Fred's (FRED) May Comps Decline 0.8%

Fred’s, Inc.(NASDAQ: FRED) today reported sales for the four-week fiscal month of May, which ended May 27, 2017.

Fred’s total sales for the month decreased 3.1% year-over-year to $160.1 million from $165.2 million in May 2016. The decrease in sales is related to the closure of 39 underperforming stores in the first quarter. Total comparable store sales for the month increased 0.8% compared with a 0.4% decrease in comparable sales in the prior year period. Comparable store sales for May included a negative 1.0% impact as a result of the sale of low productive discontinued inventory versus May of last year.

Commenting on the announcement, Michael K. Bloom, Chief Executive Officer, said, “This month we continued to deliver on our 2017 goals and execute our healthcare transformation. We are pleased with our performance in the month, with total comparable store sales for May increasing 0.8% compared with the prior year. We are seeing substantial momentum in our Retail and Specialty pharmacy businesses, creating opportunities for growth throughout the Company. In Retail Pharmacy, adjusted script comps are continuing to trend positively, while in the Specialty Pharmacy business we are consistently experiencing significant sales growth. We are confident in the ability of our leadership team and the entire Fred’s Pharmacy team to drive further operational improvement as we continue to build on the foundation we’ve laid for future growth and success.”

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