Fred's reports fiscal November sales rise of 1% year-over-year to US$151.5M, flat comparable-store sales; year-to-date, total sales climb 1% year-over-year to US$1.6B, comparable-store sales up 1%

MEMPHIS , December 5, 2013 (press release) – Fred's Inc. (FRED) today reported higher sales for the four-week fiscal month of November and the 10-month year-to-date period ended November 30, 2013.

Fred's total sales for the month increased 1% to $151.5 million, slightly above sales of $150.3 million in November 2012. Comparable store sales for the month were flat versus a decline of 3.6% in the same period last year.

Fred's total sales for the year-to-date period increased 1% to $1.596 billion compared with $1.573 billion for the same period last year. On a comparable store basis, year-to-date sales increased 1% versus a decline of 1.1% in the same period last year.

Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said, "November comparable store sales tracked with the guidance we provided during last week's third quarter conference call. The environment was as competitive as expected and the later Thanksgiving holiday had a negative impact on sales. As anticipated, our pharmacy department continued to perform well during the month. We also saw strong performances in several other departments, including Hometown Auto & Hardware, Pets, Small Appliances, and Consumables.

"Entering December, our stores are in great shape from a merchandise and operational execution standpoint," Efird continued. "We remain confident in the plans we laid out for the end of the year that will drive positive sales during the remainder of the quarter."

During the month, Fred's opened one store and closed four stores and one Xpress pharmacy location.

Fred's, Inc. operates 697 discount general merchandise stores, including 21 franchised Fred's stores, in the southeastern United States. For more information about the Company, visit Fred's website at www.fredsinc.com.

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