Fred’s Lowers Third-Quarter Outlook
Memphis, Tenn. Fred’s Inc., said its same-store sales rose 1.1% in September, but the retailer lowered its third-quarter profit outlook as consumer spending remains soft.
The company said for the five weeks ended Oct. 4, total sales rose to $161.3 million from $161.1 million in the prior-year period. Total sales year-to-date rose 4% to $1.20 billion from $1.16 billion. Same-store sales rose 3.1% through the first eight months of fiscal 2008, compared with a year ago.