Fred's (FRED) May Comps Fell 0.5%
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Fred's, Inc. (Nasdaq: FRED) reported sales for the four-week month of May, which ended June 1, 2013.
Fred's total sales for the month increased 0.2% to $152.4 million from $152.1 million in May 2012. Comparable store sales for the month decreased 0.5% compared with an increase of 1.3% in the same period last year.
Fred's total sales for the first four months of fiscal 2013 increased 0.2% to $653.9 million compared with $652.6 million for the same period last year. On a comparable store basis, year-to-date sales decreased 1.1% versus an increase of 0.1% for the year-earlier period.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "May comparable stores were consistent with the outlook we shared last week in connection with first quarter results. Unseasonal cool and wet weather in May continued to have a negative impact on lawn and garden merchandise, summer toys, and other seasonal departments. Additionally, the sales impact of the ongoing brand-to-generic conversion in the pharmacy department more than offset continued growth in script counts. We estimate that this shift reduced total and comparable store sales for the month by approximately 200 basis points. On balance, our results for May provide an encouraging start to the second quarter, and we are pleased that our reconfiguration initiatives continue to gain traction as seen in the overall positive comparable sales in our general merchandise and the total script growth in our pharmacy department."
Fred's total sales for the month increased 0.2% to $152.4 million from $152.1 million in May 2012. Comparable store sales for the month decreased 0.5% compared with an increase of 1.3% in the same period last year.
Fred's total sales for the first four months of fiscal 2013 increased 0.2% to $653.9 million compared with $652.6 million for the same period last year. On a comparable store basis, year-to-date sales decreased 1.1% versus an increase of 0.1% for the year-earlier period.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "May comparable stores were consistent with the outlook we shared last week in connection with first quarter results. Unseasonal cool and wet weather in May continued to have a negative impact on lawn and garden merchandise, summer toys, and other seasonal departments. Additionally, the sales impact of the ongoing brand-to-generic conversion in the pharmacy department more than offset continued growth in script counts. We estimate that this shift reduced total and comparable store sales for the month by approximately 200 basis points. On balance, our results for May provide an encouraging start to the second quarter, and we are pleased that our reconfiguration initiatives continue to gain traction as seen in the overall positive comparable sales in our general merchandise and the total script growth in our pharmacy department."
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