Store closings hinder Fred’s earnings
Home & Textiles Today Staff -- Home Textiles Today, August 29, 2008
Memphis, Tenn. – Charges for closing dozens of underperforming stores pushed Fred’s second-quarter profits down 66% to $1 million, or 3 cents per share.
The 664-unit deep discounter had announced earlier this year it would shutter 75 stores and 22 pharmacies. Excluding costs associated with the store base restructuring, net income was up 35% to $4.2 million, or 10 cents per share.
Sales rose 5% to $447.1 million, while comps rose 3.5%.
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