Soft demand and mix shift plague Fred's in FQ1

|By:, SA News Editor

Fred's (FRED) reports comparable-store sales fell 1.9% in FQ1.

The company's gross margin rate fell 150 bps to 28.6% due to a shift by customers to lower-margin consumables.

SG&A expenses flat at $122.61M.

FRED -6.2% premarket