Memphis, Tenn. Fred's on Thursday reported fiscal first-quarter improvements, with a profit increase of 18% to $8.6 million.
Total sales dipped 1% for the quarter, to $458.4 million, impacted by the closing of 97 underperforming stores and pharmacies. Excluding the closings, total sales from ongoing stores rose 5% for the quarter.
During the first quarter, Fred's opened three new stores and three new pharmacies. Also, Fred's closed three pharmacies in the first quarter.
According to Bruce A. Efird, CEO, Fred’s will launch an enhanced store prototype in approximately 16 new and remodeled stores during the second quarter.