Zacks: Analysts Expect Fred’s, Inc. (NASDAQ:FRED) Will Announce Quarterly Sales of $505.79 Million
Wall Street analysts expect Fred’s, Inc. (NASDAQ:FRED) to report $505.79 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Fred’s’ earnings, with the highest sales estimate coming in at $519.57 million and the lowest estimate coming in at $498.60 million. Fred’s reported sales of $529.50 million in the same quarter last year, which indicates a negative year over year growth rate of 4.5%. The business is scheduled to report its next quarterly earnings results on Tuesday, August 29th.
On average, analysts expect that Fred’s will report full-year sales of $505.79 million for the current fiscal year, with estimates ranging from $2.03 billion to $2.13 billion. For the next fiscal year, analysts forecast that the business will post sales of $2.08 billion per share, with estimates ranging from $2.05 billion to $2.12 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Fred’s.
Fred’s (NASDAQ:FRED) last issued its quarterly earnings data on Tuesday, June 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. The business had revenue of $532.32 million for the quarter, compared to analyst estimates of $520.28 million. Fred’s had a negative return on equity of 3.93% and a negative net margin of 4.94%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share.
FRED has been the topic of several research analyst reports. Zacks Investment Research cut shares of Fred’s from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 4th. Deutsche Bank AG reissued a “hold” rating and set a $17.00 price target (down from $19.00) on shares of Fred’s in a research note on Saturday, June 3rd. TheStreet cut shares of Fred’s from a “c-” rating to a “d” rating in a research note on Monday, July 3rd. Finally, ValuEngine cut shares of Fred’s from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $15.00.
Shares of Fred’s (FRED) opened at 6.40 on Friday. The company’s 50-day moving average price is $12.42 and its 200 day moving average price is $14.69. Fred’s has a one year low of $6.40 and a one year high of $21.77. The company’s market cap is $243.53 million.
Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in Fred’s by 32.8% in the first quarter. State Street Corp now owns 1,126,791 shares of the company’s stock valued at $14,761,000 after buying an additional 278,250 shares during the period. Highbridge Capital Management LLC boosted its stake in Fred’s by 485.6% in the first quarter. Highbridge Capital Management LLC now owns 292,781 shares of the company’s stock valued at $3,836,000 after buying an additional 242,781 shares during the period. Vanguard Group Inc. boosted its stake in Fred’s by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,254,230 shares of the company’s stock valued at $42,630,000 after buying an additional 170,717 shares during the period. Wells Fargo & Company MN boosted its stake in Fred’s by 24.2% in the first quarter. Wells Fargo & Company MN now owns 776,513 shares of the company’s stock valued at $10,172,000 after buying an additional 151,144 shares during the period. Finally, Teachers Advisors LLC boosted its stake in Fred’s by 195.1% in the first quarter. Teachers Advisors LLC now owns 163,380 shares of the company’s stock valued at $2,140,000 after buying an additional 108,011 shares during the period.
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Fred’s, Inc (Fred’s) is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Company sells general merchandise to its over 20 franchisees. The Company has approximately 660 retail stores, over 370 pharmacies, and approximately three specialty pharmacy facilities located in over 15 states mainly in the Southeastern United States.
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