Fred's (FRED) Jan. Comps Rose 4.3%

Fred's (NASDAQ: FRED) reported sales for the four-week fiscal month of January, fourth quarter and year ended January 31, 2015.

Fred's total sales for the month increased 3% to $138.8 million from $134.7 million in January 2014. Comparable store sales for the month increased 4.3% versus a decrease of 1.8% for the same period last year. Total sales reflect the closing of 47 stores, or 7% of total stores, during the fourth quarter, which is in line with the Company's reconfiguration plan.

Total sales for the fourth quarter of 2014 increased 2% to $503.6 million versus $495.0 million in the year-earlier quarter. Comparable store sales for the fourth quarter were flat compared with an increase of 0.1% in the fourth quarter last year.

Fred's total sales for fiscal 2014 increased 2% to $1.969 billion from $1.939 billion for the same period last year. On a comparable store basis, fiscal 2014 decreased 0.6% versus an increase of 0.6% for the year-earlier period.

Commenting on the announcement, Jerry A. Shore, Chief Executive Officer, said, "As we ended fiscal 2014, we were pleased that comparable store sales reached the high end of our January plan and that customer traffic turned positive. Favorable weather conditions during the month helped as we experienced a well-balanced sales mix throughout our general merchandise departments, led by health and beauty aids, hardware, toys, housewares, domestics, infants, and hosiery. The pharmacy department also continued to perform strongly, with growth in both scripts and sales aided by the seasonal influenza.

"We are focused on implementing the process improvement initiatives outlined over the past few months, designed to restore traffic, control inventory, and promote profitability at Fred's," Shore continued. "The key drivers for success in 2015 will be a greater emphasis on our pharmacy department and specialty pharmacy division expansion, along with upgrading to the need-it-now convenience model. Our new management is excited and has the entire team looking forward to 2015 and growing Fred's business."

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