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Fred’s losing streak continues
Memphis — Fred’s Inc. remained unprofitable for its fifth consecutive quarter as pharmacy continued to weigh the chain down.
Fred’s reported a bigger-than-expected net loss of $4.9 million in the second quarter, down from $16.4 million for the same period last year.
Reductions in the percent of revenue represented by cost of goods sold and selling, general and administrative expenses helped shrink net loss.
Net sales grew 10%, from $491.18 million to $546.08 million, while same-store sales grew 0.9%.
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NRF calls NLRB ruling a ‘roadblock’ to job creation
Washington — The National Retail Federation wasted no time responding to a ruling by the National Labor Relations board concerning the redefinition of the concept of joint employees.
NRF and other business groups are concerned that the redefinition could be used to make large businesses and franchisors responsible for the actions of subcontractors or local franchisees even when they do not exercise direct control over those companies’ employees.
