Fred's reports decrease in November sales

MEMPHIS, Tenn. Deep discounter Fred's on Thursday reported a 2% sales decline to $138.3 million for the four weeks ended Nov. 28. Comparable-store sales for the month were down 3.3%, versus a decline of 1.8% in the same period last year.

"During November, we saw a continuation of trends, both positive and negative, that have shaped our sales results for several months,” stated Bruce Efird, Fred’s CEO. “Our pharmacy department turned in another solid performance based on strong script growth and member gains in our Prescription Plus Program. Countering this, consumers remained very cautious in their spending because of economic and employment concerns, and utilized layaways to a much greater extent than last year, deferring recognition of those sales until December.”

Efird noted that in the current retail climate promotional efforts do not drive sales as much as they may have in the past. "More than in past years, consumers seem to be delaying purchase decisions until later into the season," Efird said.

During November, Fred's opened one store and two pharmacies.