Fred's key sales measure rises in September

Fred's posts 3.3 percent increase in key sales measure in September, beating analyst views

• On 8:13 am EDT, Thursday October 8, 2009

MEMPHIS, Tenn. (AP) -- Discount retailer Fred's Inc. said Thursday sales in stores open at least a year rose 3.3 percent in September, beating analyst expectations.

Sales at stores open at least a year are considered a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

Analysts polled by Thomson Reuters predicted an increase of 0.3 percent.

Total sales for the five-week period ended Oct. 3 rose 4 percent to $166.6 million.

Year to date, sales in stores open at least one year rose 0.9 percent while total sales fell 1 percent to $1.19 billion.