Fred's reports decrease in May comps over prior year

MEMPHIS, Tenn. Fred's reported sales for the month of May declined 6% to $134.7 million from $143.4 million in May 2008, reflecting the closing of 74 underperforming stores and 23 underperforming pharmacies last year. Comparable-store sales for the month rose 0.2% versus an increase of 3.4% in the same period last year.

Commenting on the announcement, Bruce Efird, CEO, said, "We are pleased to report that May sales stayed within our forecasted range, knowing that we were up against a tough comparison with last year."