Fred's (FRED) Feb. Comps Flat

Fred's (NASDAQ: FRED) reported sales for the four-week month of February, the first month of fiscal 2015, which ended February 28, 2015.

Fred's total sales reflect the net closing of 62 locations in 2014 pursuant to the Company's reconfiguration plan. Excluding last year's February sales of $7.4 million from those closed locations, total sales increased 3% for the month. Fred's total sales for February, not adjusting the closed stores, decreased 2% to $154.1 million from $157.4 million in February 2014. Comparable store sales for the month were approximately flat versus a decrease of 2.2% in February last year.

Commenting on the announcement, Jerry A. Shore, Chief Executive Officer, said, "Prior to the poor weather that hit most of our markets during the last two weeks of the month, we were encouraged to see January's sales momentum continue into February. In addition to the cold weather product departments, other high-performing departments for February included health aids, hardware, toys, and As Seen on TV. Likewise our pharmacy department continued to post growth in scripts and sales, benefitting from ongoing expansion and growth of our specialty pharmacy division.

"In our upcoming fourth quarter earnings conference call, the management team will provide greater details regarding our initiatives to drive operating margin and front-end store gross profit," Shore continued. "These initiatives will complement our pharmacy programs in place for 2015."

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