Fred’s Reports First Quarter 2019 Results
FRED'S (FRED)
Last fred's earnings: 12/6 07:00 am
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US:NASDAQ Investor Relations:
investors.fredsinc.com/investor-overview
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Source: GlobeNewswire
MEMPHIS, Tenn., June 19, 2019 (GLOBE NEWSWIRE) -- Fred’s, Inc. (NASDAQ: FRED) reported financial results for the first quarter ended May 4, 2019. Except as otherwise noted, the comparable results from the prior year contained herein have been adjusted for discontinued operations related to the sale of Fred’s specialty pharmacy business to an affiliate of CVS Health Corporation and certain assets of Fred’s retail pharmacy business to Walgreen Co. The amounts and percentages presented below, for all periods, reflect the results of operations and financial conditions from Fred’s continuing operations. Joe Anto, Fred’s CEO, stated, “We are disappointed with our operating results for the quarter, but are moving aggressively to right size our store footprint, reduce our cost structure, paydown our ABL and stabilize our operating model. As of June 17th, our ABL balance stood at $51.1 million versus $81.3 million at the end of Q1. We are continuing to work constructively with our banks a
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