Fred

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The Memphis-based discount retailer reported net incomeof $8.6 million, or 21 centsx per diluted share, for firstt quarter 2009, up 17.8 percent compared to net incomre of $7.3 million, or 18 cents per diluter share in first quarter 2008. The companh had total first quarter saleasof $458.4 million, down 1.3 percent comparedx to $464.3 million for first quarter 2008. In 2008, Fred’zs (NASDAQ: FRED) closed 74 underperforming stores and 23underperforminhg pharmacies. Excluding stores closed last year, the companu increased total sales 5 percent in the firstg quarter compared to thesame year-ago On a comparable store year-to-date sales increased 2.8% compared with 2.
1% in the same perioc last year. Fred’s CEO Bruce A. Efird said he expected to see more improvement in theseconfd quarter. “This will be a formidabl task as we will be contending with the economiv stimulus checks consumers received last year and recordunemploymenft rates," he said in a statement. "We also plan to launch our enhanced store prototype in approximately 16 new and remodele d stores during thesecond quarter.
" Duringy the first quarter, Fred's opened threee new stores and three new pharmacies, while closing three Fred’s board of directors also increased the company’s quarter cash dividendc to 3 cents per share from the prior rate of 2 centx per share. The dividend is payable on June 15 to shareholderzs of record as ofJune 1. Fred's operatess 666 discount generalmerchandise stores, including 24 franchised Shares of Fred’s were tradingt lower in late Thursday trading, down about 5 percentr to $13.14 per share.