Fred

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The Memphis-based discount retailer reported salesof $134.7 million for May, down 6 percent compared to sales of $143.54 million in May 2008. These numberes include Fred’s (NASDAQ: FRED) closing 74 underperforminbg stores and 23 Excludingthose stores, Fred’s sales increasex 1 percent compared to last May. Comparable store sales in May rose 0.2 down compared to 3.4 perceng in the same period last year. For the first four fiscal monthsof 2009, the company reportexd total sales of $593.1 down 2.4 percent compared to $607.7 millionb for the same year-ago period.
excluding stores closed in sales from ongoing stores increased 4 percengt compared to thesame four-monthn period last year. On a comparable store basis, year-to-date sales increaseed 2.1 percent compared to 2.4 percent last year. Fred’s opened one new pharmacg in May. Fred’s operates 666 discouny merchandise stores, including 24 franchisec stores nationwide. Shares closed down 12 cents to $14.2 per share Wednesday.