Fred’s Reports August Sales
August 31 2017 - 7:45AM
Business Wire
August comparable store sales decreased
0.5%
Pharmacy comps continue to trend positively;
GDR increased 105 basis points
Fred’s, Inc. (“Fred’s”, “Fred’s Pharmacy” or the “Company”)
(NASDAQ:FRED) today reported sales for the four-week fiscal month
of August, which ended August 26, 2017.
Fred’s total sales for the month decreased to $153.0 million
from $159.7 million in August 2016. The decrease in total sales is
related primarily to the closure of 39 underperforming stores in
the first quarter. Total comparable store sales for the month saw a
slight decrease of 0.5%, compared with a 3.0% decrease in
comparable sales in the prior year period. Comparable store sales
for August were negatively impacted by the continued increase in
Generic Dispensing Rate as well as a 0.5% impact from the sale of
low productive discontinued inventory versus August of last
year.
Michael K. Bloom, Chief Executive Officer, said, “Total
comparable store sales for August show continued improvement from
trends over the past 12 months, and overall pharmacy comps remained
positive in August. Front Store showed positive comp growth in our
General Merchandise, Healthcare and Beauty categories, which were
offset by market headwinds in the core consumables categories. We
are encouraged by the momentum resulting from the turnaround
efforts that are under way.”
About Fred’s Pharmacy
Tracing its history back to an original store in Coldwater,
Mississippi, opened in 1947, today Fred’s Pharmacy is headquartered
in Memphis, Tennessee, and operates 600 pharmacy and general
merchandise stores, which includes 14 franchised Fred’s Pharmacy
locations and an additional three specialty pharmacy-only
locations. With a unique store format and strategy that combines
the best elements of a healthcare-focused drug store with a
value-focused retailer, Fred’s Pharmacy stores offer more than
12,000 frequently purchased items that address the healthcare and
everyday needs of its customers and patients. This includes
nationally recognized brands, proprietary Fred’s Pharmacy label
products, and a full range of value-priced selections. The Company
has two distribution centers, one in Memphis, Tennessee, and
Dublin, Georgia.
For more information about the Company, visit Fred’s website at
www.fredsinc.com.
Forward-Looking Statements
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. A reader can identify
forward-looking statements because they are not limited to
historical facts or they use such words as "outlook," "guidance,"
"may," "should," "could," "believe," "anticipate," "plan,"
"expect," "estimate," "forecast," "goal," "intend," "committed,"
"continue," or "will likely result" and similar expressions that
concern the Company's strategy, plans, intentions or beliefs about
future occurrences or results. These risks and uncertainties
include, but are not limited to, those associated with the
Company's announced strategic plan, the success of announced
acquisition activities and future growth trends in businesses
acquired; 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; cyber-security threats;
costs and delays in acquiring or developing new store sites; and
the factors listed under "Risk Factors" in the Company's most
recent Annual Report on Form 10-K and any subsequent quarterly
filings on Form 10-Q filed with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date
made. The Company 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170831005419/en/
Fred's PharmacyJason Jenne, 901-238-2787Executive Vice
President, Chief Financial OfficerorJoele Frank, Wilkinson Brimmer
KatcherEd Trissel / Dan Moore, 212-355-4449
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