Fred's February Comps. And Total Sales Down - Quick Facts

(RTTNews) - Fred's Inc. (FRED) said that comparable store sales for the month of February decreased 2.2% compared with a decrease of 1.5% in the prior-year period. Total sales for the month were $157.5 million down from $159.0 million in the same month last year.

Bruce Efird, Chief Executive Officer, said,"Extreme cold temperatures, ice and snow across the southeast during February were major factors behind the lower-than-expected comparable store sales for the month. Like January, this weather disrupted consumer shopping trends, resulting in store closings and reduced operating hours at a significant number of our locations. Despite the weather, we continued to see positive comparable store sales during February in the Hometown Auto & Hardware, Pet, and Pharmacy departments."

The company stated that, during March and April, it will continue to implement our reconfiguration plan in 60 to 80 stores with the Hometown Auto & Hardware department and seasonal expansions.

In the pharmacy department, the company said it will continue to accelerate new pharmacy acquisitions and focus on its plan for EIRIS Health Services, Fred's specialty pharmacy unit, which is experiencing solid script and sales growth in this fast-expanding segment of the pharmacy industry.