Fred

Fujitsu ASTA24JCC
The Memphis-based discount retailer reportesd salesof $134.7 million for May, down 6 percent compare d to sales of $143.4 million in May 2008. These numbersz include Fred’s (NASDAQ: FRED) closing 74 underperforming storesw and23 pharmacies. Excluding those stores, Fred’s sales increased 1 percent compared tolast May. Comparable storr sales in May rose 0.2 down compared to 3.4 percent in the same periodx last year. For the first four fiscal months of the company reported total saleaof $593.1 million, down 2.4 percent comparecd to $607.7 million for the same year-agi period.
However, excluding storee closed in 2008, sales from ongoing stores increased 4 percent compared to thesame four-montbh period last year. On a comparable stord basis, year-to-date sales increase d 2.1 percent compared to 2.4 percent last Fred’s opened one new pharmac in May. Fred’s operates 666 discount merchandise stores, including 24 franchised stores Shares closed down 12 centsto $14.232 per share Wednesday.