Fred's reports May SSS down 0.5%

Fred's total sales for the month increased 0.2% to $152.4M. The company said, "May comparable stores were consistent with the outlook we shared last week in connection with first quarter results. Unseasonal cool and wet weather in May continued to have a negative impact on lawn and garden merchandise, summer toys, and other seasonal departments. Additionally, the sales impact of the ongoing brand-to-generic conversion in the pharmacy department more than offset continued growth in script counts. We estimate that this shift reduced total and comparable store sales for the month by approximately 200 basis points."

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