Fred's Inc. (NASDAQ:FRED) today reported sales for the four-week fiscal month and 10-month year-to-date period ended November 26, 2011.
Fred's total sales for the month increased 4% to $152.1 million from $146.1 million in November 2010. Comparable store sales for the month rose 1.5% on top of an increase of 4.7% in the same period last year.
Fred's total sales for the year-to-date period increased 2% to $1.534 billion compared with $1.502 billion for the same period last year. On a comparable store basis, year-to-date sales increased 0.8% on top of an increase of 2.4% in the same period last year.
Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "Lapping very strong sales in the year-earlier period and facing an extremely aggressive competitive environment, we are pleased with our overall sales performance for November. Comparable store sales growth, driven largely by increased customer traffic, continues to reflect the success of our sales and marketing initiatives. Our best-performing Core 5 departments during the month included Pet, Household Supplies, and Pharmacy. As Christmas nears, our stores are well stocked and our customers will find great values and strong merchandise selections to finalize their holiday shopping."During the month, Fred's opened five new express pharmacy locations. Fred's Inc. operates 688 discount general merchandise stores, including 22 franchised Fred's stores, in the southeastern United States. For more information about the Company, visit Fred's Website at www.fredsinc.com. Comments in this news release that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic trends, changes in consumer demand or purchase patterns, delays or interruptions in the flow of merchandise between the Company's distribution centers and its stores or between the Company's suppliers and same, a disruption in the Company's data processing services, costs and delays in acquiring or developing new store sites, and other contingencies discussed in the Company's Securities and Exchange Commission filings. Fred's undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.
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