Fred's, Inc. (FRED) March Comps FEll 1.2%

Fred's Inc. (Nasdaq: FRED) reported sales for the five-week fiscal month of March and the two-month year-to-date period ended April 5, 2014.

Fred's total sales for the month increased 1% to $191.2 million compared with $190.1 million in March 2013. Comparable store sales for the month decreased 1.2% compared with a decrease of 3.0% in the prior-year period.

Fred's total sales for the first two months of fiscal 2014 were approximately flat at $348.6 million compared with $349.1 million for the same period last year. On a comparable store basis, year-to-date sales decreased 1.7% versus a 2.3% decrease for the year-earlier period.

Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "As we discussed on our earnings conference call, March general merchandise sales would be challenged by the calendar shift of the Easter holiday from March last year to April this year, which was compounded by the continuing unseasonably cool weather we experienced across our market region. Looking beyond the weather and Easter-shift challenges in general merchandise, we continue to be pleased with the positive performance of our reconfiguration departments, most notably Auto, Hardware, and Pharmacy. Looking ahead, we expect stronger sales in April as our stores are well prepared, and we look forward to the arrival of the spring season and the Easter holiday." Efird added that Fred's plans to retrofit approximately 70 stores during April, resulting in approximately 60% of the chain being reconfigured through the first quarter of 2014.

During March, Fred's opened one new store with a pharmacy and closed two stores without pharmacies.

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