Family Dollars…

December 1, 2003

Business is looking good for the brother of Family Dollar’s (FDO) former chairman, Leon Levine, and uncle of its current chairman/CEO, Howard Levine. According to the proxy filed late Wednesday, the company purchased 50 percent more in fiscal 2003 from companies represented by Uncle Sherman. In 2003, the company purchased $15.3 million worth of merchandise, up from $10.2 million in 2002. Combined with about $723,000 in items sold by Howard Levine’s brother-in-law, this adds up to $16 million, according to the proxy, though in the K (which was also filed on Wednesday), the company says the pair sold $17.8 million to the company. Of course, given Family Dollars’ size — sales were $4.7 billion last year — these related-party transactions may seem small. But investors deserve to know which set of numbers is more accurate.

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