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Fred’s expects Q2 loss; names merchandisers
Memphis, Tenn. – Fred’s Inc. expects to report a net loss of $0.15 to $0.20 per share. The discount chain cited transitional costs associated with implementing its convenience center model, as well as vendor-related cost pressures on pharmacy, as driving the negative profit growth.
However, not all the financial news was bad for Fred’s in the second quarter. Compared to same period a year earlier, Fred’s total sales grew 2% to $490.6 million, from $482.2 million. Same-store sales declined 0.1% for the quarter.
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Divaris signs 3 leases for 14,000 sq. ft. in Richmond
Richmond, Virginia — Divaris Real Estate announced the signing of three leases totaling approximately 14,000 sq. ft. of commercial space in Richmond, Virginia.
Dollar General renewed its lease for 8,000 sq. ft. in the Divaris-leased and –managed 360 West Shopping Center, located at 7218 Hull Street Rd.
The Dolan Company signed a lease for 3,120 sq. ft. of office space, and Liquid Glass Kustomz, automotive customizing, signed a lease for 2,856 sq. ft. of flex space in the Divaris-leased and –managed Belt Trade Center.