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Fred's makes strides in July, Q2

Retail Editor 5 -- Home Textiles Today, August 8, 2013

Memphis, Tenn. - Fred's Inc. saw its recent sales and comps momentum continue through July.

Fred's total sales for July, a four-week period ended Aug. 3, rose 4% to $142.2 million, and same-store sales were up 2.5% on top of an increase of 1.2% in the same period last year.

Second quarter total sales grew 2% to $482.3 million, and comps increased 2.2% compared to a 1.0% decline last year.

Year to date, Fred's total sales inched up 1% to $983.8 million, while comps made a small turnaround, increasing 0.5% versus the year-ago's 0.5% decline.

"July sales marked a continuation of positive trends in comparable store sales as both general merchandising and the pharmacy departments contributed equally to the month's increase, a balance we plan to maintain for the remainder of the year," said Bruce Efird, ceo.


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