-
Fred’s Q4 profit rises 14%
Memphis, Tenn. -- Fred’s reported Wednesday that net income for the fourth quarter jumped 14%, boosted by more robust sales and a favorable tax adjustment.
Profit for the quarter ended Jan. 28 rose to $9.8 million, from $8.6 million in the year-ago period.
Revenue rose 2.5% to $497.6 million, missing Wall Street’s expected $498.4 million in sales.
Same-store sales were flat.