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MEMPHIS, Tenn. — Fred's Super Dollar on Thursday posted sales of $152.4 million, up 0.2%, for the four weeks ended June 1. Comparable store sales for the month decreased 0.5% compared with an increase of 1.3% in the same period last year.
"May comparable stores were consistent with the outlook we shared last week in connection with first quarter results," noted Bruce Efird, Fred's CEO. "Unseasonal cool and wet weather in May continued to have a negative impact on lawn and garden merchandise, summer toys and other seasonal departments. Additionally, the sales impact of the ongoing brand-to-generic conversion in the pharmacy department more than offset continued growth in script counts," he said. "We estimate that this shift reduced total and comparable store sales for the month by approximately 200 basis points."
The company's reconfiguration initiatives continue to gain traction as evidenced by overall positive comparable sales in general merchandise and the total script growth in the pharmacy department, Efird added.
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