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Bad weather affects Fred's January sales
The weather posed a significant challenge for Fred’s in January. According to CEO Bruce A. Efird, Mother Nature not only disrupted consumer shopping patterns, but also resulted in more than 120 store closings during the final week of the month.
“Prior to the last week of January, sales were running in the mid-range of our forecast, with reconfiguration departments leading the way,” Efird explained.
Fred's total sales for January were $134.8 million compared with $173.5 million for the five-week year-earlier period.
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Cold January for some retailers
New York -- Snowstorms and bitterly cold weather took a bite out of sales for some retailers in January. One of the retailers feeling the chill was Fred’s, which posted a 1.8% decline in January same-store sales.
"The weather was a significant challenge for us in January," said CEO Bruce Efird, who added that it disrupted shopping patterns, but also resulted in “more than 120 store closings during the final week of the month."