MEMPHIS, Tenn. — Fred's on Thursday posted a same-store sales lift of 0.2% for the five weeks ended Jan. 1, compared with an increase of 1.3% in the same period last year. Fred's total sales for the month increased 1% to $210.6 million.
"Our strategy for December to drive profitability with lower promotional advertising and reduced markdowns resulted in a modest sales improvement, as expected,” stated Bruce Efird, Fred’s CEO. “We did experience softness in the pharmacy department sales, which trended lower as generic drugs reached a new high penetration level, driving the average prescription price lower and more than offsetting the sales gains from comparable-store scripts.”
During December, Fred’s opened two new stores and one additional pharmacy express store.