Fred's monthly sales up 5%

MEMPHIS Fred's reported that total sales for the month increased 5% to $183.5 million from $175.5 million in March 2009.

Comparable-store sales for the month rose 3.6% on top of an increase of 1.9% in the same period last year.

Commenting on the announcement, Bruce Efird, CEO, said, "We are pleased that March sales came in at the high end of our projections. As anticipated, March sales benefitted from the Easter holiday calendar shift, which pulled sales forward into March at April's expense. The results also reflected the beginning of our 2010 sales-driving initiatives, designed to strengthen traffic in our stores and enhance Fred's shopping experience. Although customers remained cautious as the month progressed, we saw a strong showing from our Core Five Program and softlines toward the end of the month. Additionally, we completed the successful roll-out of key national brand products in March, as well as several store remodels and upgrades."