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FRED

Fred's

$1.75

-0.05 (-2.78%)

06:04
06/14/18
06/14
06:04
06/14/18
06:04

Fred's Interim CEO says 'We continue to explore other strategic transactions'

Fred's Interim CEO and CFO, Joe Anto stated, "We are rapidly making progress on our two main goals of eliminating our debt balance and returning to significant profitability by Q4 of this year, but there is still much work to be done. We recently closed the sale of our specialty pharmacy business for approximately $40 million, and as of June 12th, our borrowings against our ABL were $135 million, down from $162 million at the end of Q1, with over $60 million in available liquidity. We expect our ABL balance to continue to decrease over the coming weeks, as we collect all remaining receivables associated with the specialty pharmacy business. We continue to explore other strategic transactions and expect to generate additional cash proceeds which should meaningfully reduce our debt balance. We have engaged PJ Solomon & Company to analyze the value of our retail pharmacy script portfolio and also engage with potential strategic buyers on this part of our business. That process is well underway and we will provide updates as appropriate. Additionally, we continue to aggressively reduce expenses in every part of the business, while executing on various initiatives to increase sales and gross margin." Heath Freeman, Chairman of the Board commented: "We remain confident in our abilities to reset our cost structure, bring in the right talent, allocate capital wisely, generate significant free cash flow and maximize value for all shareholders."

  • 14

    Jun

FRED Fred's
$1.75

-0.05 (-2.78%)

08/24/17
LOOP
08/24/17
INITIATION
Target $6
LOOP
Hold
Fred's initiated with a Hold at Loop Capital
Loop Capital analyst Andrew Wolf started Fred's with a Hold rating and $6 price target, as he believes the company lacks earnings visibility and sees the stock staying "about flat" over the next 6-12 months.
08/25/17
08/25/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Walgreens Boots Alliance (WBA) initiated with a Buy and CVS Health (CVS) and Fred's (FRED) initiated with a Hold at Loop Capital. 2. Adobe (ADBE), Intuit (INTU), GoDaddy (GDDY) initiated with a Buy at Jefferies, while Mindbody (MB) was initiated with a Hold. 3. New Oriental Education (EDU), Bright Scholar (BEDU) and TAL Education (TAL) initiated with Overweight ratings at Morgan Stanley. 4. WellCare (WCG) coverage assumed with an Overweight at Cantor. 5. Dollar Tree (DLTR) and Dollar General (DG) reinstated with Buy ratings at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/07/17
LOOP
12/07/17
NO CHANGE
Target $4
LOOP
Hold
Fred's price target lowered to $4 from $6 at Loop Capital
Loop Capital analyst Andrew Wolf lowered his price target on Fred's to $4 after a Q3 earnings miss, lower than expected sales, disappointing comps, and a 141bps gross margin contraction. Wolf cites inventory adjustments and competitive price pressures behind the disappointing results but adds that customer traffic has recently turned around. The analyst keeps his Hold rating on Fred's, saying his new price target already discounts the early stage turnaround that he anticipates for 2018.
04/30/18
LOOP
04/30/18
NO CHANGE
Target $4
LOOP
Hold
Fred's CEO resignation 'fire but no sale,' says Loop Capital
In a research note titled "CEO resigns - Fire but no sale," Loop Capital analyst Andrew Wolf notes that Fred's (FRED) has announced the resignation of Chief Executive Officer Michael Bloom, effective as of April 24, 2018. Joseph Anto, Fred's Executive Vice President and Chief Financial Officer, will serve as Interim Chief Executive Officer. Additionally, the analyst points out that Alden Capital owns 24% of Fred's shares and its President, Heath Freeman, is now Chairman of the Board of Fred's. According to Freeman in a press release, "After the Company was not able to purchase certain assets from the Rite Aid Corporation (RAD)...the timing was right, both for Mike [Bloom] and the Company, for him to step down." Wolf reiterates a Hold rating and $4 price target on Fred's shares.

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