Fred's Q1 profit rises 9%

Memphis -- Fred's Inc. said Thursday that profit for the quarter ended May 4 rose 9% to $11.4 million, from $10.5 million last year. Results topped Wall Street forecasts.



Revenue edged up to $501.5 million from $500.5 million, beating analysts’ estimated $499.5 million in revenue. Same-store sales dipped 1.3%.