Fred's posts solid April results but flat for Q1
MEMPHIS, Tenn. — Fred's Super Dollar on Tuesday posted a slight 0.2% sales gain for its first quarter ended May 4, to $501.4 million. Comparable store-sales for the quarter were down 1.3%.
For the month of April (four weeks ended May 4), Fred's total sales increased 3% to $152.2 million. Comparable store sales for the month increased 1.2% comparatively.
"We are pleased that April sales came in at the high end of our expectations," stated Bruce Efird, Fred's CEO. "A solid comparable store sales performance in our general merchandise departments, despite the poor weather conditions, more than offset the ongoing negative impact of the shift from branded to generic drugs," he said. "During the month, we also experienced an increase in customer traffic and made good progress with our plan to improve our sales mix, with a greater proportion coming from higher margin product departments."
During the first quarter, Fred’s opened one new store and three pharmacy locations and closed one store.