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Fred's net loss totaled $4.9 million

Fred's
Retail   Q2 total sales increased 11% to $546.1 million

Fred's reported financial results for the second quarter and six months ended August 1, 2015. Net loss totaled $4.9 million or $0.13 per share, which included an increase in non-cash LIFO expense that accounted for approximately $0.05 of the per-share loss for the quarter.




This compares with a net loss of $16.4 million or $0.45 per share for the second quarter ended August 2, 2014, which included a provision for reserves related to inventory clearance and store closings totaling $14.8 million on a pretax basis or $0.26 per share after tax.

For the first six months of 2015, Fred's net loss totaled $4.9 million or $0.13 per share compared with a net loss of $10.3 million or $0.28 per share in the year-earlier period, including the aforementioned charges in each period.

Fred's total sales for the second quarter of fiscal 2015 increased 11% to $546.1 million from $491.2 million for the second quarter last year. Fred's sales for the prior-year quarter included sales of $19.2 million from stores closed mainly in late 2014 pursuant to the Company's reconfiguration plan.

Excluding sales of $19.2 million from stores closed in the prior year quarter, total sales increased 16% for the second quarter of fiscal 2015. Comparable store sales for the quarter increased 0.9% compared with a decline of 0.1% in the second quarter last year.

Fred's total sales for the first six months of fiscal 2015 increased 7% to $1.055 billion compared with $989.4 million for the same period last year.

Excluding sales of $39.5 million from stores closed in 2014, total sales increased 11% for the first six months of 2015. On a comparable store basis, year-to-date sales increased 0.7% versus a decline of 1.0% for the year-earlier period.

 

 
 

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