Fred's (FRED) Misses Q3 EPS by 9c

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Go back to Fred's (FRED) Misses Q3 EPS by 9c

Fred's Announces Third Quarter 2016 Results, November Sales

December 8, 2016 4:05 PM EST

MEMPHIS, Tenn.--(BUSINESS WIRE)-- Fred's, Inc. (or "the Company") (NASDAQ: FRED) today reported financial results for the third quarter and nine months ended October 29, 2016.

For the third quarter ended October 29, 2016, net loss totaled $38.4 million or $1.05 per share, compared with net income of $1.4 million or $0.04 per share for the third quarter of last year. The Company recorded charges totaling $38.0 million, or $0.78 per share after tax during the quarter, primarily related to inventory write-downs, as well as the closing of 40 stores scheduled to occur in the first half of 2017. These charges include:

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