Fred's April Comps. Up 0.3%; Total Sales Rise 1% - Quick Facts

(RTTNews) - Fred's Inc. (FRED) reported that its comparable store sales for the month of April 2016 rose 0.3 percent, compared to an increase of 0.7 percent for the year-earlier period.

Total sales for the month increased 1 percent to $163.4 million from $162.2 million in April 2015.

For the first quarter of fiscal 2016, Fred's comparable store sales increased 1.0 percent, compared to an increase of 0.8 percent in the year-ago period. Total sales for the quarter rose 8 percent to $549.0 million from $509.0 million in the same period last year.

The company expects earnings for the first quarter to be within its guidance range.

Jerry Shore, Chief Executive Officer, said, "First quarter total sales and comparable store sales were at the low end of our guidance, primarily as a result of lower-than-anticipated average script price on pharmaceuticals and the impact of severe weather on the front of the store, especially in April. Despite heavy rains and flooding in many of our core markets, Fred's April sales reflected a good mix across most product departments, continuing a trend we have observed since mid-2015."