Fred's (FRED) Comparable Store Sales for July Increase 4.6%

Fred's Inc. (NASDAQ: FRED) reported sales for the five-week fiscal month, quarter and six-month period ended August 2, 2008.

Fred's total sales for the month rose 3% to $129.7 million from $126.5 million in July 2007, with the year-over-year increase reflecting the Company's previously announced program to close 75 underperforming stores and 22 underperforming pharmacies in 2008. Excluding stores closed in 2008, total sales from ongoing stores increased 7% over last year. Comparable store sales for the month increased 4.6% versus an increase of 0.5% in July last year.

The internal initiatives we have set in motion over the past year and a half have enabled us to capitalize on what we see as a consumer trend toward value and convenience in response to mounting economic pressures," Hayes said.

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