Thursday October 10th, 2013 - 1:53PM
Today, Fred's Inc. posted a total sales increase of 4% in September to $177.3 million versus the month last year. Comparable store sales gained 2.8% over results in September 2012.
In comments on the sales announcement, Bruce Efird, Fred’s CEO, said, "We are pleased to report that Fred's 2.8% comparable store sales increase for September was at the high end of our projected range. This improvement reflected ongoing positive trends in our general merchandise and pharmacy departments. We continue to experience success from our reconfiguration plan, as the pharmacy department comparable store sales and script growth were key to this month's performance."
Efird stated that Fred's rolled out its reconfiguration plan, including Hometown Auto & Hardware and expanded Health Aids departments, to an additional 95 stores during September. To date, 320 stores have been reconfigured, representing 47% of the chain.
During the month, Fred's opened two stores and three Xpress pharmacy locations. The company operates 702 discount general merchandise stores, including 21 franchised Fred's locations, in the southeastern United States.