(MATTHEWS) -- Family Dollar Stores, Inc. reported fourth quarter net income of $79.8 million. This compared with $74 million during the same period of the prior year.

The Matthews-based discount retailer also recorded fourth quarter net sales of over $2 billion. This is up 9.1 percent when comparted to the company's fiscal fourth quarter of 2010.
 
“A year ago we launched an ambitious, multi-year plan to accelerate revenue growth, expand operating margins and optimize our capital structure, and I am pleased to announce that we have executed well against our plans in a very difficult operating environment,” said Howard Levine, Chairman and CEO.

Family Dollar also revealed an ambitious goal to open 450 to 500 new stores in fiscal 2012. The Company expects earnings per share in fiscal 2012 to be between $3.50 and $3.75.