Fred's (FRED) Comps Up 0.2% in May
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Fred's Inc. (NASDAQ: FRED) reports sales for the month of May came in down 6% to $134.7 million. Same store sales for the month actually rose 0.2% during May.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased to report that May sales stayed within our forecasted range, knowing that we were up against a tough comparison with last year. In developing our sales guidance for the current quarter, we factored that May 2008 marked the beginning of a several-month stretch that benefited from the issuance of the Treasury stimulus checks last year. Unusually wet weather across the Southeast and the lack of stimulus checks contributed to a lower average transaction amount this month, but the continued success of our sales initiatives drove higher customer traffic and pharmacy script growth."
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