Fred's January Comps Rise 4.3%, Sales Up 3%

(RTTNews) - Discount retailer Fred's Inc. (FRED) Wednesday said its total sales for January increased 3 percent to $138.8 million from $134.7 million in January 2014. Comparable store sales for the month increased 4.3 percent compared to a decrease of 1.8 percent for the same period last year.

Total sales reflect the closing of 47 stores, or 7 percent of total stores, during the fourth quarter, in line with the company's reconfiguration plan. During January, Fred's closed one Xpress location.

Total sales for the fourth quarter increased 2 percent to $503.6 million from $495.0 million in the year-earlier quarter. Comparable store sales were flat compared with an increase of 0.1 percent in the fourth quarter last year.

Jerry Shore, Chief Executive Officer, said, "…Favorable weather conditions during the month helped as we experienced a well-balanced sales mix throughout our general merchandise departments, led by health and beauty aids, hardware, toys, housewares, domestics, infants, and hosiery. The pharmacy department also continued to perform strongly, with growth in both scripts and sales aided by the seasonal influenza."