We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Fred's Inc (FRED) Appoints Michael Bloom as its New CEO
Read MoreHide Full Article
Off price retailer, Fred’s Inc. has appointed Michael Bloom as its new Chief Executive Officer (CEO), effective immediately. Bloom will replace Jerry A. Shore, who is set to retire from the company in Feb 2017.
Bloom joined Fred’s in Jan 2015 as President and Chief Operating Officer. Renowned as an “innovative and effective leader,” Bloom has more than 30 years of experience in small-box retail, throughout merchandising, marketing, supply chain and store operations.
In fact, Bloom has already worked closely with former CEO Jerry Shore on the reconfiguration of front stores of the company. Given his massive experience, Bloom is expected to be able to efficiently steer the company through its transition.
Fred’s has been undergoing several management changes of late. The company undertook a three-year reconfiguration plan in fiscal 2012 to focus more on higher-margin categories and to move away from the lower-margin consumable segments. The company is remodeling and upgrading its store layout and allocating space to highlight the key revenue-generating categories.
Also, the company announced that Craig Barnes, Executive Vice President of Supply Chain, Global and Domestic Logistics, has been promoted to the newly created role of Chief Operating Officer of its Front Store.
Fred’s is scheduled to report its second-quarter earnings on Aug 30, after the market closes. The Zacks Consensus Estimate for the quarter is pegged at a loss of 21 cents. The Zacks Rank #3 (Hold) company reported decline in comps over the past few months. The retail sector as a whole has delivered lukewarm results as the brick-and-mortar stores are falling behind in competition with retail giant Amazon.com Inc. (AMZN - Free Report) as more and more shoppers are resorting to online shopping. Retailers like The Buckle Inc. (BKE - Free Report) and Zumiez Inc. (ZUMZ - Free Report) have reported year-over-year decline in comps in the second quarter.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Fred's Inc (FRED) Appoints Michael Bloom as its New CEO
Off price retailer, Fred’s Inc. has appointed Michael Bloom as its new Chief Executive Officer (CEO), effective immediately. Bloom will replace Jerry A. Shore, who is set to retire from the company in Feb 2017.
Bloom joined Fred’s in Jan 2015 as President and Chief Operating Officer. Renowned as an “innovative and effective leader,” Bloom has more than 30 years of experience in small-box retail, throughout merchandising, marketing, supply chain and store operations.
FREDS INC Price and EPS Surprise
FREDS INC Price and EPS Surprise | FREDS INC Quote
In fact, Bloom has already worked closely with former CEO Jerry Shore on the reconfiguration of front stores of the company. Given his massive experience, Bloom is expected to be able to efficiently steer the company through its transition.
Fred’s has been undergoing several management changes of late. The company undertook a three-year reconfiguration plan in fiscal 2012 to focus more on higher-margin categories and to move away from the lower-margin consumable segments. The company is remodeling and upgrading its store layout and allocating space to highlight the key revenue-generating categories.
Also, the company announced that Craig Barnes, Executive Vice President of Supply Chain, Global and Domestic Logistics, has been promoted to the newly created role of Chief Operating Officer of its Front Store.
Fred’s is scheduled to report its second-quarter earnings on Aug 30, after the market closes. The Zacks Consensus Estimate for the quarter is pegged at a loss of 21 cents. The Zacks Rank #3 (Hold) company reported decline in comps over the past few months. The retail sector as a whole has delivered lukewarm results as the brick-and-mortar stores are falling behind in competition with retail giant Amazon.com Inc. (AMZN - Free Report) as more and more shoppers are resorting to online shopping. Retailers like The Buckle Inc. (BKE - Free Report) and Zumiez Inc. (ZUMZ - Free Report) have reported year-over-year decline in comps in the second quarter.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>