For the month of August, Fred’s Inc. posted a sales increase of 12% to $165.6 million versus last year’s period. Comparable store sales gained 1.2%, the company reported.
With $5.6 million from last year’s August sales related to 54 subsequently closed locations included, total sales increased 17% for the month, the retailer stated.
Jerry Shore, Fred’s CEO, said, “We are pleased with the company’s solid sales performance in August, as total and comparable store sales were in line with the outlook we discussed on our earnings call last week. These results reflected improved sales in our pharmacy department, both specialty and retail, as well as continued progress in general merchandise departments, which faced tough comparisons against August last year. Strong general merchandise departments included back-to-school categories of stationery and apparel, as well as health and beauty, toys, and domestics.”
Fred’s operates 661 discount general merchandise stores as well as three specialty pharmacy-only locations in the southeastern United States.