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June Same-Store Sales Top Street Estimates (Update 1)

Geographically, June sales were strongest in the Southeast, Texas, Florida and the Gulf States, while the Midwest, Northeast and California performed lower than the overall chain.

"Our June comparable store sales increase of 6.5% continues our strong sales trend," CEO Jay Stein said in a statement. "I am pleased with our momentum and the great merchandise we have in our stores."

Discount retailer Fred's (FRED) said comparable store sales for the month rose 4.5% versus a decline of 4% in the same period last year. Total monthly sales rose 3% to $187.7 million.

"We are pleased to report a significant improvement in comparable store sales for June, which exceeded our expectations and reflected increased customer traffic and higher transaction amounts, coupled with the benefit of the calendar shift early in the month," CEO Bruce A. Efird said in a statement. "Our general merchandise initiatives in June focused on driving customer traffic through promotions of consumables."

Efird also said that sales improved as a result of better weather which favorably affected sales within lawn and garden, summer toys and seasonal departments, "which are now expected to be on plan for this quarter" combined with positive sales in its pharmacy department for the first time in 10 months.

"Our reconfiguration plan initiatives continue to gain traction, and, based on the results of the first two months of the quarter, we remain confident that our second quarter earnings will be in the range previously forecasted," Efird said.

Other retailers didn't fare as well.

L Brands (LTD), owner of Victoria's Secret and Bath and Body Works, reported flat June comp sales as compared to June 2012. L Brands said net sales of $1.10 billion for the five weeks ending July 6 rose 2.2% compared to the year-earlier period.
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