Improving weather, tax returns benefit Fred’s

MEMPHIS — Fred's on Thursday posted a 2% increase in sales totaling $153.6 million for the four weeks ended Feb. 26. Comparable-store sales for the month rose 0.9% versus an increase of 2% in the same period last year.

"February sales were on plan in spite of harsh weather early in the month,” stated Fred’s CEO Bruce Efird. “As February progressed, with the weather rebounding and customers beginning to receive tax refunds, both customer traffic and sales improved. Overall, we were pleased to see strengthening sales in the last half of February, reflecting a balanced mix of increased customer traffic and an uptick in the average purchase amount."