Fred's Dec. Comps. Climb 1.4% On Strong Performance Of Pharmacy Dept.

(RTTNews) - Discount retailer Fred's Inc. (FRED) said its December comparable store sales rose 1.4% on the continued strength of its pharmacy department, versus a 4.2% decline in the prior year. Five-week total sales were essentially flat at $209.5 million, the company said.

For the year-to-date period, Fred's total sales went up 1% to $1.805 billion, from last year's $1.78 billion. On a comparable-store basis, year-to-date sales grew by 0.9%, versus a 1.4% drop a year earlier.

Additionally, the company is promoting Jerry Shore to the Chief Operating Officer post, who would also continue his roles as Chief Financial Officer. Further, the board has retained BofA Merrill Lynch and Peter J. Solomon Company to review strategic opportunities to enhance shareholder value.

In December, Fred's opened two stores with pharmacies and two Xpress pharmacy locations.