Fred's June Comps Up 4.5%; Says Remains Confident On Q2 EPS View - Quick Facts

(RTTNews) - Fred's Inc. (FRED) reported Comparable store sales the five-week month of June, which ended July 6, 2013, increased 4.5% versus a decrease of 4.0% in the same period last year. Total sales for the month increased 3% to $187.7 million from $182.6 million in June 2012.

Fred's total sales for the first five months of fiscal 2013 increased 1% to $841.6 million compared with $835.1 million for the same period last year. On a comparable store basis, year-to-date sales were flat compared with a decrease of 0.8% for the year-earlier period.

The company said its reconfiguration plan initiatives continue to gain traction, and, based on the results of the first two months of the quarter, it remains confident that its second quarter earnings will be in the range previously forecasted. While announcing the first-quarter result, the company expected earnings per share for the second quarter of 2013 to be in the range of $0.06 to $0.09 compared with $0.17 last year. Analysts polled by Thomson Reuters expect the company to report earnings of $0.08 per share for the second-quarter. Analysts' estimates typically exclude special items.