MEMPHIS, Tenn. — Pharmacy is a pillar of the action plan at Fred’s Inc. in the wake of sales declines in July and the fiscal 2016 second quarter. Fred’s said July sales fell 7% to $154 million from $165.6 million a year earlier. Same-store sales for the month were down 4.6% versus a 0.7% uptick
MEMPHIS, Tenn. — Former Walgreens finance executive Rick Hans has joined Fred’s Inc. as executive vice president and chief financial officer. Fred’s said late Monday that Hans fills the vacancy left when Jerry Shore, the retailer’s previous CFO, was promoted to chief executive officer in October 2014. In his 27-year career at Walgreen Co., Hans
MEMPHIS, Tenn. — The same day that Fred’s Inc. reported fiscal 2015 results, the pharmacy and discount store retailer named a new chairman. Fred’s said Wednesday that Michael Hayes, 74, is slated to step down as chairman of the board of directors on April 15, to be succeeded by director Thomas Tashjian, 61. Hayes will
NEW YORK — Drug stores outpaced other mass retailers in December sales, even with modest increases in total and same-store sales for the month. Total drug store sales in December were up 4% compared with the same month last year, according to research by Chain Drug Review publisher Racher Press. Same-store sales increased 1.7%. And
MEMPHIS, Tenn. — John Foley, a former retail operations executive at Walgreens, is joining Fred’s Inc. as executive vice president of store operations. Fred’s said Wednesday that Foley is slated to take over the post immediately and that Mike Holligan, who formerly served in the role, will move to an open position of regional vice
NEW YORK — The world’s biggest retailer and a regional discount chain have attributed pressure on profits to trends in the prescription drug business. Walmart and Memphis, Tenn.-based Fred’s Inc. said lower pharmacy margins had eaten into second quarter earnings and pointed to lower reimbursements and a drop in cash customers as a result of
MEMPHIS — Fred’s Inc. has bolstered its executive team with three major appointments while strengthening its specialty pharmacy presence with an acquisition. The regional discount store and pharmacy operator has named Bryan Pugh chief merchandising and marketing officer. Pugh most recently was chief merchandising officer for Walgreen Co., where he served for six years in
The new year is just over a month old and already the chain drug industry has seen its fair share of noteworthy events. Walgreens Boots Alliance had a coming out party, opening trading at NASDAQ and unveiling its new corporate logo; Brian Unmacht became the first person outside the Bartell family to serve as president
MINNETONKA, Minn. — Giant Eagle, Publix Super Markets, Fred’s and Wegmans Food Markets pharmacies were among the winners of this year’s UnitedHealthcare Medication Adherence Targeted Intervention Program Challenge, benefiting the National Association of Chain Drug Stores Foundation. The Medication Adherence TIP Challenge recognizes pharmacy operators for their efforts to better Medicare beneficiaries’ health and well
MEMPHIS, Tenn. — Fred’s Inc. is expediting its transformation into a convenience- and pharmacy-centric retailer amid intense competition in its core general merchandise market and a surge in pharmaceutical price inflation, particularly generic drugs. In reporting second-quarter results Thursday, Fred’s chief executive officer Bruce Efird said the discount GM chain plans to close 60 underperforming
