Fred's Inc. (FRED) Reports June Same-Store Sales
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Fred's Inc. (NASDAQ: FRED) reported record sales for the five-week fiscal month of June, which ended July 7, 2007, versus the five-week period last year that ended July 1, 2006.
Fred's total sales for June rose 4% to $166.2 million from $160.2 million in the same month last year. Comparable store sales for the month increased 1.5% versus an increase of 2.6% in June 2006.
Total sales for the first five months of fiscal 2007 increased to $740.8 million, up 5% from $704.5 million in the year-earlier period. On a comparable store basis, year-to-date sales increased 1.5% versus the same period last year, when Fred's posted a 2.4% gain in comparable store sales.
During June, Fred's opened one new store, no pharmacies, and closed five stores. For the full year of fiscal 2007, Fred's has opened 13 new stores, eight pharmacies and closed 16 stores and four pharmacies to date and plans to open 30 to 35 new stores, 15 to 25 new pharmacies, and expects to close 20 to 25 stores, netting growth in selling square footage in the range of 1% to 3% for the year.
Fred's total sales for June rose 4% to $166.2 million from $160.2 million in the same month last year. Comparable store sales for the month increased 1.5% versus an increase of 2.6% in June 2006.
Total sales for the first five months of fiscal 2007 increased to $740.8 million, up 5% from $704.5 million in the year-earlier period. On a comparable store basis, year-to-date sales increased 1.5% versus the same period last year, when Fred's posted a 2.4% gain in comparable store sales.
During June, Fred's opened one new store, no pharmacies, and closed five stores. For the full year of fiscal 2007, Fred's has opened 13 new stores, eight pharmacies and closed 16 stores and four pharmacies to date and plans to open 30 to 35 new stores, 15 to 25 new pharmacies, and expects to close 20 to 25 stores, netting growth in selling square footage in the range of 1% to 3% for the year.
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