logo
Plus   Neg
Share
Email

Fred's Posts Narrower Loss In Q2; Comps. Down 3.5% - Quick Facts

Fred's, Inc. (FRED) reported a second-quarter net loss from continuing operations of approximately $22.9 million, or $0.62 per share, compared to a net loss of $28.9 million, or $0.77 per share, for the same period in 2017.

Fred's second-quarter net sales decreased 4.3% to $419.7 million from $438.5 million, last year. Comparable store sales for the quarter decreased 3.5%. Comparable store sales were down 6.1% for the front store and down 0.5% in the retail pharmacy.

Fred's Interim CEO and CFO, Joe Anto, said, "We are continuing to make progress against our two main goals of eliminating our debt balance and returning to profitability by Q4 of this year. We recently announced an agreement with Walgreens Boots Alliance, Inc. (WBA) to sell pharmacy prescription files associated with 185 Fred's stores. This transaction should allow Fred's to almost entirely reduce the balance on our ABL Facility, allowing us to focus on returning our remaining business to profitability. We expect to close this transaction over the course of Q4."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Whole Foods Market stores have recalled Decorated Red Apple Cookies as they may contain undeclared egg. People who have an allergy or severe sensitivity to these allergens run the risk of serious or life-threatening allergic reaction if they consume these products. The cookies were sold by the... Norwex has announced voluntary recall of about 58,000 rubber brooms due to laceration hazard. According to the company, handles of the recalled brooms can break in half, exposing a metal inner rim, posing a laceration hazard to the user. The recall involves extendable indoor/outdoor white rubber... Amazon.com Inc. has expanded its AmazonFresh grocery delivery service to three new cities. Beginning today, Amazon Prime members in Houston, Minneapolis and Phoenix can shop thousands of products, ranging from meat and seafood to fresh produce and everyday essentials. The groceries will be delivered to their homes in two hours or less, with options for one-hour and two-hour delivery.
Follow RTT