Fred's continues on transformation pathway with 0.8% lift in May comps

MEMPHIS, Tenn. — Fred’s on Thursday reported a 3.1% decline in total sales for the four-week fiscal month of May, which ended May 27, 2017, to $160.1 million. The decrease in sales is related to the closure of 39 underperforming stores in the first quarter, the company reported.



“This month we continued to deliver on our 2017 goals and execute our healthcare transformation," stated Michael Bloom, Fred's CEO. "We are pleased with our performance in the month, with total comparable store sales for May increasing 0.8% compared with the prior year. We are seeing substantial momentum in our retail and specialty pharmacy businesses, creating opportunities for growth throughout the company."



Comparable store sales for May included a negative 1% impact as a result of the sale of low productive discontinued inventory versus May of last year.