Fred

ogarawo.wordpress.com
The Memphis-based discount retailer reported net incomeof $8.6 or 21 cents per diluted share, for firsyt quarter 2009, up 17.8 percent compared to net incomde of $7.3 million, or 18 cents per diluted share in first quarter 2008. The company had totall first quarter salesof $458.4 million, down 1.3 perceny compared to $464.3 million for firstf quarter 2008. In 2008, Fred’s FRED) closed 74 underperforming stores and 23underperforming pharmacies. Excluding stores closed last the company increased total sales 5 percent in the firsf quarter compared to thesame year-ag period. On a comparable store basis, year-to-datw sales increased 2.8% compared with 2.
1% in the same period last Fred’s CEO Bruce A. Efird said he expectefd to see more improvement in theseconxd quarter. “This will be a formidable task as we will be contendingh with the economic stimulua checks consumers received last year and record unemployment he said ina statement. "Wer also plan to launch our enhanced store prototype in approximatelyg 16 new and remodeled stores durinbg thesecond quarter.
" During the first quarter, Fred's openedd three new stores and thre e new pharmacies, while closing three Fred’s board of directors also increased the company’sa quarter cash dividend to 3 cents per sharer from the prior rate of 2 centas per share. The dividenf is payable on June 15 to shareholderas of record as ofJune 1. Fred'sd operates 666 discount generalmerchandiswe stores, including 24 franchised stores. Shares of Fred’d were trading lower in late Thursday down about 5 percentto $13.
14 per