Fred's, Inc. (NASDAQ: FRED) reported financial results for the
third quarter and nine months ended November 3, 2018. Except as
otherwise noted, the results contained herein do not include the
previously-announced sale of Fred’s specialty pharmacy business or
Fred’s previously-announced transaction with Walgreens.
Third Quarter Fiscal 2018 vs. Third Quarter Fiscal
2017
- Net sales down 5.5% to $306.4 million in Q3 2018 versus $324.3
million in Q3 2017.
- Comparable store sales decreased 5.3% in Q3 2018 versus a 1.0%
decline in Q3 2017.
- Gross profit increased to $77.0 million in Q3 2018 versus $70.0
million in Q3 2017 due primarily to a one-time markdown reserve
charge that was recorded in Q3 2017.
- Gross margin as a percentage of sales increased 353 basis
points to 25.1% in Q3 2018 versus 21.6% in Q3 2017, with much of
the improvement due to the impact of the one-time markdown reserve
charge recorded in Q3 2017.
- Selling, general, and administrative expenses (including
Depreciation and Amortization) were $105.6 million in the third
quarter of 2018 compared to $118.3 million in Q3 2017.
- Selling, general, and administrative expenses (including
Depreciation and Amortization), adjusted for non-recurring items,
were $103.0 million in Q3 2018, or 33.6% of sales, compared to
$110.6 million in Q3 2017, or 34.1% of sales.
- Net loss from continuing operations was $30.8 million, or
$(0.83) per share, in Q3 2018, compared to a loss of $50.4 million,
or $(1.35) per share, in Q3 2017.
- Adjusted EBITDA, a non-GAAP financial measure, was $(20.6)
million in Q3 2018 compared to $(13.2) million in Q3 2017.
Joe Anto, Fred’s Interim CEO and CFO, stated “We have made
significant progress against our goal of strengthening the balance
sheet and as of December 12, 2018 our ABL balance stood at $51.9
million vs. $153.4 million as of the beginning of this Fiscal
Year. As of December 12, 2018 we completed the sale of script
files associated with approximately 138 locations to Walgreens and
expect to complete the remaining 41 location transfers to Walgreens
by the end of January 2019. As we have stated in the past, we are
continuing to evaluate potential opportunities to monetize all our
non-core assets including our retail pharmacy script portfolio as
well as our real estate.”
Mr. Anto added “There is still much work to be done with regards
to our operations. We are continuing to execute against our
turnaround plan, with a focus on bringing in talent, optimizing our
cost structure and improving the front store business.”
Third Quarter 2018 Results
Fred’s net sales for the third quarter of fiscal 2018 decreased
5.5% to $306.4 million from $324.3 million in the third quarter
last year. Comparable store sales for the quarter decreased 5.3%
compared to a 1.0% decrease the third quarter of last year.
Fred’s gross profit for the third quarter of 2018 increased 9.9%
to $77.0 million from $70.0 million in the prior year period. Gross
profit percentage for the quarter increased 353 basis points to
25.1% from 21.6% in the same quarter last year. Both the gross
profit and the gross profit percentage increase were driven
primarily by a one-time markdown reserve charge recorded in 2017
that did not reoccur in 2018.
Selling, general and administrative expenses (as a percentage of
sales) for the third quarter, including depreciation and
amortization, improved 200 basis points to 34.5% of sales from
36.5% of sales in the third quarter last year. The improvement was
primarily attributable to cost containment measures and workforce
reductions.
Adjusted selling, general and administrative expenses, including
depreciation and amortization, a non-GAAP financial measure that
excludes non-recurring items, decreased to $103.0 million, or 33.6%
of sales, in Q3 of 2018 compared to $110.6 million, or 34.1% of
sales, in Q3 of 2017.
For the third quarter of 2018, Fred’s recorded a net loss from
continuing operations of approximately $30.8 million, or $(0.83)
per share, compared to a net loss of $50.4 million, or $(1.35) per
share, during the same period in 2017.
Adjusted EBITDA, a non-GAAP financial measure that further
excludes depreciation and amortization and non-recurring items from
EBIT, was $(20.6) million compared to $(13.2) million in the third
quarter of 2017.
First Nine Months Fiscal Results
Fred’s net sales for the first nine months of fiscal 2018
decreased 5.9% to $964.7 million from $1,025.0 million in the same
period of fiscal 2017. Comparable store sales for the nine months
period decreased 4.9% compared to a 2.3% decrease the first nine
months of last year. Decreases occurred in general merchandise
departments such as home furnishings, domestics, electronics and
health and beauty products, partially offset by sales increases in
beverages and tobacco.
Fred’s gross profit for the first nine months of 2018 decreased
7.5% to $251.3 million from $271.7 million in the prior year
period. Gross profit percentage for the nine months decreased
slightly to 26.0% from 26.5% in the same period last year. Factors
contributing to the decline in adjusted gross profit percentage
were primarily related to continued pressures we are seeing in our
retail pharmacy business, specifically related to prescription
rebates in 2017 that did not recur in 2018, reimbursement pressure
from payors and an increase in DIR fees to PBMs. In the front
store, we are continuing to see a margin impact from a shift in
sales mix from general merchandise to food and consumables.
Selling, general and administrative expenses as a percent of
sales for the 39 weeks ended November 3, 2018, including
depreciation and amortization, improved 510 basis points to 32.7%
of sales from 37.8% of sales in the first 39 week of last year. The
decrease in expenses was primarily driven by headcount reductions
and cost containment. In addition, professional fees incurred in
2017 related to the attempted Rite Aid acquisition and in closing
39 underperforming stores were not repeated in 2018.
Adjusted selling, general and administrative expenses, including
depreciation and amortization, a non-GAAP financial measure that
excludes non-recurring items, decreased to $306.8 million, or 31.8%
of sales, in the first nine months of 2018 compared to $330.9
million, or 32.3% of sales, in the first nine months of 2017.
For the first nine months of 2018, Fred’s recorded a net loss
from continuing operations of approximately $69.9 million, or
$(1.91) per share, compared to a net loss of $119.2 million, or
$(3.18) per share, in 2017.
Adjusted EBITDA, a non-GAAP financial measure that further
excludes depreciation and amortization and non-recurring items from
EBIT, was $(30.3) million in the first nine months of 2018 compared
to $(11.1) million in the first nine months of 2017.
Conference Call
Fred’s will hold a conference call today at 8:00 a.m. Eastern
time to discuss its third quarter results.
Date: Thursday, December 13, 2018Time: 8:00 a.m. Eastern
timeToll-free dial-in number: 1-877-407-4018International dial-in
number: 1-201-689-8471
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please press *0 for operator assistance, or click
“help” on the webcast.
The conference call will be broadcast live and available for
replay at http://public.viavid.com/index.php?id=132519 and
via the investor relations section of the Company’s website at
investors.fredsinc.com.
A replay of the conference call will also be available by
telephone after 11:00 a.m. Eastern time on December 13, 2018
through December 28, 2018.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 13685659
Non-GAAP Financial Measures
The Company's management believes that the disclosure of
Adjusted selling, general and administrative expenses including
depreciation and amortization, Adjusted EBITDA and Free Cash Flow
provides useful information to investors because the measures
present an alternative and more relevant method for measuring the
Company's results of operations and financial condition, and, when
viewed together with the Company's GAAP results and the
accompanying reconciliations, provide a more complete understanding
of the factors and trends affecting the Company than the GAAP
results alone.
Adjusted EBITDA is calculated as loss before interest and other
income and expense, income tax benefit, depreciation and
amortization, and non-recurring items. Non-recurring items
include discontinued operations, impairment, closed stores,
professional fees, stock compensation, LIFO adjustments, and
other. Adjusted selling, general and administrative expenses,
including depreciation and amortization, is calculated as selling,
general and administrative expenses, including depreciation and
amortization and excludes certain non-recurring items, such as
closed stores, non-recurring professional fees, severance, and
other non-recurring items. The exclusion of certain expenses
in calculating Adjusted EBITDA and Adjusted selling, general and
administrative expenses, including depreciation and amortization,
facilitate operating performance comparisons on a period-to-period
basis and excludes items that Fred’s does not consider to be
indicative of our core operating performance. Accordingly,
Fred’s believes that Adjusted EBITDA and Adjusted selling, general
and administrative expenses, including depreciation and
amortization, provide useful information to investors and others in
understanding and evaluating our operating results in the same
manner as Fred’s management and board of directors. Additionally,
Adjusted EBITDA is a common alternative measure of financial
performance used by investors, financial analysts, and rating
agencies. These groups use Adjusted EBITDA, along with other
measures, to estimate the value of a company and to compare the
operating performance of a company to others in its industry.
A reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP measure appears in the financial tables
attached to this news release.
The Company defines Free Cash Flow, which is a non-GAAP
financial measure, as net cash provided by operating activities
less expenditures for property, plant, and equipment, and any
proceeds from asset dispositions, both of which are reported in our
Condensed Consolidated Statement of Cash Flows. The Company
believes that Free Cash Flow is one of several benchmarks used by
analysts and investors for comparisons of liquidity with other
companies within the industry, although the Company’s measure of
Free Cash Flow may not be directly comparable to similar measures
reported by other companies.
About Fred’s Inc.
Since 1947, Fred’s Inc. has been an integral part of the
communities it serves throughout the southeastern U.S. Today,
Fred’s operates approximately 600 discount value stores and its
mission is to make it easy AND exciting to save money. Its
unique format offers customers a full range of value-priced
everyday items, along with terrific deals on closeout merchandise
throughout the store. For more information about the Company,
visit Fred’s website at www.fredsinc.com.
Forward Looking Statements
Comments in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
projected in the forward-looking statements. A reader can
identify forward-looking statements because they are not limited to
historical facts or they use such words as “outlook,” “guidance,”
“may,” “should,” “could,” “believe,” “anticipate,” “plan,”
“expect,” “estimate,” “forecast,” “goal,” “intend,” “committed,”
“continue,” or “will likely result” and similar expressions that
concern the Company’s strategy, plans, intentions or beliefs about
future occurrences or results. These risks and uncertainties
include, but are not limited to (i) the competitive nature of the
industries in which we operate; (ii) the implementation of our
strategic plan, and its impact on our sales, costs and operations;
(iii) utilizing our existing and new stores; (iv) our reliance on a
single supplier of pharmaceutical products; (v) our pharmaceutical
drug pricing; (vi) reimbursement rates and the terms of our
agreements with pharmacy benefit management companies; (vii) our
private brands; (viii) the seasonality of our business and the
impact of adverse weather conditions; (ix) operational
difficulties; (x) merchandise supply and pricing; (xi) consumer
demand and product mix; (xii) delayed openings and operating new
stores and distribution facilities; (xiii) our employees; (xiv)
risks relating to payment processing; (xv) our computer system, and
the processes supported by our information technology
infrastructure; (xvi) our ability to protect the personal
information of our customers and employees; (xvii) cyber-attacks;
(xviii) changes in governmental regulations; (xix) the outcome of
legal proceedings, including claims of product liability; (xx)
insurance costs; (xxi) tax assessments and unclaimed property
audits; (xxii) current economic conditions; (xxiii) changes in
third-party reimbursements; (xxiv) the terms of our existing and
future indebtedness; (xxv) any acquisitions we may pursue and the
ability to effectively integrate businesses that we acquire; (xxvi)
our ability to pay dividends; (xxvii) our ability to attract and
retain talented executives; (xxviii) statements regarding the
agreement pursuant to which Walgreen Co. will acquire certain
prescription files and related data and records, retail
pharmaceutical inventory, and certain other assets from us, the
transactions contemplated thereby, the possible timing and effects
thereof, and the ability of the parties to complete the
transactions considering the various closing conditions to which
such transactions are subject; and (xxix) the factors listed under
“Risk Factors” in the Company’s most recent Annual Report on Form
10-K and any subsequent quarterly filings on Form 10-Q filed with
the Securities and Exchange Commission. Forward-looking
statements speak only as of the date made. The Company
undertakes no obligation to release revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unforeseen events,
except as required to be reported under the rules and regulations
of the Securities and Exchange Commission.
Contact
Tejal Patel, Fred’s,
Inc.1-318-348-8709Tejal.patel@fredsinc.com
FRED'S,
INC.Reconciliation of Unaudited Net Loss to
Adjusted EBITDAA Non-GAAP Financial
Measure(In thousands)
|
13 Weeks Ended |
|
39 Weeks Ended |
November 3, 2018 |
October 28, 2017 |
|
November 3, 2018 |
October 28, 2017 |
Net loss |
$ |
(27,379 |
) |
$ |
(51,815 |
) |
|
$ |
(81,694 |
) |
$ |
(117,793 |
) |
Interest expense |
|
2,073 |
|
|
1,647 |
|
|
|
5,781 |
|
|
4,371 |
|
Income tax expense
(benefit) |
|
71 |
|
|
567 |
|
|
|
(354 |
) |
|
(1,120 |
) |
Operating loss /
EBIT |
|
(25,235 |
) |
|
(49,601 |
) |
|
|
(76,267 |
) |
|
(114,542 |
) |
Depreciation and
amortization |
|
7,632 |
|
|
8,588 |
|
|
|
24,019 |
|
|
26,333 |
|
EBITDA |
|
(17,603 |
) |
|
(41,013 |
) |
|
|
(52,248 |
) |
|
(88,209 |
) |
Adjustments |
|
|
|
|
|
Stock
Compensation |
|
441 |
|
|
1,610 |
|
|
|
2,685 |
|
|
4,606 |
|
LIFO
Adjustment |
|
(2,644 |
) |
|
71 |
|
|
|
(1,531 |
) |
|
(51 |
) |
Closing
Stores |
|
- |
|
|
- |
|
|
|
- |
|
|
16,338 |
|
Inventory
Markdown Reserve |
|
- |
|
|
17,080 |
|
|
|
- |
|
|
17,080 |
|
Professional Fees related to attempted Rite Aid acquisition |
|
- |
|
|
5,037 |
|
|
|
(909 |
) |
|
31,925 |
|
Professional Fees for specialty and retail pharmacy discontinued
operations |
|
515 |
|
|
- |
|
|
|
2,476 |
|
|
- |
|
Professional Fees related to turnaround strategy |
|
546 |
|
|
- |
|
|
|
1,007 |
|
|
4,535 |
|
Impairment of Assets |
|
1,505 |
|
|
2,599 |
|
|
|
1,505 |
|
|
2,599 |
|
Executive
and other Severance |
|
103 |
|
|
- |
|
|
|
4,938 |
|
|
852 |
|
Activism
Expenses |
|
- |
|
|
- |
|
|
|
- |
|
|
600 |
|
Discontinued Operations |
|
(3,438 |
) |
|
1,377 |
|
|
|
11,745 |
|
|
(1,376 |
) |
Adjusted EBITDA |
$ |
(20,575 |
) |
$ |
(13,239 |
) |
|
$ |
(30,332 |
) |
$ |
(11,101 |
) |
FRED'S,
INC.Reconciliation of Unaudited Selling, General,
and Administrative Expenses, Including Depreciation and
Amortization to Adjusted Selling, General, and Administrative
Expenses, Including Depreciation and AmortizationA
Non-GAAP Financial Measure(In thousands)
|
13 Weeks Ended |
|
39 Weeks Ended |
|
November 3, 2018 |
October 28, 2017 |
|
November 3, 2018 |
October 28, 2017 |
Selling, general and
administrative expenses, including depreciation and
amortization |
$ |
105,640 |
$ |
118,255 |
|
$ |
315,778 |
|
$ |
387,629 |
Closing Stores |
|
- |
|
- |
|
|
- |
|
|
17,835 |
Professional Fees
related to attempted Rite Aid acquisition |
|
- |
|
5,037 |
|
|
(909 |
) |
|
34,150 |
Professional Fees
related to turnaround strategy |
|
546 |
|
- |
|
|
1,007 |
|
|
701 |
Activism expense |
|
- |
|
- |
|
|
- |
|
|
600 |
Impairment of
assets |
|
1,505 |
|
2,599 |
|
|
1,505 |
|
|
2,599 |
Professional Fees for
specialty pharmacy discontinued operations |
|
350 |
|
- |
|
|
2,311 |
|
|
- |
Professional Fees for
retail pharmacy discontinued operations |
|
165 |
|
- |
|
|
165 |
|
|
- |
Executive and other
Severance |
|
103 |
|
- |
|
|
4,938 |
|
|
852 |
Adjusted selling,
general, and administrative expenses, including depreciation and
amortization |
$ |
102,971 |
$ |
110,619 |
|
|
306,761 |
|
|
330,892 |
FRED'S, INC.Free Cash
FlowA Non-GAAP Financial Measure (In
thousands)
|
39 Weeks Ended |
|
November 3, 2018 |
October 28, 2017 |
Net cash used in
operating activities |
$ |
(38,133 |
) |
$ |
(36,159 |
) |
Less capital
expenditures |
|
(7,523 |
) |
|
(12,994 |
) |
Less asset
acquisitions, net, primarily intangibles |
|
- |
|
|
(1,853 |
) |
Add proceeds from
assets dispositions |
|
2,203 |
|
|
1,276 |
|
Free cash flow |
$ |
(43,453 |
) |
$ |
(49,730 |
) |
FRED'S, INC.Unaudited
Financial Highlights(In thousands, except per share
amounts)
|
13 Weeks Ended |
|
39 Weeks Ended |
|
|
November 3, 2018 |
October 28, 2017 |
Percent Change |
November 3, 2018 |
October 28, 2017 |
Percent Change |
Net sales |
$ |
306,413 |
|
$ |
324,329 |
|
-5.5 |
% |
$ |
964,652 |
|
$ |
1,024,980 |
|
-5.9 |
% |
Operating loss from
continuing operations |
|
(28,673 |
) |
|
(48,224 |
) |
40.5 |
% |
|
(64,522 |
) |
|
(115,918 |
) |
44.3 |
% |
Net loss from
continuing operations |
|
(30,817 |
) |
|
(50,438 |
) |
38.9 |
% |
|
(69,949 |
) |
|
(119,169 |
) |
41.3 |
% |
Net income (loss) from
discontinued operations |
|
3,438 |
|
|
(1,377 |
) |
349.6 |
% |
|
(11,745 |
) |
|
1,376 |
|
953.6 |
% |
Net loss per share from
continuing, basic and diluted |
$ |
(0.83 |
) |
$ |
(1.34 |
) |
38.1 |
% |
$ |
(1.91 |
) |
$ |
(3.18 |
) |
39.9 |
% |
Net loss per share from
discontinued, basic and diluted |
$ |
0.09 |
|
$ |
(0.05 |
) |
325.0 |
% |
$ |
(0.32 |
) |
$ |
0.04 |
|
900.0 |
% |
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
Basic |
|
36,962 |
|
|
37,626 |
|
|
|
36,650 |
|
|
37,481 |
|
|
Diluted |
|
36,962 |
|
|
37,626 |
|
|
|
36,650 |
|
|
37,481 |
|
|
FRED'S, INC.Unaudited
Fiscal 2018 Third Quarter Results(In thousands, except per
share amounts)
|
13 Weeks EndedNovember 3,
2018 |
% ofTotal |
13 Weeks EndedOctober 28, 2017 |
% ofTotal |
Net sales |
$ |
306,413 |
|
100.0 |
% |
$ |
324,329 |
|
100.0 |
% |
Cost of goods sold |
|
229,446 |
|
74.9 |
% |
|
254,298 |
|
78.4 |
% |
Gross profit |
|
76,261 |
|
25.1 |
% |
|
70,031 |
|
21.6 |
% |
Depreciation &
amortization |
|
7,632 |
|
2.5 |
% |
|
8,588 |
|
2.6 |
% |
Selling, general and
administrative expenses |
|
98,008 |
|
32.0 |
% |
|
109,667 |
|
33.8 |
% |
Operating loss from
continuing operations |
|
(28,673 |
) |
(9.5 |
)% |
|
(48,224 |
) |
(14.8 |
)% |
Interest expense,
net |
|
2,073 |
|
0.7 |
% |
|
1,647 |
|
0.5 |
% |
Loss from continuing
operations before income taxes |
|
(30,746 |
) |
(10.1 |
)% |
|
(49,871 |
) |
(15.3 |
)% |
Income tax benefit |
|
71 |
|
- |
% |
|
567 |
|
0.2 |
% |
Net loss from
continuing operations |
$ |
(30,817 |
) |
(10.3 |
)% |
$ |
(50,438 |
) |
(15.6 |
)% |
Net income (loss) from
discontinued operations |
|
3,438 |
|
|
|
(1,377 |
) |
|
Net loss |
$ |
(27,379 |
) |
|
$ |
(51,815 |
) |
|
Net loss per share from
continuing operations, basic and diluted |
$ |
(0.83 |
) |
|
$ |
(1.35 |
) |
|
Net loss per share from
discontinued operations, basic and diluted |
$ |
0.09 |
|
|
$ |
(0.04 |
) |
|
Weighted average shares
outstanding: |
|
|
|
|
Basic |
|
36,962 |
|
|
|
37,626 |
|
|
Diluted |
|
36,962 |
|
|
|
37,626 |
|
|
FRED'S, INC.Unaudited
Fiscal 2018 To Date Results(In thousands, except per share
amounts)
|
39 Weeks EndedNovember 3,
2018 |
% ofTotal |
39 Weeks EndedOctober 28, 2017 |
% ofTotal |
Net sales |
$ |
964,654 |
|
100.0 |
% |
$ |
1,024,980 |
|
100.0 |
% |
Cost of goods sold |
|
713,398 |
|
74.0 |
% |
|
753,269 |
|
73.5 |
% |
Gross profit |
|
251,256 |
|
26.0 |
% |
|
271,711 |
|
26.5 |
% |
Depreciation &
amortization |
|
24,019 |
|
2.5 |
% |
|
26,333 |
|
2.6 |
% |
Selling, general and
administrative expenses |
|
291,759 |
|
30.2 |
% |
|
361,296 |
|
35.2 |
% |
Operating loss from
continuing operations |
|
(64,522 |
) |
(6.7 |
)% |
|
(115,918 |
) |
(11.2 |
)% |
Interest expense,
net |
|
5,781 |
|
0.6 |
% |
|
4,371 |
|
0.4 |
% |
Loss from continuing
operations before income taxes |
|
(70,303 |
) |
(7.4 |
)% |
|
(120,289 |
) |
(11.6 |
)% |
Income tax benefit |
|
(354 |
) |
- |
% |
|
(1,120 |
) |
0.1 |
% |
Net loss from
continuing operations |
$ |
(69,949 |
) |
(7.5 |
)% |
$ |
(119,169 |
) |
(11.6 |
)% |
Net income (loss) from
discontinued operations |
|
(11,745 |
) |
|
|
1,376 |
|
|
Net loss |
$ |
(81,694 |
) |
|
$ |
(117,793 |
) |
|
Net loss per share from
continuing operations, basic and diluted |
$ |
(1.91 |
) |
|
$ |
(3.18 |
) |
|
Net loss per share from
discontinued operations, basic and diluted |
$ |
(0.32 |
) |
|
$ |
0.04 |
|
|
Weighted average shares
outstanding: |
|
|
|
|
Basic |
|
36,650 |
|
|
|
37,481 |
|
|
Diluted |
|
36,650 |
|
|
|
37,481 |
|
|
FRED'S,
INC. Unaudited Balance Sheet(In
thousands)
|
November 3, 2018 |
February 3, 2018 |
|
|
ASSETS: |
|
|
|
Cash and cash
equivalents |
$ |
6,182 |
$ |
6,573 |
|
Inventories |
|
236,048 |
|
263,831 |
|
Receivables |
|
38,268 |
|
37,720 |
|
Other non-trade
receivables |
|
26,379 |
|
31,500 |
|
Current assets held for
sale |
|
13,867 |
|
35,247 |
|
Prepaid expenses and
other current assets |
|
10,043 |
|
10,055 |
|
Total
current assets |
|
330,787 |
|
384,926 |
|
Property and equipment,
net |
|
105,124 |
|
115,466 |
|
Other intangible
assets, net |
|
25,183 |
|
34,347 |
|
Noncurrent assets held
for sale |
|
16,471 |
|
62,258 |
|
Other non-current
assets |
|
1,510 |
|
568 |
|
Total
assets |
$ |
479,075 |
$ |
597,565 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY: |
|
|
|
Accounts payable |
$ |
112,883 |
$ |
129,213 |
|
Current portion of
indebtedness |
|
68 |
|
65 |
|
Accrued expenses and
other |
|
61,942 |
|
67,977 |
|
Current liabilities
held for sale |
|
- |
|
26,572 |
|
Total
current liabilities |
|
174,893 |
|
223,827 |
|
Long-term portion of
indebtedness |
|
181,174 |
|
167,100 |
|
Noncurrent liabilities
held for sale |
|
- |
|
48 |
|
Other non-current
liabilities |
|
21,036 |
|
25,542 |
|
Total
liabilities |
|
377,103 |
|
416,517 |
|
Shareholders'
equity |
|
101,972 |
|
181,048 |
|
Total
liabilities and shareholders' equity |
$ |
479,075 |
$ |
597,565 |
|
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