MEMPHIS, Tenn.--(BUSINESS WIRE)--
Fred's, Inc. (NASDAQ:FRED) today reported sales for the four-week month
of May, which ended May 31, 2014.
Fred's total sales for the month were $151.9 million, approximately flat
with $152.3 million in May 2013. Comparable store sales for the month
declined 0.4% compared with a 0.5% decrease in the same period last year.
Fred's total sales for the first four months of fiscal 2014 decreased
0.6% to $650.2 million compared with $653.8 million for the same period
last year. On a comparable store basis, year-to-date sales declined 1.5%
versus a 1.1% decrease for the year-earlier period.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer,
said, "Although comparable store sales declined slightly in May, we were
pleased to see sales strengthen in the last week of the month with the
impact of the first ad in our new marketing and branding program. As we
covered on our recent conference call, this new marketing and branding
program is designed to increase traffic and heighten customer awareness
of our category diversity in the face of competition. The initial
results were encouraging, and we think this new program will be
effective in driving traffic and sales growth as we work toward full
implementation of the marketing program by mid-July. Together with the
updating of our store layout to emphasize the convenience advantages of
our 15,000-square-foot store, it will better position Fred's to serve
more of the need-based categories and provide customers with faster and
easier shopping experiences."
Fred's, Inc. operates 704 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. 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 ultimate terms of the reworked
pharmacy distribution agreement, lease buyouts and the underlying
assumptions and projections upon which they are based, as well as risks
that intended results may not be achieved or may not occur as quickly as
expected; 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 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.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 Commission.
Source: Fred's Inc.