MEMPHIS — Mike Bloom resigned late last month as chief executive officer of struggling Fred’s Inc. Secretary and chief financial officer Joseph Anto was named interim CEO. The resignation came after the chain postponed the release of its fourth quarter and 2017 full-year results. The retailer pushed back the release date when it announced plans
MEMPHIS, Tenn. — With the start of Medicare Part D open enrollment, Fred’s Pharmacy is lending seniors a hand in determining their best prescription drug benefit options. The Southeastern pharmacy operator is encouraging Part D beneficiaries to consult with a Fred’s pharmacist to ensure they have best plan for the medication(s) they take. Fred’s also
HOUSTON — Fred’s Pharmacy has enlisted MarkeTouch Media to redesign and update its mobile app. Pharmacy communications technology specialist MarkeTouch said Tuesday that the new Fred’s mobile app brings a more modern design and streamlined user experience and helps improve patient medication adherence and the overall shopping experience. On the pharmacy side, the app offers
MEMPHIS, Tenn. — Fred’s Inc. has named recently added board member Heath Freeman, president and founding member of Alden Global Capital LLC, as chairman. Also on Wednesday, Fred’s reported a net loss for its fiscal 2017 second quarter. Adjusted earnings per share (EPS) were in line with Wall Street’s forecast. Freeman, who joined the Fred’s board
MEMPHIS, Tenn. — Fred’s Pharmacy reported decreased sales for August despite an improvement in comparable-store results. Fred’s said Thursday that sales for the four weeks ended Aug. 26 totaled $153 million, down 4.2% from $159.7 million a year earlier. The company attributed the decline mainly to the closing of 39 underperforming stores in the first
MEMPHIS, Tenn. — Fred’s Pharmacy has launched digital coupons and a new mobile app that the retailer said makes the e-coupons easier to use. Fred’s said late Monday that hundreds of digital coupons will be available, including for brand-name products with “discounts over and above Fred’s everyday low prices.” Customers will also receive exclusive deals
Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. announced on June 29 that their merger is off, which goes to show you that nothing is certain in the world of retail mergers and acquisitions, especially with the U.S. government involved. The long and somewhat tumultuous process of WBA’s proposed acquisition of Rite Aid, which
MEMPHIS, Tenn. — Fred’s Pharmacy reported decreased revenue and same-store sales for June but noted positive results in its pharmacy business. Fred’s said Thursday that for the five weeks ended July 1, sales totaled $197.5 million, down 5.3% from $208.5 million a year earlier. The company attributed the decline the closing of 39 underperforming stores
NEW YORK — Nielsen has renewed its data insights and analytics services pact with Fred’s Inc., expanding the companies’ long-term relationship. Under the agreement, Nielsen will become the exclusive account-level data provider for Fred’s Pharmacy, covering metrics for all 601 Fred’s discount general merchandise stores in 15 states across the southeastern United States, as well
MEMPHIS, Tenn. — Fred’s Pharmacy has procured $550 million in additional funding for its deal to buy up to 1,200 Rite Aid stores in connection with the Walgreens-Rite Aid merger. In an 8-K filing with the Securities and Exchange Commission yesterday, Fred’s said that for a second time it has amended and restated a commitment
MEMPHIS, Tenn. — Fred’s Pharmacy posted a fiscal 2017 first-quarter net loss, stemming largely from charges related to store closings and its planned purchase of at least 865 Rite Aid stores. Fred’s said Tuesday that for the first quarter ended April 29, the company had a net loss of $36.5 million, or 98 cents per
MEMPHIS, Tenn. — Fred’s Pharmacy saw same-store sales edge up in May, though store closings led to a year-over-year revenue decline for the month. Fred’s said Thursday that sales for the four weeks ended May 27 totaled $160.1 million, down 3.1% from $165.2 million a year earlier. The company attributed the sales decrease to the closure
MEMPHIS, Tenn. — Fred’s Pharmacy has made a difference in the health of thousands of people through its Heart Disease Awareness and Colorectal Cancer Awareness Campaigns. The drug and discount store chain said Wednesday that the campaigns brought screening and early detection tools to more than 98,000 people and, earlier this month, led Fred’s to
MEMPHIS, Tenn. — Fred’s Pharmacy reported declined sales for April and its fiscal 2017 first quarter, though seasonal business lifted same-store sales for the month. Fred’s said Thursday that sales for the four weeks ended April 29 totaled $159.1 million, down 3% from $163.9 million a year earlier. April same-store sales edged up 1.2% year
