For the four weeks ended August 31, Fred’s Inc. today reported that sales were $140 million compared with $139.9 million in the year-earlier month. Comparable store sales for the month were flat versus August 2012.
Comps were in line with published analyst average expectations.
In comments on the announcement, Bruce Efird, CEO, 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 August, Fred’s opened a new Xpress pharmacy location and closed one store.
Currently Fred’s operates 697 discount general merchandise stores, including 21 franchised locations, in the southeastern United States.