Fred's Super Dollar reports March sales of $191.2 million, up 1%

MEMPHIS, Tenn. — Fred's Super Dollar on Wednesday reported sales of $191.2 million, up 1%, for the five-week fiscal month of March ended April 5, 2014.

Comparable store sales for the month decreased 1.2% compared with a decrease of 3% in the prior-year period.

"As we discussed on our earnings conference call, March general merchandise sales would be challenged by the calendar shift of the Easter holiday from March last year to April this year, which was compounded by the continuing unseasonably cool weather we experienced across our market region," stated Bruce Efird, Fred's CEO. "Looking beyond the weather and Easter-shift challenges in general merchandise, we continue to be pleased with the positive performance of our reconfiguration departments, most notably auto, hardware and pharmacy. Looking ahead, we expect stronger sales in April, as our stores are well-prepared, and we look forward to the arrival of the spring season and the Easter holiday."  

Efird added that Fred's plans to retrofit approximately 70 stores during April, resulting in approximately 60% of the chain being reconfigured through first quarter 2014.

During March, Fred's opened one new store with a pharmacy and closed two stores without pharmacies.

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