Fred

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The Memphis-based discount retailer reported net incomeof $8.6 or 21 cents per diluted share, for first quartere 2009, up 17.8 percent compared to net incomre of $7.3 million, or 18 cents per diluted share in first quarte 2008. The company had tota l first quarter salesof $458.4 down 1.3 percent compared to $464.3 million for first quartedr 2008. In 2008, Fred’ s (NASDAQ: FRED) closed 74 underperforming stores and 23underperforming pharmacies. Excludingb stores closed last year, the company increased totaol sales 5 percent in the firstt quarter compared to thesame year-ago On a comparable store year-to-date sales increased 2.8% comparexd with 2.
1% in the same period last Fred’s CEO Bruce A. Efird said he expected to see more improvemenyt in thesecond quarter. “This will be a formidable task as we will be contendinv with the economic stimulus checks consumerds received last year and recor dunemployment rates," he said in a statement. "We also plan to launchb our enhanced store prototype in approximately 16 new and remodeledd stores during the second During thefirst quarter, Fred's openedd three new stores and three new pharmacies, while closing three pharmacies.
Fred’s board of directoras also increasedthe company’s quarter cash dividend to 3 cents per share from the priord rate of 2 cents per share. The dividens is payable on June 15 to shareholders of record as ofJune 1. Fred'se operates 666 discount generalmerchandisse stores, including 24 franchised stores. Shares of Fred’d were trading lower in late Thursday trading, down abouyt 5 percent to $13.14r per share.