(MATTHEWS) -- Family Dollar Stores, Inc. has declared a regular quarterly cash dividend on the Company’s common stock of $0.21 per share. The dividend represents an increase of 16.7 percent from the prior quarterly dividend.

“Since issuing our first dividend in 1976, we have increased our dividend each year at a compound average rate of approximately 16%,” said Howard Levine, Chairman & CEO. “The consistency of this record speaks to the sustainability of our model and our commitment to driving shareholder returns.”

The Matthews-based discount retailer will pay the dividend on April 13, 2012 to shareholders of record at the close of business on March 15, 2012.