Fred’s Says Q1 Same Store Sales Fell 8.5% [Reuters]
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: Reuters
Fred's Inc (FRED.OQ) Key Developments | Reuters.com June 19 (Reuters) - Fred's Inc ::FRED’S REPORTS FIRST QUARTER 2019 RESULTS.Q1 LOSS PER SHARE $0.84 FROM CONTINUING OPERATIONS.Q1 SALES FELL 5.2 PERCENT TO $319 MILLION.Q1 SAME STORE SALES FELL 8.5 PERCENT.FRED'S RECORDED AN IMPAIRMENT EXPENSE OF $0.3 MILLION IN Q1 OF 2019..DISAPPOINTED WITH OPERATING RESULTS FOR QUARTER.MOVING AGGRESSIVELY TO RIGHT SIZE STORE FOOTPRINT.AS OF JUNE 17(TH), ABL BALANCE STOOD AT $51.1 MILLION VERSUS $81.3 MILLION AT END OF Q1..CONTINUING TO WORK CONSTRUCTIVELY WITH BANKS.FRED'S HAS ENTERED INTO A FORBEARANCE AGREEMENT WITH ITS LENDERS.LENDERS AGREED TO NOT TAKE ANY ACTION TO ACCELERATE INDEBTEDNESS OR EXERCISE OTHER REMEDIES UNTIL JULY 22.IN Q1 SALES DECLINE WAS PRIMARILY RESULT OF WEAK SALES OF CONSUMABLES CAUSED BY REDUCTION IN STORE TRAFFIC. Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people ever
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