Fred's Q3 Sales Rise 2% - Quick Facts

(RTTNews) - Fred's Inc. (FRED), Thursday reported third-quarter total sales of $460.5 million, up 2 percent from $450.6 million during the same period last year. Analysts polled by Thomson Reuters, expected the company to report revenues of $458.81 million for the quarter. Comparable store sales for the quarter rose 1.4 percent, compared with 2.5 percent decline last year.

Total sales were $143.4 million for the month of October, a 2 percent increase from $139.9 million last October. Comparable store sales for the month increased 0.8 percent, compared with a decline of 0.8 percent last year.

Looking ahead, the company said: "As a result of the October sales performance, we now expect third quarter earnings to be up 5% to 10% over last year," and added: "Forecasts for the upcoming holiday season project a very tough retail environment."