(Reuters) - Family Dollar Stores Inc's quarterly sales rose less than expected, and its shares fell 3 percent in after-hours trading on Thursday even though its profit was in line with forecasts.
The retailer, which sells low-priced food, clothing and other goods, has seen its customers focus more on the basic necessities in a sluggish U.S. economy.
"The environment continues to be challenging for our customers," Chairman and Chief Executive Howard Levine said in a statement.
Family Dollar earned $80.4 million, or 68 cents per share, in the fiscal first quarter that ended on November 26, up from $74.3 million, or 58 cents per share, a year earlier.
Analysts, on average, expected it to earn 68 cents per share, according to Thomson Reuters I/B/E/S. The company had forecast earnings of 65 cents to 73 cents per share.
Sales rose 7.6 percent to $2.15 billion, while analysts were looking for sales of $2.17 billion.
(Reporting by Jessica Wohl in Chicago)
