Fred's (FRED) Misses Q3 EPS by 29c
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Fred’s Inc. Announces the Cancellation of the Dividend, an Update to the Share Repurchase Program and a Review of Alternatives for Certain Non-Core Assets
December 6, 2017 7:01 AM ESTMEMPHIS, Tenn.--(BUSINESS WIRE)-- Freds, Inc. (Freds or Company) (NASDAQ: FRED) today announced that its board of directors (the Board) has cancelled its quarterly cash dividend in order to retain free cash flow for debt reductions, share repurchases and other general corporate purposes. The declaration of future cash dividends will be subject to the discretion of the Board based on a number of factors, including but not limited to, the Companys financial performance, its available cash resources, capital requirements and its investment opportunities.
In connection with the cancellation of the dividend the... More
Fred’s Inc. Reports Third Quarter 2017 Results
December 6, 2017 7:00 AM ESTAccelerating strategic turnaround; focused on driving traffic, reducing SG&A, generating free cash flow and lowering debt
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Freds Inc. (Freds or Company) (NASDAQ: FRED) today reported financial results for the third quarter and nine months ended October 28, 2017.
For the third quarter ended October 28, 2017, Freds recorded a net loss of approximately $51.8 million or $1.38 per share, which included the following charges totaling $45.0 million, or $0.96 per share after tax:
$20.1 million or $0.53 per share for a valuation allowance against the Company's deferred tax asset resulting from the pretax... More