Fred’s reports net income spike for Q3
MEMPHIS Fred’s third-quarter net income increased 55% to $7.8 million, or 20 cents per diluted share, compared with the prior-year period, the retailer announced Tuesday.
Fred’s total sales for the third quarter ended Oct. 30 increased 3% to $435 million from $422.4 million for the same period last year. The company also disclosed comparable-store sales for the quarter increased 1.5%, compared with an increase of 1% in the third quarter last year.
Operating income for the third quarter rose 52% to $11.7 million, or 2.7% of sales, compared with $7.7 million, or 1.8%, in the prior-year period.
Fred’s CEO Bruce Efird attributed the successful quarter to the implementation of "ongoing changes to drive customer traffic and margin expansion, with an emphasis on [our] Core 5 program, an upgraded merchandise assortment and enhancements to the look of the stores," he said.
Looking ahead, Fred’s anticipated an increase in its earnings per diluted share (a 33% to 60% jump) to a range of 20 cents to 24 cents.
Elmer’s takes glue products to the ‘max’
COLUMBUS, Ohio Elmer’s is extending its hardware line with two new "max" versions of its glue products.
Elmer’s new Carpenter’s Wood Glue Max and Glue-All Max products enhance the strength and performance of two of Elmer’s most well-known brands, the company said.
Elmer’s products are available nationwide.
Bendaroos help kids bend, stretch imagination
HAWTHORNE, N.Y. Budget-conscious parents looking to entertain their kids this holiday season can look no further than Allstar Products Group’s Bendaroos.
Bendaroos, the flexible, bending sticks that provide hours of fun, now are available in glow-in-the-dark and SpongeBob SquarePants packs. Available in a 500-piece pack for $19.99 and 300-piece pack for $14.99, Bendaroos are a great stocking stuffer for crafty kids. Other pack sizes available include 100- and 200-piece packs for $5.99 to $9.99.
"We understand families are still cautious when it comes to holiday spending, and we’re proud to offer a quality, creative play experience that engages children and doesn’t break the bank," said Anne Flynn, VP marketing for Allstar Products Group.