Fred's discloses Q3 earnings

MEMPHIS, Tenn. Fred's on Wednesday reported $434.9 million in sales, up 3% for the third quarter ended Oct. 30. Comparable-store sales for the quarter increased 1.5%, compared with a 1% increase in the third quarter last year.

“We are pleased by the positive trends in Fred's October sales mix and customer traffic, reflecting the ongoing success of our 2010 initiatives,” stated Bruce Efird, Fred’s CEO. “Pharmacy-comparable sales increased less than we planned due to a lower average script price, driven by utilization of generics, which offset on-plan increases in comparable script counts,” he said. “A significant feature of our performance initiatives for the year involves our upgrade and remodel program, and through the third quarter we have upgraded and remodeled 190 stores."