Fred's March Same-store Sales Fall 1.2%

(RTTNews) - Discount general merchandise store operator Fred's Inc. (FRED) said Wednesday that its same-store sales for the month of March fell 1.2%.

Fred's total sales for the month of march increased 1% to $191.2 million from $190.1 million in March 2013.

Fred's CEO Bruce Efird said, "As we discussed on our earnings conference call, March general merchandise sales would be challenged by the calendar shift of the Easter holiday from March last year to April this year, which was compounded by the continuing unseasonably cool weather we experienced across our market region."

During March, Fred's opened one new store with a pharmacy and closed two stores without pharmacies.

Fred's plans to retrofit about 70 stores during April, resulting in approximately 60% of the chain being reconfigured through the first quarter of 2014.