Fred's Q1 sales rise 3%

MEMPHIS, Tenn. Fred's on Wednesday registered a 3% increase to $471.7 million in sales for the first quarter ended May 1.

On a comparable store basis, year-to-date sales increased 2.2%, compared with an increase of 2.8% in the same period last year.

“With Easter sales shifting forward from April and the extraordinarily harsh weather experienced over the Southeast during the last two weeks of the month, we are pleased to deliver positive comparable-store sales for April,” stated Bruce Efird, CEO, referencing a 0.6% lift in same-store sales for the month of April. “Our comparable-store sales growth largely has reflected higher customer tickets, underscoring the continued success of recently implemented sales-driving initiatives. Considering this top-line growth for the quarter, and with continued improvement in our operating controls, we are well-positioned to meet the upper end of our financial guidance for the first quarter and are optimistic that Fred's can continue this progress during the balance of the year."

During the quarter, Fred's opened one store and five pharmacies.