Financial News

MEMPHIS — Fred's reported that its November sales rose 4% for the four-week fiscal month period ended Nov. 26.

Total sales were $152.1 million, up from $146.1 million in November 2010. Comparable-store sales for the month rose 1.5% on top of an increase of 4.7% in the same period last year, Fred's said.

During the month, Fred's opened five new express pharmacy locations.

MEMPHIS, Tenn. — Fred's on Thursday reported sales of $152.1 million, up 4%, for the four-week fiscal month ended Nov. 26. Comparable store sales for the month rose 1.5% on top of an increase of 4.7% in the same period last year.

ISSAQUAH, Wash. — The nation’s leading warehouse club operator maintained its momentum in November by posting a 6% increase in same-store sales at U.S. clubs, excluding the beneficial effect of higher year-over-year gas prices.

PLEASANTON, Calif. — The board of directors at Safeway announced that it has increased the authorized level of the company's stock repurchase program by $1 billion.

With this boost, the program now totals $8 billion.

Through the end of the third quarter 2011, Safeway had repurchased about $6.1 billion of its stock and had approximately $900 million remaining under its stock repurchase program, the retailer noted.

NEW YORK — Pfizer will acquire a San Diego-based drug maker focused on treatments for skin scarring, the company said Tuesday.

Pfizer said it would buy privately owned Excaliard Pharmaceuticals, whose lead product, EXC 001, is in phase-2 trials for skin scarring, also known as skin fibrosis, a result of surgical procedures. There currently are no Food and Drug Administration-approved treatments to reduce scar severity. Financial terms of the deal were not disclosed.

WILLIAMSVILLE, N.Y. — Regional supermarket chain Tops Markets reported a 3.6% increase in net sales for the period ended Oct. 8.

Third-quarter net sales rose $18.7 million to $538.6 million, the retailer said. Supermarket sales (excluding gasoline sales) totaled $491 million, up $7.5 million, or 1.5%, compared with the year-ago period.

MEMPHIS — Discount retailer Fred's realized positive third-quarter results, thanks to "strong customer traffic, higher gross margins in its general merchandise and pharmacy departments, as well as improved management of controllable operating costs," Fred's CEO Bruce Efird said.

Total sales for the retailer rose 2% to $444.4 million, compared with the year-ago period, while comparable-store sales were flat. Net income increased 16% to $9 million, compared with last year, while earnings per diluted share rose 20% to 24 cents.

MINNETONKA, Minn. — A UnitedHealth Group company announced its plans to acquire a sponsor of Medicare Advantage health plans in an all-cash transaction.