Discount stores and pharmacies operator Fred's Inc. (FRED) reported Thursday a 3.3% decline in comparable store sales for November, compared to a 1.8% downslide last year. Sales for the month slipped 2% year-on-year. The Memphis, Tennessee headquartered Fred's total sales for the month were $138.3 million, down 2% from $141.8 million in the corresponding period last year. The company said robust performance at its pharmacy department was countered by cautious spending by consumers due to economic and employment concerns.
Commenting on the announcement, Bruce Efird, chief executive officer, said, " The competitive environment continues to be intense, and we were disappointed to see that our promotional efforts did not drive November sales to the extent we expected. The net effect of these mixed trends was ongoing pressure on our comparable store sales for the month."
Year-to-date, sales declined 1% to $1.453 billion from $1.471 billion in the corresponding period last year. Excluding closed stores, total sales from ongoing stores grew by 1% in the first 10 months of 2009 compared to the year-earlier period. On a comparable store basis, year-to-date sales increased 0.5% compared with 2.4% in the same period last year.
Fred's Inc. operates 667 discount general merchandise stores, including 24 franchised Fred's stores in the southeastern United States. During November, the company opened one store and two pharmacies.
FRED is currently up $0.02 or 0.21% and trades at $9.54.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.