Fred's Reports November Sales
MEMPHIS, Tenn. -- December 4, 2013
Fred's Inc. (NASDAQ: FRED) today reported higher sales for the four-week
fiscal month of November and the 10-month year-to-date period ended
Fred's total sales for the month increased 1% to $151.5 million, slightly
above sales of $150.3million in November 2012. Comparable store sales for the
month were flat versus a decline of 3.6% in the same period last year.
Fred's total sales for the year-to-date period increased 1% to $1.596 billion
compared with $1.573 billion for the same period last year. On a comparable
store basis, year-to-date sales increased 1% versus a decline of 1.1% in the
same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said,
"November comparable store sales tracked with the guidance we provided during
last week's third quarter conference call. The environment was as competitive
as expected and the later Thanksgiving holiday had a negative impact on sales.
As anticipated, our pharmacy department continued to perform well during the
month. We also saw strong performances in several other departments, including
Hometown Auto & Hardware, Pets, Small Appliances, and Consumables.
"Entering December, our stores are in great shape from a merchandise and
operational execution standpoint," Efird continued. "We remain confident in
the plans we laid out for the end of the year that will drive positive sales
during the remainder of the quarter."
During the month, Fred's opened one store and closed four stores and one
Xpress pharmacy 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
Jerry A. Shore, 901-362-3733, Ext. 2217
Executive Vice President and Chief Financial Officer
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