MEMPHIS, Tenn., Nov 26, 2008 (BUSINESS WIRE) -- Fred's, Inc. (FRED:
Fred's Inc
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Last: 11.10-0.40-3.48%10:34am 12/01/2008Delayed quote data
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FRED 11.10, -0.40, -3.5%) today reported financial results for the third quarter and nine months ended November 1, 2008.
For the third quarter of 2008, Fred's reported net income of $6.1 million or $0.15 per diluted share, up 32% from net income of $4.6 million or $0.12 per diluted share in the year-earlier quarter.
For the nine months ended November 1, 2008, net income totaled $14.4 million or $0.36 per diluted share, inclusive of net costs associated with the closing of 74 stores and 22 pharmacies, pursuant to the Company's previously announced program to close 75 underperforming stores and 22 underperforming pharmacies in 2008. Excluding net costs associated with the store restructuring program, net income was $18.9 million or $0.47 per diluted share for the first nine months of 2008. In the year-earlier period, Fred's net income totaled $15.1 million or $0.38 per diluted share.

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