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BRIEF-Fred’s Pharmacy reports 1.6 pct fall in June same-store sales
July 6, 2017 / 11:57 AM / in 20 days

BRIEF-Fred’s Pharmacy reports 1.6 pct fall in June same-store sales

2 Min Read

July 6 (Reuters) - Fred's Inc

* Fred’S Pharmacy reports June sales

* June same-store sales fell 1.6 percent

* June sales fell 5.3 percent to $197.5 million

* Says ‍fred's total sales for month decreased 5.3% year-over-year to $197.5 million from $208.5 million in June 2016​

* Fred's Inc - comparable store sales for June included a negative 0.9% impact as a result of sale of low productive discontinued inventory

* Fred's Inc- June combined retail and specialty pharmacy comparable store sales increased 3.5%

* Fred's Inc - total sales for June decreased 5.3% year-over-year to $197.5 million from $208.5 million in June 2016

* Says ‍decrease in June sales is related to closure of 39 underperforming stores in Q1 and continued pressure in front store business​

* Fred's Inc - "Still expect to achieve operational profitability in Q4 of 2017"

* Fred's- ‍"lower than anticipated June sales and headwinds we are facing will impact our Q2 results, and we no longer expect sequential improvement from Q1"

* Says ‍total comparable store sales for month decreased 1.6% compared with a 1.3% decrease in comparable sales in prior year period​

* Fred's - ‍"Front store sales continue to face headwinds in consumables categories, and cooler than average temperatures impacted summer seasonal sales"​

* Fred's Inc - ‍in retail pharmacy, "continue to see a positive shift to generic," experience strong sales, script growth in specialty pharmacy business​ Source text for Eikon: Further company coverage:

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