Fred’s reports June sales

MEMPHIS, Tenn. Fred’s on Thursday reported $174.9 million in sales for the five weeks ended July 4, a 1% increased as compared with the year-ago period.

Comparable store sales for the month rose 0.2%, versus an increase of 6.5% in the same period last year.

“As noted last month, we anticipated that June would provide the toughest sales comparison of the year for us, recognizing how the year-earlier month was buoyed by spending driven by economic stimulus checks,” stated Bruce Efird, CEO. “We know our customers and communities face rising unemployment and the tough economic environment, which makes Fred's value-shopping solution all the more relevant to consumers in these challenging times.”