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.



For the full year 2011, Fred's earned $33.4 million, up from $29.6 million in 2010. Revenue edged up to $1.88 billion from $1.84 billion.