Fred's Q4 net income surges 48% on store upgrades
Memphis, Tenn. -- Fred's reported Thursday that net income for the quarter ended Jan. 29 rose 48% to $8.6 million, compared with $5.8 million in the year-ago period.
The discount retailer cited a better merchandise selection and store upgrades for the improved performance, which topped Wall Street expectations.
Revenue rose 3% to $485.6 million from $473.1 million, missing analysts’ forecast of $487.3 million in revenue. Same-store sales rose 2.3%.