Matthews-based Family Dollar said Friday that it needs to restate the amount it said its leases will cost by several hundred million dollars, although the company said the change doesn’t affect its business or other results.
Family Dollar said the change to last year’s annual report was prompted by investor inquiries about why its reported lease obligations changed. Family Dollar said the change investors saw was caused by new leases and new sale-leaseback transactions from 2012.
But while going through its past numbers, Family Dollar said, it realized the amounts for previous years should be restated. Its minimum annual rentals should have been reported as $1.87 billion, rather than $1.43 billion.
“The discrepancy relates entirely to the amount reported as due more than five years after the balance sheet date,” Family Dollar said in its filing. Family Dollar “does not consider the discrepancy to be material.”
The company made the securities filing Friday evening, after the markets had closed.