.

FINANCIAL ASTROLOGY

First Trade Date for Family Dollar Stores, Inc.

Company Name	First Trade Date (yyyy-mm-dd)
Family Dollar Stores, Inc.	1979-08-14

Company Name	Symbol
Family Dollar Stores, Inc.	FDO
History and Business of Company (this information may include date of incorporation)
The original predecessor of Family Dollar Stores, Inc., was organized in 1959 to operate a self-service retail store in Charlotte, North Carolina. In subsequent years, additional stores were opened, and separate corporations generally were organized to operate these stores. Family Dollar Stores, Inc. (together with its direct and indirect subsidiaries and related entities referred to herein as the "Company"), was incorporated in Delaware in 1969, and all existing corporate entities became wholly-owned subsidiaries. Additional stores continued to be opened and operated in direct and indirect subsidiaries and related entities. Indirect subsidiaries and related entities provide distribution, trucking, operations, merchandising, marketing and other services to the Company. The Company operates a chain of self-service retail discount stores. As of November 1, 2003, there were 5,066 stores in 43 states and the District of Columbia. The number of stores operated by the Company at the end of each of its last five fiscal years is as follows: 3,324 stores on August 28, 1999; 3,689 stores on August 26, 2000; 4,141 stores on September 1, 2001; 4,616 stores on August 31, 2002; and 5,027 stores on August 30, 2003. During the fiscal year ended August 30, 2003, 64 stores were closed, 37 stores were relocated within the same shopping center or market area, 66 stores were expanded in size and 42 stores were renovated. All of the stores are occupied under leases, except 371 stores owned by the Company. (See "Properties" herein.) The Company has announced plans to open approximately 565 stores and close approximately 60 stores during the current fiscal year. Such plans are continually reviewed and subject to change. From August 31, 2003, through November 1, 2003, the Company opened 60 new stores, closed 21 stores, relocated 4 stores, expanded 15 stores and renovated 13 stores. As of November 1, 2003, the Company had in the aggregate approximately 42,800,000 square feet of total store space (including receiving rooms and other non-selling areas). The typical store has approximately 7,500 to 9,500 square feet of total area. The stores are in both rural and urban areas, and they are typically freestanding or located in shopping centers with adequate parking available. There also are storefront locations in urban markets. Historically, about 35% of the stores have been located in urban areas (including adjacent suburbs) with populations above 75,000. In fiscal 2003, about 55% of new stores opened in urban markets (including adjacent suburbs), with particular emphasis on the large urban markets. In the current fiscal year, the Company continues to open large numbers of new stores in small towns and rural areas, but increased emphasis continues to be given to potential locations in those urban markets where the Company has experienced success. All stores are similar in appearance and display highly visible red and white "Family Dollar Stores" or "Family Dollar" signs. The Company's stores are operated on a self-service basis, and low overhead permits the sale of merchandise at a relatively moderate markup. During the fiscal year ended August 31, 1994, the Company began to change its merchandising strategy from promotional pricing to everyday low prices. Prices were reduced on many items and everyday low pricing was implemented in all stores in the fiscal year ended August 31, 1995. No single store accounted for more than one-tenth of one percent of sales during the fiscal year ended August 30, 2003. The stores are open six days a week, and most are open on Sundays. The stores offer a variety of hardlines and softlines merchandise. Hardlines merchandise includes primarily household chemical and paper products, candy, snack and other food, health and beauty aids, electronics, housewares and giftware, pet food and supplies, toys, stationery and school supplies, seasonal goods, hardware and automotive supplies. Softlines merchandise includes men's, women's, boys', girls' and infants' clothing, shoes, and domestic items such as blankets, sheets and towels. During the fiscal year ended August 30, 2003, hardlines accounted for approximately 76.7% of the Company's sales. Softlines accounted for approximately 23.3% of sales (with hanging apparel and shoes representing 12.4%, basic apparel 4.4% and domestics 6.5%).

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