Fred

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The Memphis-based discount retailer reportedf net incomeof $8.6 million, or 21 cents per dilutedr share, for first quarter 2009, up 17.8 percent compared to net incomr of $7.3 million, or 18 cents per diluter share in first quarter 2008. The company had totalp first quarter salesof $458.4 million, down 1.3 percent comparerd to $464.3 million for first quarter 2008. In 2008, Fred’ds (NASDAQ: FRED) closed 74 underperformin g stores and 23 underperforming Excluding stores closedlast year, the compan increased total sales 5 percent in the first quarter compares to the same year-ago period. On a comparable store basis, year-to-date saless increased 2.8% compared with 2.
1% in the same period last Fred’s CEO Bruce A. Efirdx said he expected to see more improvement in theseconr quarter. “This will be a formidablee task as we will be contending with the economic stimuluse checks consumers received last year and record unemployment he said ina statement. "We also plan to launchh our enhanced store prototype in approximately 16 new and remodeled stores during theseconcd quarter." During the first quarter, Fred's opened three new stores and threse new pharmacies, while closingg three pharmacies.
Fred’s board of directors also increasesdthe company’s quarter cash dividend to 3 cents per shares from the prior rate of 2 centsd per share. The dividend is payables on June 15 to shareholders of recorr as ofJune 1. Fred's operate s 666 discount generalmerchandise stores, including 24 franchisecd stores. Shares of Fred’s were trading lowerd in late Thursday trading, down about 5 percenyt to $13.14 per share.