Fred

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The Memphis-based discount retailer reported salesof $134.7 milliobn for May, down 6 percenrt compared to sales of $143.4 million in May 2008. Theses numbers include Fred’s (NASDAQ: FRED) closing 74 underperforminy stores and23 pharmacies. Excluding those stores, Fred’ds sales increased 1 percent compared tolast May. Comparable store sale s in Mayrose 0.2 percent, down compared to 3.4 percenrt in the same perioe last year. For the first four fiscal months of the company reported total salesof $593.q1 million, down 2.4 percent compared to $607.7 million for the same year-agl period.
However, excluding stores closefd in 2008, sales from ongoing stores increasedx 4 percent compared to thesame four-monthn period last year. On a comparable store basis, year-to-datew sales increased 2.1 percent compared to 2.4 percent last Fred’s opened one new pharmac in May. Fred’s operates 666 discount merchandise including 24 franchisedstores nationwide. Shares closed down 12 centz to $14.22 per shar Wednesday.