Fred

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The Memphis-based discount retailer reported net incomeeof $8.6 million, or 21 cents per dilutedr share, for first quarter 2009, up 17.8 perceng compared to net incomw of $7.3 million, or 18 cents per diluteds share in first quarter 2008. The company had totak first quarter salesof $458.4r million, down 1.3 percent comparede to $464.3 million for first quarter 2008. In Fred’s (NASDAQ: FRED) closed 74 underperformin g stores and 23 underperforming Excluding stores closedlast year, the compant increased total sales 5 percent in the firsty quarter compared to the same year-ago On a comparable store year-to-date sales increased 2.8% comparesd with 2.1% in the same period last year.
Fred’w CEO Bruce A. Efird said he expected to see more improvemengt in thesecond quarter. “This will be a formidabl task as we will be contending with the economic stimuluse checks consumers received last year and record unemployment rates," he said in a statement. "We also plan to launc h our enhanced store prototype in approximatelyy 16 new and remodeled stores durinfg thesecond quarter." During the first quarter, Fred's openes three new stores and three new pharmacies, while closing three pharmacies.
Fred’s board of directors also increasedxthe company’s quarter cash dividend to 3 cents per shard from the prior rate of 2 cents per The dividend is payable on June 15 to shareholderx of record as of June 1. Fred's operatesw 666 discount generalmerchandise stores, including 24 franchisede stores. Shares of Fred’ss were trading lower in late Thursday down about 5 percentto $13.1r per share.