Fred's (FRED) December Comps Fell 4.2%; Trims Q4 EPS Outlook
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Price: $0.13 --0%
Financial Fact:
Cost of goods sold: 405.44M
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Cost of goods sold: 405.44M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Fred's Inc. (NASDAQ: FRED) today reported sales for the five-week fiscal month and 11-month year-to-date period ended December 29, 2012.
Fred's total sales for the month declined 1% to $209.9 million from $213.0 million in December 2011. Comparable store sales for the month decreased 4.2% compared with a decline of 0.4% in the same period last year.
Fred's total sales for the year-to-date period increased 2% to $1.782 billion compared with $1.747 billion in the same period last year. On a comparable store basis, year-to-date sales declined 1.4% versus an increase of 0.7% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "December sales did not meet our expectations as customers limited their purchases of discretionary and weather-related merchandise again this month. The economic headwinds around the holidays overshadowed some of the positive aspects of the Company's performance in December, like the successful completion of our layaway sales program and continued script improvement in our pharmacy department." Efird said that, with the sales shortfall Fred's experienced in November and December, the Company now expects fourth quarter earnings per share to be in the range of $0.25 to $0.31.
** *The Street currently sees EPS of $0.31.
Fred's total sales for the month declined 1% to $209.9 million from $213.0 million in December 2011. Comparable store sales for the month decreased 4.2% compared with a decline of 0.4% in the same period last year.
Fred's total sales for the year-to-date period increased 2% to $1.782 billion compared with $1.747 billion in the same period last year. On a comparable store basis, year-to-date sales declined 1.4% versus an increase of 0.7% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "December sales did not meet our expectations as customers limited their purchases of discretionary and weather-related merchandise again this month. The economic headwinds around the holidays overshadowed some of the positive aspects of the Company's performance in December, like the successful completion of our layaway sales program and continued script improvement in our pharmacy department." Efird said that, with the sales shortfall Fred's experienced in November and December, the Company now expects fourth quarter earnings per share to be in the range of $0.25 to $0.31.
** *The Street currently sees EPS of $0.31.
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