Consumables and pharmacy buoys Fred's June comps
MEMPHIS, Tenn. — Fred's Super Dollar reported $187.7 million in sales for the five weeks ended July 6, up 3% as compared to the same period a year ago. Comparable store sales for the month increased 4.5%.
"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," stated Bruce Efird, Fred's CEO. "The trend in pharmacy department sales also shifted in June as comparable stores turned positive for the first time in 10 months and the department continued to experience positive script growth," he said. "[And] our general merchandise initiatives in June focused on driving customer traffic through promotions of consumables. In addition, improved weather conditions throughout our markets also were favorable to the lawn and garden, summer toys and seasonal departments, which are now expected to be on plan for this quarter."
During the month, Fred's closed 20 stores and opened a net of two new stores and one new pharmacy location.