Fred's Inc. (FRED) reported that total sales for the month of January 2010 decreased 1% to $125.0 million from $126.2 million in the previous year period. Comparable store sales for the month declined 2.0% versus a 1.9% decline in comparable store sales for January 2009.
For the fourth quarter, total sales increased 1% to $472.9 million from $469.4 million in the year-earlier quarter. Comparable store sales for the fourth quarter decreased 0.9% compared with a decline of 1.1% in the last year quarter. On average, 10 analysts polled by Thomson Reuters expected the company to report revenues of $474.09 million for the quarter.
Total sales for fiscal 2009 were $1.788 billion, down 1% from $1.799 billion in the previous year. Comparable store sales for 2009 rose 0.4% versus a 1.8% gain for the prior year.
Looking ahead, the company now expects earnings per share for the fourth quarter to be in the range of $0.14 - $0.16. Analysts estimate earnings of $0.19 per share for the quarter.
For the year 2009, the company now estimates earnings of $0.59 - $0.61 per share, a 40% to 45% increase over 2008. Analysts estimate earnings of $0.66 per share for the year.
For the year 2010, the company is optimistic that financial improvement will continue, with earnings per share reaching the range of $0.68 - $0.75 for 2010. The company anticipates continued consumer cautiousness through the first quarter and projects flat comparable store sales and earnings per share in the range of $0.15 - $0.20.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.