Fred's (FRED) Comps Up 2.8% in Sept.
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Financial Fact:
Income before income taxes: -44.62M
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Financial Fact:
Income before income taxes: -44.62M
Today's EPS Names:
XPON, STHO, AWX, More
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Fred's, Inc. (Nasdaq: FRED) reported higher sales for the five-week fiscal month of September and eight-month year-to-date period ended October 5, 2013.
Fred's total sales for the month increased 4% to $177.3 million compared with $170.9 million in September 2012. Comparable store sales for the month increased 2.8% versus a decline of 3.8% in the same period last year.
Fred's total sales for the year-to-date period increased 1% to $1.301 billion compared with $1.282 billion for the same period last year. On a comparable store basis, year-to-date sales increased 0.8% versus a decline of 1.2% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased to report that Fred's 2.8% comparable store sales increase for September was at the high end of our projected range. This improvement reflected ongoing positive trends in our general merchandise and pharmacy departments. We continue to experience success from our reconfiguration plan, as the pharmacy department comparable store sales and script growth were key to this month's performance." Efird noted that Fred's rolled out its reconfiguration plan, which includes the Hometown Auto & Hardware and expanded Health Aids departments, to an additional 95 stores during September. To date, a total of 320 stores or 47% of the chain has been reconfigured. "Given the progress we achieved during the second quarter, we remain confident that third quarter earnings will be within the range previously forecasted," Efird added.
During the month, Fred's opened two stores and three Xpress pharmacy locations.
Fred's total sales for the month increased 4% to $177.3 million compared with $170.9 million in September 2012. Comparable store sales for the month increased 2.8% versus a decline of 3.8% in the same period last year.
Fred's total sales for the year-to-date period increased 1% to $1.301 billion compared with $1.282 billion for the same period last year. On a comparable store basis, year-to-date sales increased 0.8% versus a decline of 1.2% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased to report that Fred's 2.8% comparable store sales increase for September was at the high end of our projected range. This improvement reflected ongoing positive trends in our general merchandise and pharmacy departments. We continue to experience success from our reconfiguration plan, as the pharmacy department comparable store sales and script growth were key to this month's performance." Efird noted that Fred's rolled out its reconfiguration plan, which includes the Hometown Auto & Hardware and expanded Health Aids departments, to an additional 95 stores during September. To date, a total of 320 stores or 47% of the chain has been reconfigured. "Given the progress we achieved during the second quarter, we remain confident that third quarter earnings will be within the range previously forecasted," Efird added.
During the month, Fred's opened two stores and three Xpress pharmacy locations.
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