Fred's (FRED) June Comps Up 4.5%
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Fred's Inc. (NASDAQ: FRED) June comparable store sales for the month increased 4.5% versus a decrease of 4.0% in the same period last year. Total sales for the month increased 3% to $187.7 million from $182.6 million in June 2012.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased to report a significant improvement in comparable store sales for June, which exceeded our expectations and reflected increased customer traffic and higher transaction amounts, coupled with the benefit of the calendar shift early in the month. Our general merchandise initiatives in June focused on driving customer traffic through promotions of consumables. In addition, improved weather conditions throughout our markets also were favorable to the Lawn & Garden, Summer Toys, and Seasonal departments, which are now expected to be on plan for this quarter. The trend in pharmacy department sales also shifted in June as comparable stores turned positive for the first time in 10 months, and the department continued to experience positive script growth. Our reconfiguration plan initiatives continue to gain traction, and, based on the results of the first two months of the quarter, we remain confident that our second quarter earnings will be in the range previously forecasted."
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased to report a significant improvement in comparable store sales for June, which exceeded our expectations and reflected increased customer traffic and higher transaction amounts, coupled with the benefit of the calendar shift early in the month. Our general merchandise initiatives in June focused on driving customer traffic through promotions of consumables. In addition, improved weather conditions throughout our markets also were favorable to the Lawn & Garden, Summer Toys, and Seasonal departments, which are now expected to be on plan for this quarter. The trend in pharmacy department sales also shifted in June as comparable stores turned positive for the first time in 10 months, and the department continued to experience positive script growth. Our reconfiguration plan initiatives continue to gain traction, and, based on the results of the first two months of the quarter, we remain confident that our second quarter earnings will be in the range previously forecasted."
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