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Family Dollar Stores, Inc. (NYSE:FDO) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Matthew Boss – JPMorgan: Can you speak to any changes on the competitive front over the past three months and anything incremental seen in December that we should consider looking forward?
Howard R. Levine – Chairman and CEO: As we look back over the last few months, particularly the holiday selling season, I would tell you that there were more wins out there from our competition and that’s the entire market, not calling out any one specific competitor. I will also add that while there were more of it the promotional pricing activity seem to be fairly rational during the time period, but definitely a very competitive environment and a lot more wins that were posted by the market this year.
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Matthew Boss – JPMorgan: Mike, since coming on board the stores have clearly seen substantial improvements. Can you speak to any branded wins over the last couple months and what should we look forward to in the stores in the back half of the year?
Michael K. Bloom – President and COO: Matt, as far as branded wins, if you think about all of the brands that we’ve added over the last six months to a year and looking at these sales growth that we have in our consumables area, we are seeing nice wins across the board. It’s not beverages versus health and beauty aids versus tobacco. We are seeing a real nice balance of growth within all of the brands. Clearly look, we’ve talked about this before, we continue to monitor, not everything we added is working and we will continue as the year progresses. It’s what we do as retailers continue to look for new items and weed out the ones who are not working. As far as what to look forward to in the stores for the balance of the year, I would tell you store simplification. I think we’ve talked about this in the past as well. Our goal we are laser-focused on simplifying activities for our stores. You know our stores, we work them hard last year and they rose to the challenge and did an exceptional job executing these initiatives and we are seeing the results. And now we need to simplify for them everything from planogram execution to delivery to processing customers at the check-out. So, we are pretty focused on making sure our stores are easier to run…
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