Fred’s triples Q2 profit on trimmed expenses

Memphis, Tenn. Discount store operator Fred's said Thursday its second-quarter profit tripled as the retailer slashed expense.

The cuts more than offset a 3% decline in sales.

For the quarter ended Aug. 1, profit jumped to $4.2 million, from $1 million a year ago.

Revenue slipped 3% to $434.2 million, from $447.1 million. Analysts expected $437.6 million in revenue.

Same-store sales in the quarter dipped 1.3%.

The company, which runs about 670 stores, also issued third-quarter and full-year guidance within range of Wall Street expectations.