Fred's March Comps. Up 1.8%; Total Sales Rise 11% - Quick Facts

(RTTNews) - Fred's Inc. (FRED) reported that its comparable store sales for the month of March rose 1.8 percent, compared to an increase of 1.9 percent for the year-earlier period.

Total sales for the month increased 11 percent to $214.4 million from $193.6 million in the year-ago period.

Fred's total sales for the first two months of fiscal 2016 increased 11 percent to $385.8 million from $346.8 million for the same period last year. On a comparable store basis, year-to-date sales increased 1.3 percent, versus an increase of 0.9 percent for the year-earlier period.

Jerry Shore, Chief Executive Officer, said, "We are pleased to report that total March sales increased at the high end of our guidance, while comparable stores sales came in near the midrange. Much of the total increase can be attributed to the April 2015 acquisition of EntrustRx specialty pharmacy. Next month, we begin cycling the acquisition and in May, total sales comparisons will be normalized."