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Fred's Q2 sales up slightly; consumers buying mostly staples
MEMPHIS, Tenn. — Fred's on Thursday reported sales of $452.7 million, up 1% compared with the year-ago period, for the second quarter ended July 30. On a comparable-store basis, second-quarter sales decreased 0.4% versus an increase of 2.5% in the same period last year.
"July's sales performance was consistent with the first two months of the quarter as external economic factors, including high unemployment and reductions in government aid, continued to have a negative impact throughout the Southeast," stated Bruce Efird, Fred's CEO.
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Hhgregg swings to loss in Q1, on track to open 24 stores in second quarter
Indianapolis -- Electronics and appliances retailer Hhgregg Inc. reported Thursday that it lost $761,000 in the quarter ended June 30, compared with a profit of $2.7 million in the year-ago period. The retailer cited softness in its video business for the weakened performance.
Revenue dipped 1% to $431.5 million, from $436 million a year earlier. Wall Street expected revenue of $488 million. Same-store sales decreased 13.2%.