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Fred's Says Same-store Sales Improved In March

The Associated Press

MEMPHIS, Tenn. (AP) — Discount retailer and pharmacy chain Fred's Inc. said Thursday its same-store sales grew 1.9 percent in March, as customer traffic and spending increased.

Sales at locations open at least one year were stronger than analysts expected. Same-store sales are considered a key measurement of retailer health because they show results at older locations and not newly opened ones.

The company said traffic improved as people shopped for bargains due to the recession, and so did average spending and prescriptions in the pharmacy department.

Total sales decreased 1 percent, to $175.4 million from $177.7 million. In the last year, Fred's has closed 74 stores and 22 pharmacies, leaving it with 666 stores.