Fred’s sales take a hit in July

Fred's Inc. saw July sales drop 7% to $154 million, compared to $165.6 million in the same period last year.



Comparable store sales for the month declined 4.6%, compared with an increase of 0.7% in the year-earlier period.



Fred's total sales for the second quarter of fiscal 2016 decreased 3.4% to $527.7 million, from $546.1 million for the same period last year. On a comparable store basis, second quarter sales decreased 2% versus an increase of 0.9% for the year-earlier period.



"We are disappointed with the company's performance in the month of July,” said Jerry Shore, CEO.



He added that the chain has initiatives underway in the third and fourth quarters to countermand the slides, including product mix enhancements and an investment in the pharmacy sales force to lift script counts in the specialty pharmacy department.