Fred's (FRED) May Comps Up 3.4%
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Fred's Inc. (NASDAQ: FRED) May same store sales were up 3.4% excluding the impact of 67 stores that have been or are in the process of being closed under the Company's previously announced strategic plan. Sales for the month reached $143.5 million, compared to $132.3 million in May '07.
Commenting on the announcement, Michael J. Hayes, CEO, said, "Fred's May sales performance continued to demonstrate the solid momentum established thus far in 2008, with comparable store sales reaching the high end of our forecast - bolstered by a 2% gain in customer traffic. The consumer is still very frugal, and while we will continue to fight margin pressure, we also expect to see ongoing gains in store traffic as customers recognize our competitive pricing, extended assortment and convenience. These factors define our niche and bode well for our future, keeping us on track to achieve our forecasted goals this quarter and for the year."
Fred's, Inc. and its subsidiaries engage in the sale of general merchandise through its retail discount stores and pharmacies in the United States.
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