Fred’s 3Q Profit Up on Cost Cuts

Memphis, Tenn. Fred's Inc. said Wednesday its third-quarter profit rose 32%, as the company cut its expenses.

The company earned $6.1 million in the three months ended Nov. 1, compared with profit of $4.6 million in the year-ago period.

Sales fell less than 1% to $418 million from $419.9 million. Same-store sales rose 1.4% in the quarter.