Family Dollar Stores Inc reported a 13 percent rise in quarterly profit on Wednesday, topping Wall Street estimates, as frugal shoppers scoured its stores for low prices.

Family Dollar, which sells most of its merchandise for under $10, said it earned $60.1 million, or 43 cents per share, in the fourth quarter ended August 29, compared with $53.2 million, or 38 cents per share, a year earlier.

Analysts on average were expecting earnings of 41 cents per share, according to Thomson Reuters I/B/E/S, while Family Dollar had forecast 39 cents to 43 cents.

Last month, Family Dollar said fourth-quarter net sales rose 2.6 percent to $1.81 billion, while sales at stores open at least a year rose 1 percent. That same-store sales growth was below its forecast for a rise of 2 percent to 4 percent, and it blamed the shortfall on store reorganizations.

Family Dollar has been rearranging the space in its stores to stock more food and other consumable items as shoppers stick to buying necessities.

In the current financial year, Family Dollar expects net sales to rise 5 percent to 7 percent. It expects to earn $2.15 to $2.35 per share on stronger sales of food and other consumable items and more private label offerings.

Analysts on average expect earnings of $2.25 per share on revenue of $7.74 billion for the year, according to Thomson Reuters I/B/E/S.

Shares of Family Dollar were up 1.5 percent at $28.90 in light premarket trading.

(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn and John Wallace)