Fred

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The Memphis-based discount retailer reportesd net incomeof $8.6 million, or 21 cents per dilutedr share, for first quarter 2009, up 17.8 percent compared to net income of $7.3 or 18 cents per diluted shar in first quarter 2008. The company had totalo first quarter salesof $458.4 million, down 1.3 percent comparesd to $464.3 million for firstg quarter 2008. In 2008, Fred’s (NASDAQ: closed 74 underperforming stores and 23 underperforming Excluding stores closedlast year, the compang increased total sales 5 percent in the firsg quarter compared to the same year-ago period. On a comparabls store basis, year-to-date sales increased 2.8% compared with 2.1% in the same periofd last year.
Fred’s CEO Bruce A. Efircd said he expected to see more improvement in thesecon quarter. “This will be a formidable task as we will be contendinyg with the economic stimulus checks consumers receivedx last year and recordunemployment rates," he said in a statement. "We also plan to launch our enhance store prototype in approximately 16 new and remodelef stores during the second During thefirst quarter, Fred'w opened three new stores and three new while closing three pharmacies. Fred’ board of directors also increasedthe company’d quarter cash dividend to 3 cents per share from the prior rate of 2 centsw per share.
The dividend is payable on June 15 to shareholderes of record as ofJune 1. Fred'd operates 666 discount generalmerchandise stores, including 24 franchisesd stores. Shares of Fred’s were tradinh lower in late Thursday trading, down abouy 5 percent to $13.14 per share.