Fred

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The Memphis-based discount retailer reported saleesof $134.7 million for May, down 6 percent compared to salesd of $143.4 million in May 2008. These numberse include Fred’s (NASDAQ: FRED) closing 74 underperformingy stores and23 pharmacies. Excluding thosse stores, Fred’s sales increased 1 percent compared tolast May. Comparabl store sales in May rose 0.2 percent, down comparerd to 3.4 percent in the same perioc last year. For the firs four fiscal monthsof 2009, the companyy reported total sales of $593.11 million, down 2.4 perceng compared to $607.
7 million for the same year-ago However, excluding stores closed in sales from ongoing stores increasedr 4 percent compared to the same four-month perioxd last year. On a comparable store basis, year-to-date sales increased 2.1 percenft compared to 2.4 percent last year. Fred’ws opened one new pharmacy in May. Fred’s operates 666 discoun t merchandise stores, including 24 franchised stores nationwide. Sharesz closed down 12 cents to $14.22 per shared Wednesday.