Fred's Reports August Sales
Fred's Reports August Sales
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Fred's Inc. (NAS: FRED) today reported sales for the four-week fiscal month and seven-month year-to-date period ended August 31, 2013.
Fred's total sales for the month were largely unchanged at $140.0 million compared with $139.9 million in August 2012. Comparable store sales for the month were approximately flat versus a decline of 2.8% in the same period last year.
Fred's total sales for the year-to-date period increased 1% to $1.124 billion compared with $1.111 billion for the same period last year. On a comparable store basis, year-to-date sales increased 0.5% versus a decline of 0.8% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "August comparable store sales were within the range of guidance we provided in our second quarter earnings release and conference call last week. Sales were adversely affected by an unfavorable calendar shift, with no first of the month in fiscal August. Despite this shift, several departments performed well in August, most notably Pharmacy, along with Hometown Auto & Hardware, Pet, Lawn & Garden, and most consumable product departments. Looking forward, we remain confident that the programs we have put in place, together with the aggressive rollout of our reconfiguration plan, will drive sales momentum during the remainder of the year."
During the month, Fred's opened a new Xpress pharmacy location and closed one store location.
Fred's, Inc. operates 697 discount general merchandise stores, including 21 franchised Fred's stores, in the southeastern United States. For more information about the Company, visit Fred's website at www.fredsinc.com.
Comments in this news release that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.These risks and uncertainties include, but are not limited to, general economic trends, changes in consumer demand or purchase patterns, delays or interruptions in the flow of merchandise between the Company's distribution centers and its stores or between the Company's suppliers and same, a disruption in the Company's data processing services, costs and delays in acquiring or developing new store sites, and other contingencies discussed in the Company's Securities and Exchange Commission filings.Fred's undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.
Jerry A. Shore, 901-362-3733, Ext. 2217
Executive Vice President and Chief Financial Officer
KEYWORDS: United States North America Tennessee
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