Comparable-Store Sales at Fred's Worsen
13 Septembre 2018 - 1:24PM
Dow Jones News
By Allison Prang
Fred's Inc. (FRED) said Thursday sales worsened in the quarter
as the company reported a larger loss amid less circular
marketing.
The Memphis, Tenn.-based retailer said comparable-store sales
fell 3.5% in its second quarter, compared to a 3% decline the same
period last year. Most of that decline was attributed to a 6.1%
drop in front-store sales, which Fred's said came from "a
significant reduction in circular marketing." Retail pharmacy sales
fell 0.5%.
Net sales at the company fell 4.3% to $419.7 million.
Fred's reported a quarterly loss of $32.3 million, compared to
$29.5 million in the comparable quarter a year ago. The company's
bottom line was impacted by a $9.4 million net loss from
discontinued operations. In the comparable quarter a year ago, its
net loss from discontinued operations was $600,000.
Fred's reported a net loss from continuing operations of 62
cents a share compared to a net loss of 77 cents a share in the
year-ago period.
Fred's operates primarily in the southeastern U.S. and sells
merchandise from small appliances to groceries and medicine.
Pharmacy operations represent a significant chunk of overall
sales.
Earlier this week, Fred's shares surged after Walgreens Boots
Alliance Inc. (WBA) agreed to acquire patient prescription files
and the related pharmacy inventory of 185 Fred's stores across 10
Southeastern states.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
September 13, 2018 07:09 ET (11:09 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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