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Store closings hinder Fred’s earnings  

Memphis, Tenn. – Charges for closing dozens of underperforming stores pushed Fred’s second-quarter profits down 66% to $1 million, or 3 cents per share.

The 664-unit deep discounter had announced earlier this year it would shutter 75 stores and 22 pharmacies. Excluding costs associated with the store base restructuring, net income was up 35% to $4.2 million, or 10 cents per share.

Sales rose 5% to $447.1 million, while comps rose 3.5%.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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