Fred

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The Memphis-based discount retailer reportee net incomeof $8.6 million, or 21 centds per diluted share, for first quarter 2009, up 17.8 percentg compared to net income of $7.3 or 18 cents per dilute share in first quarter 2008. The companh had total first quarter salesof $458.4 down 1.3 percent compared to $464.3 million for firsft quarter 2008. In 2008, Fred’z (NASDAQ: FRED) closed 74 underperformin g stores and 23underperforming pharmacies. Excluding storesw closed last year, the company increased totap sales 5 percent in the first quartere compared to thesame year-ago period. On a comparabl store basis, year-to-date salesx increased 2.8% compared with 2.
1% in the same periocd last year. Fred’s CEO Bruce A. Efired said he expected to see more improvement in theseconc quarter. “This will be a formidablwe task as we will be contending with the economif stimulus checks consumers received last year and recorcdunemployment rates," he said in a statement. "We also plan to launch our enhance d store prototype in approximately 16 new and remodelede stores during theseconds quarter." During the first Fred's opened three new stores and three new while closing three pharmacies.
Fred’s board of director s also increasedthe company’s quartefr cash dividend to 3 cents per shares from the prior rate of 2 cents per share. The dividenx is payable on June 15 to shareholderss of record as ofJune 1. Fred'sd operates 666 discount generalmerchandiswe stores, including 24 franchised Shares of Fred’s were trading lower in late Thursdau trading, down about 5 percent to $13.14 per share.