Fred's July Comps. Down 0.1% - Quick Facts

(RTTNews) - Fred's, Inc. (FRED) reported that the company's Pharmacy's total sales for the month decreased 3.5% year-over-year to $150.5 million from $155.9 million in July 2016. The company said the decrease in sales is related primarily to the closure of 39 underperforming stores in the first quarter. Total comparable store sales decreased 0.1%. Comparable store sales for July included a negative 0.6% impact as a result of the sale of low productive discontinued inventory versus July of last year.

For the quarter ended July 29, 2017, Fred's Pharmacy's total sales decreased 4.2% year-over-year to $507.4 million from $529.5 million in the same period last year; related primarily to the shift from brand to generic scripts as well as the closure of underperforming stores. Total comparable store sales for the quarter decreased 0.3%. Comparable store sales for the quarter included a negative 0.8% impact as a result of the sale of low productive discontinued inventory versus second quarter last year.