Fred's (FRED) Comps Up 1.3% for December 2009
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Fred's Inc. (NASDAQ: FRED) today reported sales for the five-week fiscal month of December and the 11-month period ended January 2, 2010.
Fred's total sales for the month were $209.3 million, up 4% from $201.4 million in December 2008. Comparable store sales for the month increased 1.3% versus flat comparable store sales in the same period last year.
Total sales for the year-to-date period were $1.663 billion, down 1% from $1.673 billion in the year-earlier period. Excluding closed stores, total sales from ongoing stores increased 1% in the 2009 year-to-date period versus the same period last year. On a comparable store basis, sales increased 0.5% through the first 11 months of fiscal 2009 versus an increase of 2.2% in the year-earlier period.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased with Fred's December sales performance, especially considering the tough consumer environment that persists, as comparable store sales for the month rebounded. Several key factors contributed to these positive results, including improved customer traffic, continued pharmacy department script growth, and better clearance of seasonal inventory. Also, we successfully executed our expanded layaway program, experiencing an increase of approximately 320% over last year and meeting our expectations for the program. This progress, combined with better merchandise planning, allowed us to reduce our per-store inventory at the end of December 7% from the year-earlier level. As we approach the end of fiscal 2009, Fred's is well prepared to take advantage of several opportunities, setting the stage for a successful 2010."
Fred's total sales for the month were $209.3 million, up 4% from $201.4 million in December 2008. Comparable store sales for the month increased 1.3% versus flat comparable store sales in the same period last year.
Total sales for the year-to-date period were $1.663 billion, down 1% from $1.673 billion in the year-earlier period. Excluding closed stores, total sales from ongoing stores increased 1% in the 2009 year-to-date period versus the same period last year. On a comparable store basis, sales increased 0.5% through the first 11 months of fiscal 2009 versus an increase of 2.2% in the year-earlier period.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased with Fred's December sales performance, especially considering the tough consumer environment that persists, as comparable store sales for the month rebounded. Several key factors contributed to these positive results, including improved customer traffic, continued pharmacy department script growth, and better clearance of seasonal inventory. Also, we successfully executed our expanded layaway program, experiencing an increase of approximately 320% over last year and meeting our expectations for the program. This progress, combined with better merchandise planning, allowed us to reduce our per-store inventory at the end of December 7% from the year-earlier level. As we approach the end of fiscal 2009, Fred's is well prepared to take advantage of several opportunities, setting the stage for a successful 2010."
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