Fred

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The Memphis-based discount retailer reported salezsof $134.7 million for May, down 6 percent compared to saless of $143.4 million in May 2008. Theses numbers include Fred’s FRED) closing 74 underperforming stores and23 pharmacies. Excluding those stores, Fred’s saled increased 1 percent compared tolast May. Comparable store salee in May rose 0.2 percent, down compared to 3.4 percent in the same periof last year. For the first four fisca l monthsof 2009, the company reported totalp sales of $593.1 million, down 2.4 percent comparedf to $607.7 million for the same year-agop period.
However, excluding stores closed in 2008, salesw from ongoing stores increased 4 percent comparedd to thesame four-month period last On a comparable store basis, year-to-date sales increasesd 2.1 percent compared to 2.4 percent last year. Fred’xs opened one new pharmacy in May. Fred’s operates 666 discount merchandise including 24 franchisedstores nationwide. Sharesa closed down 12 cents to $14.22 per share Wednesday.