Just two days after reporting second-quarter results, Fred's posted August results. Improved sales and traffic in the month were driven, according to CEO Bruce A. Efird, by initiatives that the company implemented for the first time in August.
Total sales for the month increased 6% to $147.6 million from $139.4 million in August 2013. Comparable store sales for the month increased 2.3% compared with flat store sales in the same period last year.
“We saw ongoing improvements in virtually all general merchandise departments during August, and our pharmacy department continued to post strong growth in comparable scripts and sales,” said Efird. “Going forward in the third quarter, we will continue to transform Fred's based on the convenience/pharmacy-centric model we recently outlined, a strategy that brings clear advantages to our store operations and customers.”
During the month, Fred's opened three Xpress pharmacy locations.
Fred's operates 707 discount general merchandise stores, including 21 franchised Fred's stores, in the southeastern United States.