Fred's (FRED) Comps Up 3.6% in March 2010
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Fred's Inc. (NASDAQ: FRED) today reported sales for the five-week fiscal month of March, which ended April 3, 2010.
Fred's total sales for the month increased 5% to $183.5 million from $175.5 million in March 2009. Comparable store sales for the month rose 3.6% on top of an increase of 1.9% in the same period last year.
Fred's total sales for the first two months of fiscal 2010 increased 4% to $334.1 million compared with $321.8 million for the same period last year. On a comparable store basis, year-to-date sales increased 2.9% compared with an increase of 1.9% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased that March sales came in at the high end of our projections. As anticipated, March sales benefitted from the Easter holiday calendar shift, which pulled sales forward into March at April's expense. The results also reflected the beginning of our 2010 sales-driving initiatives, designed to strengthen traffic in our stores and enhance Fred's shopping experience. Although customers remained cautious as the month progressed, we saw a strong showing from our Core Five Program and softlines toward the end of the month. Additionally, we completed the successful roll-out of key national brand products in March, as well as several store remodels and upgrades."
Fred's total sales for the month increased 5% to $183.5 million from $175.5 million in March 2009. Comparable store sales for the month rose 3.6% on top of an increase of 1.9% in the same period last year.
Fred's total sales for the first two months of fiscal 2010 increased 4% to $334.1 million compared with $321.8 million for the same period last year. On a comparable store basis, year-to-date sales increased 2.9% compared with an increase of 1.9% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "We are pleased that March sales came in at the high end of our projections. As anticipated, March sales benefitted from the Easter holiday calendar shift, which pulled sales forward into March at April's expense. The results also reflected the beginning of our 2010 sales-driving initiatives, designed to strengthen traffic in our stores and enhance Fred's shopping experience. Although customers remained cautious as the month progressed, we saw a strong showing from our Core Five Program and softlines toward the end of the month. Additionally, we completed the successful roll-out of key national brand products in March, as well as several store remodels and upgrades."
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