Sales, comps rise for Fred's in July

MEMPHIS, Tenn. — Fred's on Wednesday posted a 5% increase in total sales for the four-week period ended July 28 to $136.7 million, the discount retailer announced.

Comparable-store sales for the month increased 1.2%, versus a decrease of 0.5% in the same period last year.

"The increase for the month primarily reflected promotions aimed at driving customer traffic, which worked well for us and resulted in a significant improvement from recent months," Fred's CEO Bruce Efird said. Pharmacy was a standout in July, Efird added, with continued growth in script counts. "The sales performance of our newer stores and pharmacies continued to exceed expectations, extending a trend we have seen throughout this year."

Fred's total sales for the second quarter of fiscal 2012 increased 4% to $470.7 million. On a comparable-store basis, second quarter sales decreased 1%, compared with a decline of 0.4% in the same period last year.

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